<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 7)*
GRACO INC.
-------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
384109-10-4
-----------
(CUSIP Number)
Check the following box if a fee is being paid with this statement / /.
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent
of the class of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five
percent or less of such class.) (See Rule 13d-7.)
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
(Continued on following page(s))
Page 1 of 9 Pages
<PAGE>
CUSIP NO. 384109-10-4 13G Page 2 of 9 Pages
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Trust U/W Clarissa L. Gray
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) / /
(b) /X/
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Trust governed by the laws of Minnesota
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 2,012,932
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 2,012,932
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,012,932
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
26.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
00 (Trust)
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 384109-10-4 13G Page 3 of 9 Pages
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
First Bank National Association
Tax I.D. - 41-025-6895
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) / /
Trustee of Clarissa L. Gray Trust (b) /X/
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
USA (National Bank organized under National Banking Act)
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
2,012,932
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
2,012,932
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,012,932
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
26.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
BK
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 384109-10-4 13G Page 4 of 9 Pages
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Maynard B. Hasselquist
S.S. ###-##-####
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) / /
Trustee of Clarissa L. Gray Trust (b) /X/
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
USA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 10,814
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
2,083,002 (Includes all shares held by the Trust;
OWNED BY 70 shares held by Mr. Hasselquist's wife, as to
which Mr. Hasselquist may be deemed to share voting
EACH power; and 70,000 shares held by Greycoach
Foundation of which Mr. Hasselquist is a director.)
REPORTING
-----------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
7
WITH 10,814
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8
2,083,002
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,093,816
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
27.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 384109-10-4 13G Page 5 of 9 Pages
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David A. Koch
S.S. ###-##-####
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) / /
Trustee of Clarissa L. Gray Trust (b) /X/
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
USA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
121,331 (Includes "Restricted Shares" of 19,596 and
NUMBER OF ESOP Shares of 134.)
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
2,427,659 (Includes all shares held by Trust; 53,331
OWNED BY shares owned by Mr. Koch's wife, as to which Mr. Koch
may be deemed to share voting power; 10,690 shares
EACH owned by the Graco Foundation of which Mr. Koch is a
director; 79,881 unallocated shares held by Graco's
REPORTING Employee Stock Ownership Plan; 200,825 shares owned by
the Graco Pension Plan as to which Mr. Koch shares
PERSON voting power; and 70,000 shares held by Greycoach
Foundation of which Mr. Koch is a director.)
WITH
-----------------------------------------------------------
SOLE DISPOSITIVE POWER
7
121,197
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8
2,427,659
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,548,990
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
33.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
Item 4 of Amendment No. 6 to the Statement of Ownership and amendments thereto
filed by the Trust U/W Clarissa L. Gray (the "Trust") pursuant to Rules
13d-1(c) and 13d-2(b) under Section 13(d) of the Securities Exchange Act of
1934, as amended, is hereby further amended by restating such item to add or to
update the information contained therein as set forth below:
Item 4 Ownership:
(a) Amount beneficially owned: 2,012,932
(b) Percentage of Class: 26.4%
(c) Number of Shares as to which the Trust has:
(i) Sole power to vote or direct the vote: 2,012,932
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition: 2,012,932
(iv) Shared power to dispose or direct the disposition: 0
The trustees share the power to vote or to direct the vote and to dispose or
direct the disposition of all shares held by the Trust. Any additional shares
of Graco Inc. owned by individual trustees are listed on the Cover Page
relating to such trustee.
Page 6 of 9 Pages
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Statement is true, complete and
correct.
Date: February 10, 1994
TRUST U/W CLARISSA L. GRAY
First Bank National Association, Trustee
/s/ John Westrom
By:_______________________________
John Westrom, Vice President
First Bank National Association, Trustee
/s/ John Westrom
By:_______________________________
John Westrom, Vice President
/s/ Maynard B. Hasselquist*
__________________________________
Maynard B. Hasselquist, Trustee
/s/ David A. Koch
__________________________________
David A. Koch, Trustee
/s/ David A. Koch
*By: _________________________
David A. Koch,
Attorney-in-fact
Page 7 of 9 Pages
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Description Page No.
- ------- ----------- --------
<S> <C> <C>
A Power of Attorney of 9
Maynard B. Hasselquist, dated
December 31, 1993
</TABLE>
Page 8 of 9 Pages
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that Maynard Hasselquist hereby
constitutes and appoints David A. Koch and Sidney Sehlin, and each of either of
them, his true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution for him and in his name, place and stead, in any
and all capacities, to sign reports required to be filed by the undersigned
pursuant to Section 13(d) or 13(g) of the Securities Exchange Act of 1934 (and
any and all amendments thereto) relating to the ownership of securities of Graco
Inc. by the trust u/w of Clarissa Gray, with the Securities and Exchange
Commission and the New York Stock Exchange, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each
and every act and thing requisite or necessary to be done in and about the
premises, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents or either of them, or their or his substitutes, may lawfully do or cause
to be done by virtue hereof.
IN WITNESS WHEREOF, this Power of Attorney has been signed on December
31, 1993.
/s/ Maynard B. Hasselquist
....................................
Maynard B. Hasselquist
Page 9 of 9 Pages
