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<TITLE>Form S-8, Deferred Compensation Plan (2005 Statement) Registration</TITLE>
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<P ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Registration No.
333-______ </FONT></P>


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     <TD WIDTH="100%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">As filed with the
Securities and Exchange Commission on April 1, 2005</FONT></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>UNITED STATES <BR>SECURITIES AND EXCHANGE
COMMISSION</B> <BR>Washington, D.C. 20549 </FONT></P>



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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="3">FORM S-8 </FONT> <FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><BR>REGISTRATION STATEMENT
UNDER THE<BR>SECURITIES ACT OF 1933 </FONT></H1>




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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="3"><B>GRACO INC.</B></FONT><BR> <FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">(Exact name of registrant as specified in its charter)</FONT></P>



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<TD align=center width="23%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>Minnesota</B> </FONT></TD>
<TD width="42%"><FONT face="Arial, Helvetica, Sans-Serif" size=2>&nbsp;</FONT></TD>
<TD align=center width="35%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>41-0285640</B> </FONT></TD></TR>
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<FONT face="Arial, Helvetica, Sans-Serif" size=2>(State or other jurisdiction of incorporation or organization)</FONT></TD>
<TD><FONT face="Arial, Helvetica, Sans-Serif" size=2>&nbsp;</FONT></TD>
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<FONT face="Arial, Helvetica, Sans-Serif" size=2>(I.R.S. Employer Identification Number)</FONT></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>88-11th Avenue N.E.<BR>
Minneapolis, Minnesota 55413-1894</B><BR>(address of registrant's
principal executive offices,<BR>including zip code) </FONT> </P>


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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>GRACO DEFERRED
COMPENSATION PLAN (2005 STATEMENT)</B><BR>(Full title of the
plan) </FONT> </P>



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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>Robert M. Mattison<BR>
V.P., General Counsel &amp; Secretary<BR>
88-11th Avenue N.E.<BR>Minneapolis, Minnesota
55413-1894<BR>(612) 623-6664</B><BR>(Name, address and
telephone number, <BR>including area code, of agent for service) </FONT> </P>



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     <TD COLSPAN=5 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>CALCULATION OF
REGISTRATION FEE</B></FONT></TD></TR>
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     <TD COLSPAN=5><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
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     <TD WIDTH="20%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>Title of Securities<BR>to be registered</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>Amount to<BR>be registered</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>Proposed maximum<BR>offering price per<BR>obligation</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>Proposed<BR>maximum<BR>aggregate offering<BR>price</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>Amount of<BR>registration<BR>fee</B> </FONT></TD></TR>
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     <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Deferred Compensation<BR>Obligations(1)</FONT></TD>
     <TD ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">$5,000,000(2)</FONT></TD>
     <TD ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">100%</FONT></TD>
     <TD ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">$5,000,000</FONT></TD>
     <TD ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">$588.50</FONT></TD></TR>
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<TD WIDTH=3%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(1)  </FONT></TD>
<TD WIDTH=97%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The
Deferred Compensation Obligations are unsecured obligations to pay deferred
   compensation in the future in accordance with the terms of the Graco Deferred
   Compensation Plan (2005 Statement).</FONT></P></TD></TR>
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<TD WIDTH=3%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(2)  </FONT></TD>
<TD WIDTH=97%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Estimated
solely for the purpose of calculating the registration fee.</FONT></P></TD></TR>
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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>PART II </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of
Documents by Reference. </FONT></H1>

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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents, which have been filed with the Securities and Exchange Commission
(the &#147;SEC&#148;) by Graco Inc. (the &#147;Company&#148; or &#147;Graco&#148;), are
incorporated in this Registration Statement by reference:  </FONT></P>


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<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(a)  </FONT></TD>
<TD WIDTH=90%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The
Company&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended
                    December 31, 2004; and  </FONT></P></TD>
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<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(b)  </FONT></TD>
<TD WIDTH=90%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>All
other reports of the Company filed pursuant to Section 13(a) or 15(d) of the
                    Securities Exchange Act of 1934 (&#147;Exchange Act&#148;) since
December 31,                     2004.  </FONT></P></TD>
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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
reports and other documents filed by the Company with the SEC 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 which indicate that all securities
offered have been paid or which deregisters all securities then remaining unpaid shall be
deemed to be incorporated by reference in and to be a part of this Registration Statement
from the date of filing of such documents.  </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of
Securities. </FONT></H1>

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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Graco
Deferred Compensation Plan (2005 Statement)</I></U> </FONT> </P>


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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
securities offered here are deferred compensation obligations (&#147;Obligations&#148;),
which are being offered to eligible employees of Graco Inc. and its participating
affiliates under the Graco Deferred Compensation Plan (2005 Statement) (the &#147;Plan&#148;).
The Plan permits participants to elect to contribute a portion of their compensation,
incentive or bonus (&#147;Contributions&#148;) to a book entry deferred compensation
accounts, the value of which is adjusted by assuming that the account is invested in one
or more benchmark investment funds (&#147;Measuring Investments&#148;) selected by the
participant in accordance with the terms of the Plan.. The Measuring Investments
available are generally the same as those offered under the Company&#146;s 401(k) plan,
although not all investment options offered under the Company&#146;s 401(k) plan are
available. The Measuring Investments have varying degrees of risk. Participants may
reallocate amounts in their deferred compensation accounts among the Measuring
Investments on a daily basis. Contributions will not actually be invested in the
Measuring Investments. The Measuring Investments are merely devices used to determine the
value of the participant&#146;s account under the Plan. The Plan does not require the
Company to fund any of the benefits provided by the Plan and participants have no
ownership interest in any investment fund.  </FONT></P>


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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Obligations are unsecured general obligations to pay in the future the balance of book
entry deferred compensation accounts. A participant&#146;s interest in, and right to
receive payment of, the participant&#146;s account under the Plan is an unsecured claim
against the general assets of the Company and will rank equally with other unsecured
indebtedness incurred from time to time by the Company. All amounts payable to
participants under the Plan are denominated in U.S. dollars and will be payable on the
date or dates selected by each participant in accordance with the terms of the Plan or on
such other date or dates as specified in the Plan. Rights to payment under the Plan are
not convertible into another security.  </FONT></P>


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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan may be amended prospectively, retroactively or both or terminated at any time. In no
event will the Company be responsible for any decline in a participant&#146;s account
balance as a result of the selection, discontinuation, addition, or substitution of one
or more Measuring Investments.  </FONT></P>


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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
participant&#146;s rights or the right of any other person to receive payment of
Obligations may not be sold, assigned, transferred, pledged, garnished or encumbered,
except through the written designation of a beneficiary under the Plan.  </FONT></P>


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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing summarizes the material terms and provisions of the Obligations. It is not a
complete legal description of the Obligations, and is qualified in its entirety by
reference to the Plan.  </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests of
Named Experts and Counsel. </FONT></H1>

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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert
M. Mattison, Vice President, General Counsel and Secretary of the Company, has given his
opinion about certain legal matters affecting the Obligations registered under this
Registration Statement. Mr. Mattison is eligible to participate in the Plan.  </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification
of Directors and Officers. </FONT></H1>

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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&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:  </FONT></P>


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<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>has
not been indemnified by another organization;</FONT></P></TD></TR>
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<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>acted
in good faith;</FONT></P></TD></TR>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>has
not received an improper personal benefit and Section 302A.255 regarding director
            conflicts of interests, if applicable, has been satisfied;</FONT></P></TD></TR>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>assuming
the case is a criminal proceeding, the person had no reasonable cause to
            believe the conduct was unlawful; and</FONT></P></TD></TR>
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<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>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. </FONT></P></TD></TR>
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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
7 of the Company&#146;s Restated Articles of Incorporation, as amended to date, provides
that the 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&#146;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.  </FONT></P>


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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
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 302A.521
described above.  </FONT></P>


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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&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.  </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption from
Registration Claimed. </FONT></H1>

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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Not
applicable. </I> </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits. </FONT></H1>

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<TR VALIGN="TOP">
     <TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">4.1</FONT></TD>
     <TD WIDTH="3%" ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="90%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Graco Deferred Compensation Plan (2005 Statement).</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">5.1</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Opinion and Consent of Robert M. Mattison.</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">23.2</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Consent of Deloitte &amp; Touche LLP.</FONT></TD></TR>
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     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">24.1</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Power of Attorney. </FONT></TD></TR>
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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings. </FONT></H1>

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     <P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;
          The undersigned registrant hereby undertakes: </FONT></P>


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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=10%></TD>
               <TD WIDTH=90%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&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: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;
               To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
               Act of 1933, as amended (the &#147;Securities Act&#148;); </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&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 was
               registered) and any deviation from the low or high end of the estimated maximum
               offering range may be reflected in the form of prospectus filed with the SEC
               pursuant to Rule&nbsp;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; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&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; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
<I>provided</I>,
<I>however,</I> that paragraphs&nbsp;(a)(1)(i) and (a)(1)(ii) above do not apply if the
information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the SEC by the registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are
incorporated by reference in the registration statement. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=10%></TD>
               <TD WIDTH=90%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=10%></TD>
               <TD WIDTH=90%><P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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     <P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&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&nbsp;13(a) or Section&nbsp;15(d) of the
          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. </FONT></P>


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     <P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&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 SEC such indemnification is against public
          policy as expressed in the Securities 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 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
          Securities Act and will be governed by the final adjudication of such issue. </FONT></P>

<PAGE>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form&nbsp;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 4th day of April, 2005.  </FONT></P>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>GRACO INC.</B><BR><BR><BR><BR><BR> </FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">By:</FONT></TD>
     <TD WIDTH="47%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"></FONT></TD>
     <TD><HR SIZE=1><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Robert M. Mattison</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Vice President, General Counsel and Secretary</FONT></TD></TR>
</TABLE>

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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the date
indicated.  </FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM" ALIGN="LEFT">
     <TH><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Signature</FONT></TH>
     <TH>&nbsp;</TH>
     <TH><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Title</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="45%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><HR SIZE=1><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">David A. Roberts</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Chief Executive Officer<BR>(Principal Executive Officer)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="45%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><HR SIZE=1><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Mark W. Sheahan</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Vice President &amp; Treasurer<BR>(Principal Financial Officer)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="45%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><HR SIZE=1><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">James A. Graner</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Vice President &amp; Controller<BR>(Principal Accounting Officer)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Lee R. Mitau</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Director, Chairman of the Board</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Robert G. Bohn</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Director</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">William J. Carroll</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Director</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Jack W. Eugster</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Director</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">J. Kevin Gilligan</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Director</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">James H. Moar</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Director</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Mark H. Rauenhorst</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Director</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">David A. Roberts</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Director</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">R. William Van Sant</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Director</FONT></TD></TR>
</TABLE>



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<P ALIGN=JUSTIFY><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>David A. Roberts, 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). </FONT></P>

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<TR VALIGN="TOP">
     <TD WIDTH="45%"><HR SIZE=1><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">David A. Roberts</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">(for himself and as attorney-in-fact)</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Dated:  April_______, 2005</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>

<PAGE>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>EXHIBIT INDEX </FONT></H1>

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<TR VALIGN="BOTTOM">
     <TH ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Exhibit</FONT></TH>
     <TH><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TH>
     <TH><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>Number</B> </FONT></TD>
     <TD WIDTH="3%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="87%" ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>Description</B> </FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER"><HR SIZE=1><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><HR SIZE=1><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">4.1</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Graco Deferred Compensation Plan. (2005 Statement)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">5.1</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Opinion and Consent of Robert M. Mattison</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">23.2</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Consent of Deloitte &amp; Touche LLP.</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">24.1</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Power of Attorney</FONT></TD></TR>
</TABLE>

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{"company-data": {"conformed-name": "GRACO INC", "cik": "0000042888", "assigned-sic": "3561", "irs-number": "410285640", "state-of-incorporation": "MN", "fiscal-year-end": "1225"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-123813", "film-number": "05730393"}, "business-address": {"street1": "88 11TH AVENUE NE", "city": "MINNEAPOLIS", "state": "MN", "zip": "55413-1894", "phone": "6126236000"}, "mail-address": {"street1": "C/O CORPORATE SERVICE COMPANY", "street2": "MULTIFOODS TOWER, 33 SOUTH 6TH STREET", "city": "MINNEAPOLIS", "state": "MN", "zip": "55402"}}
Form S-8, Deferred Compensation Plan (2005 Statement) Registration
Registration No.
333-______
As filed with the
Securities and Exchange Commission on April 1, 2005
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 incorporation or organization)
(I.R.S. Employer Identification Number)
88-11th Avenue N.E.
Minneapolis, Minnesota 55413-1894
(address of registrant's
principal executive offices,
including zip code)
GRACO DEFERRED
COMPENSATION PLAN (2005 STATEMENT)
(Full title of the
plan)
Robert M. Mattison
V.P., General Counsel & Secretary
88-11th Avenue N.E.
Minneapolis, Minnesota
55413-1894
(612) 623-6664
(Name, address and
telephone number,
including area code, of agent for service)
CALCULATION OF
REGISTRATION FEE
Title of Securities
to be registered
Amount to
be registered
Proposed maximum
offering price per
obligation
Proposed
maximum
aggregate offering
price
Amount of
registration
fee
Deferred Compensation
Obligations(1)
$5,000,000(2)
100%
$5,000,000
$588.50
(1)
The
Deferred Compensation Obligations are unsecured obligations to pay deferred
   compensation in the future in accordance with the terms of the Graco Deferred
   Compensation Plan (2005 Statement).
(2)
Estimated
solely for the purpose of calculating the registration fee.
PART II
INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT
Item 3.          Incorporation of
Documents by Reference.
The
following documents, which have been filed with the Securities and Exchange Commission
(the "SEC") by Graco Inc. (the "Company" or "Graco"), are
incorporated in this Registration Statement by reference:
(a)
The
Company's Annual Report on Form 10-K for the fiscal year ended
                    December 31, 2004; and
(b)
All
other reports of the Company filed pursuant to Section 13(a) or 15(d) of the
                    Securities Exchange Act of 1934 ("Exchange Act") since
December 31,                     2004.
All
reports and other documents filed by the Company with the SEC 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 which indicate that all securities
offered have been paid or which deregisters all securities then remaining unpaid shall be
deemed to be incorporated by reference in and to be a part of this Registration Statement
from the date of filing of such documents.
Item 4.          Description of
Securities.
Graco
Deferred Compensation Plan (2005 Statement)
The
securities offered here are deferred compensation obligations ("Obligations"),
which are being offered to eligible employees of Graco Inc. and its participating
affiliates under the Graco Deferred Compensation Plan (2005 Statement) (the "Plan").
The Plan permits participants to elect to contribute a portion of their compensation,
incentive or bonus ("Contributions") to a book entry deferred compensation
accounts, the value of which is adjusted by assuming that the account is invested in one
or more benchmark investment funds ("Measuring Investments") selected by the
participant in accordance with the terms of the Plan.. The Measuring Investments
available are generally the same as those offered under the Company's 401(k) plan,
although not all investment options offered under the Company's 401(k) plan are
available. The Measuring Investments have varying degrees of risk. Participants may
reallocate amounts in their deferred compensation accounts among the Measuring
Investments on a daily basis. Contributions will not actually be invested in the
Measuring Investments. The Measuring Investments are merely devices used to determine the
value of the participant's account under the Plan. The Plan does not require the
Company to fund any of the benefits provided by the Plan and participants have no
ownership interest in any investment fund.
The
Obligations are unsecured general obligations to pay in the future the balance of book
entry deferred compensation accounts. A participant's interest in, and right to
receive payment of, the participant's account under the Plan is an unsecured claim
against the general assets of the Company and will rank equally with other unsecured
indebtedness incurred from time to time by the Company. All amounts payable to
participants under the Plan are denominated in U.S. dollars and will be payable on the
date or dates selected by each participant in accordance with the terms of the Plan or on
such other date or dates as specified in the Plan. Rights to payment under the Plan are
not convertible into another security.
The
Plan may be amended prospectively, retroactively or both or terminated at any time. In no
event will the Company be responsible for any decline in a participant's account
balance as a result of the selection, discontinuation, addition, or substitution of one
or more Measuring Investments.
A
participant's rights or the right of any other person to receive payment of
Obligations may not be sold, assigned, transferred, pledged, garnished or encumbered,
except through the written designation of a beneficiary under the Plan.
The
foregoing summarizes the material terms and provisions of the Obligations. It is not a
complete legal description of the Obligations, and is qualified in its entirety by
reference to the Plan.
Item 5.          Interests of
Named Experts and Counsel.
Robert
M. Mattison, Vice President, General Counsel and Secretary of the Company, has given his
opinion about certain legal matters affecting the Obligations registered under this
Registration Statement. Mr. Mattison is eligible to participate in the Plan.
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 the 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
described above.
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.
4.1
Graco Deferred Compensation Plan (2005 Statement).
5.1
Opinion and Consent of Robert M. Mattison.
23.2
Consent of Deloitte & Touche LLP.
24.1
Power of Attorney.
Item 9.          Undertakings.
(a)    
          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:
(i)    
               To include any prospectus required by Section 10(a)(3) of the Securities
               Act of 1933, as amended (the "Securities Act");
(ii)    
               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 was
               registered) and any deviation from the low or high end of the estimated maximum
               offering range may be reflected in the form of prospectus filed with the SEC
               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; and
(iii)    
               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 (a)(1)(i) and (a)(1)(ii) above do not apply if the
information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the SEC by the registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act that are
incorporated by reference in the 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.
(b)    
          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
          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)    
          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 SEC such indemnification is against public
          policy as expressed in the Securities 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 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
          Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, as amended, 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 4th day of April, 2005.
GRACO INC.
By:
Robert M. Mattison
Vice President, General Counsel and Secretary
Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the date
indicated.
Signature
Title
David A. Roberts
Chief Executive Officer
(Principal Executive Officer)
Mark W. Sheahan
Vice President & Treasurer
(Principal Financial Officer)
James A. Graner
Vice President & Controller
(Principal Accounting Officer)
Lee R. Mitau
Director, Chairman of the Board
Robert G. Bohn
Director
William J. Carroll
Director
Jack W. Eugster
Director
J. Kevin Gilligan
Director
James H. Moar
Director
Mark H. Rauenhorst
Director
David A. Roberts
Director
R. William Van Sant
Director
David A. Roberts, 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).
David A. Roberts
(for himself and as attorney-in-fact)
Dated:  April_______, 2005
EXHIBIT INDEX
Exhibit
Number
Description
4.1
Graco Deferred Compensation Plan. (2005 Statement)
5.1
Opinion and Consent of Robert M. Mattison
23.2
Consent of Deloitte & Touche LLP.
24.1
Power of Attorney