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Title:

Deferred Compensation Plan

Entities:

Graco Inc.

Date:

2005

Size:

66KB total

Price:

$38

ID:

#1064517

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2 exhibit10pt1defcompplan.htm DEFERRED COMPENSATION PLAN, AS AMENDED Exhibit 10.1, Deferred Compensation Plan

GRACO
DEFERRED COMPENSATION PLAN
(2005 Statement)

TABLE OF CONTENTS

Page

SECTION 1.	INTRODUCTION AND DEFINITIONS			1

	1.1.	Preamble
	1.2.	Definitions
		1.2.1.	Account
		1.2.2.	Affiliate
		1.2.3.	Annual Valuation Date
		1.2.4.	Beneficiary
		1.2.5.	Board of Directors
		1.2.6.	Code
		1.2.7.	Committee
		1.2.8.	Compensation
		1.2.9.	Deferred Compensation Agreement
		1.2.10.	Disability
		1.2.11.	Effective Date
		1.2.12.	Employer
		1.2.13.	ERISA
		1.2.14.	Graco
		1.2.15.	Participant
		1.2.16.	Plan
		1.2.17.	Plan Statement
		1.2.18.	Plan Year
		1.2.19.	Separation from Service
		1.2.20.	Valuation Date
		1.2.21.	Vested
		1.2.22.	Vice President of Human Resources
	1.3.	Rules of Interpretation

SECTION 2.	ELIGIBILITY TO PARTICIPATION			5

	2.1.	General Eligibility Rule
	2.2.	Selection for Participation in the Plan
	2.3.	Deferred Compensation Agreement
		2.3.1.	Amount of Deferrals
		2.3.2.	Initial and Annual Elections
		2.3.3.	Effective Date of Elections
		2.3.4.	Evergreen Elections
		2.3.5.	Ineligible to Defer Compensation
		2.3.6.	Separation from Service

SECTION 3.	CONTRIBUTIONS AND ALLOCATION THEREOF			7

	3.1.	Deferred Compensation Agreement Contributions
		3.1.1.	Amount
		3.1.2.	Allocation
	3.2.	Employer Contributions

SECTION 4.	INVESTMENT AND ADJUSTMENT OF ACCOUNTS			8

	4.1.	Designation of Measuring Investments
	4.2.	Operational Rules for Measuring Investments
	4.3.	Investment Direction of Participants
		4.3.1.	Rights of Participants
		4.3.2.	Transmission of Investment Directions
	4.4.	Losses Under the Plan

SECTION 5.	VESTING			9

SECTION 6.	UNFUNDED PLAN			10

SECTION 7.	DISTRIBUTIONS			11

	7.1.	Distribution
		7.1.1.	Time of Distribution
		7.1.2.	Form of Distribution
		7.1.3.	Taxation of Distribution
		7.1.4.	Death Prior to Full Distribution
	7.2.	Designation of Beneficiaries
		7.2.1.	Right to Designate
		7.2.2.	Failure of Designation
		7.2.3.	Disclaimers by Beneficiaries
		7.2.4.	Definitions
		7.2.5.	Special Rules
	7.3.	General Distribution Rules
		7.3.1.	Distribution in Cash
		7.3.2.	Facility of Payment

SECTION 8.	SPENDTHRIFT PROVISION			18

SECTION 9.	AMENDMENT AND TERMINATION			19

	9.1.	Amendment
	9.2.	Discontinuance of Contributions and Termination of Plan
	9.3.	Merger or Spinoff of Plans
		9.3.1.	In General
		9.3.2.	Beneficiary Designations

SECTION 10.	INDEMNIFICATION			20

SECTION 11.	DETERMINATIONS — CLAIM PROCEDURES			21

	11.1.	Determinations
	11.2.	Claim and Review Procedures
		11.2.1.	Initial Claim
		11.2.2.	Notice of Initial Adverse Determination
		11.2.3.	Request for Review
		11.2.4.	Claim on Review
		11.2.5.	Notice of Adverse Determination for Claim on Review
	11.3.	Rules and Regulations
		11.3.1.	Adoption of Rules
		11.3.2.	Specific Rules
	11.4.	Deadline to File Claim
	11.5.	Exhaustion of Administrative Remedies
	11.6.	Deadline to File Legal Action
	11.7.	Knowledge of Fact by Participant Imputed to Beneficiary and Others

SECTION 12.	PLAN ADMINISTRATION			26

	12.1.	Board of Directors
	12.2.	Committee
	12.3.	Vice President of Human Resources
	12.4.	Fiduciary Responsibility — In General
		12.4.1.	Limitation on Authority
		12.4.2.	Dual Capacity

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