Exhibit 10.24

SEPARATION AND RELEASE AGREEMENT

THIS AGREEMENT (which includes the accompanying Exhibits A and B except as otherwise indicated) is by and between Graco Inc., a Minnesota corporation (“Graco”), with its principal offices at 88 11th Avenue NE, Minneapolis, Minnesota, 55413, and Robert M. Mattison, an individual, with a residence at 1120 Angelo Drive, Golden Valley, Minnesota 55422 (“Mr. Mattison”). This Agreement (except Exhibits A and B) is effective the     10th    day of     October     2005.

WHEREAS, Mr. Mattison is now employed by Graco;

WHEREAS, the parties have agreed that Mr. Mattison shall cease to be Vice President, General Counsel, and Secretary and an officer of Graco and any entity that is a subsidiary of, or is otherwise related to, or affiliated with, Graco effective September 6, 2005 (the “Resignation Date”); and

WHEREAS, the parties have agreed that Mr. Mattison shall cease to be an employee of Graco and any entity that is a subsidiary of, or is otherwise related to, or affiliated with, Graco effective December 31, 2005 (the “Separation Date”), and that he shall complete and terminate his employment relationship with Graco in accordance with the terms of this Agreement.

NOW, THEREFORE, it is hereby mutually agreed by and between the parties for good and valuable consideration as follows:

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