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FIRST
AMENDMENT
GRACO INC.
RETIREMENT PLAN FOR NON-EMPLOYEE DIRECTORS
(1998 Statement)
Graco Inc. hereby amends the
“GRACO INC. RETIREMENT PLAN FOR NON-EMPLOYEE DIRECTORS (1998
Statement)” (the “Plan”) as follows:
1.
EFFECTIVE DATE. Effective January 1, 2009, the new
second paragraph is added to Section 1 that reads as
follows:
The Plan was frozen to new
Participants in 2002. Effective January 1, 2009, Graco amended the
to comply with section 409A of the Internal Revenue Code
(“Code”). For Participants whose entire benefit under
the Plan is a Grandfathered Benefit (a “Grandfathered
Participant”), the following rules apply: (i) the
Grandfathered Participant’s time and form of payment (and any
rights to change the same) shall remain as provided under the prior
plan statement and shall not be affected by this amendment, and
(ii) no amendment that is a material modification of the
Plan’s terms shall apply to the Grandfathered
Participant’s benefit. The “Grandfathered
Benefit” is a Participant’s benefit under the Plan
which was earned and Vested as of December 31, 2004 (if any), and
the adjustments of that benefit as permitted under section 409A of
the Code. A Participant’s Grandfathered Benefit is the amount
provided under section 1.409A-6(a)(3) of the Treasury Regulations,
which is the present value of the amount to which the Participant
would have been entitled under the plan if the Participant
voluntarily terminated services without cause on December 31,
2004,
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