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  <TITLE>NASHUA CORPORATION</TITLE>
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <P align="center" style="font-size: 10pt">As filed with the Securities and Exchange Commission on May 13, 2004
  
  
  
  <DIV align="right" style="font-size: 10pt">Registration No.&nbsp;333-_____
  </DIV>
  
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  <P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
  SECURITIES AND EXCHANGE COMMISSION</B>
  
  <DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
  </DIV>
  
  <P align="center" style="font-size: 18pt"><B>FORM S-8</B>
  
  
  <P align="center" style="font-size: 10pt"><B>REGISTRATION STATEMENT UNDER<BR>
  THE SECURITIES ACT OF 1933</B>
  
  
  <P align="center" style="font-size: 24pt"><B>Nashua Corporation</B>
  
  <DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  
  <!-- Begin Table Head --><TR valign="bottom">
      <TD width="47%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="47%">&nbsp;</TD>
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  <TR valign="bottom">
      <TD align="center" valign="top"><B>Massachusetts</B>
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top"><B>02-0170100</B></TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="center" valign="top">(State or Other Jurisdiction of Incorporation<BR>
  or Organization)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">(I.R.S. Employer<BR>
  Identification No.)</TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="center" valign="top"><B>11 Trafalgar Square, Second Floor</B></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="center" valign="top"><B>Nashua, New Hampshire</B>
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top"><B>03063</B></TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="center" valign="top">(Address of Principal Executive Offices)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">(Zip Code)</TD>
  </TR>
  
  
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  </TABLE>
  </DIV>
  
  
  
  <P align="center" style="font-size: 10pt"><B>2004 Value Creation Incentive Plan</B><BR>
  (Full Title of the Plan)
  
  
  
  <P align="center" style="font-size: 10pt"><B>John L. Patenaude<BR>
  Chief Financial Officer<BR>
  Nashua Corporation<BR>
  11 Trafalgar Square, Second Floor<BR>
  Nashua, New Hampshire 03063</B><BR>
  (Name and Address of Agent For Service)
  
  
  
  <P align="center" style="font-size: 10pt"><B>(603)&nbsp;880-2323</B><BR>
  (Telephone Number, Including Area Code, of Agent For Service)
  
  
  
  <P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  
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      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="left"><B>Title of Each Class of Securities to be</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="left"><B>Registered</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Registered(1)</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Per Share</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Offering Price</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Fee</B><HR size="1" noshade></TD>
  </TR>
  
  
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      <TD><DIV style="margin-left:10px; text-indent:-10px">Common Stock, par value $1.00 per share</DIV></TD>
      <TD>&nbsp;</TD>
      <TD colspan="3" align="center">150,000 shares</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">$</TD>
      <TD align="right"><U>9.075</U></TD>
      <TD nowrap>(2)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">$</TD>
      <TD align="right"><U>1,361,250</U></TD>
      <TD nowrap>(2)</TD>
      <TD>&nbsp;</TD>
      <TD align="right">$</TD>
      <TD align="right">173</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  
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  </TABLE>
  </DIV>
  
  
  
  
  <P>
  
  
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top">
      <TD width="1%" nowrap align="right">(1)</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="96%">In accordance with Rule&nbsp;416 under the Securities Act of 1933, as amended,
  this registration statement shall be deemed to cover any additional
  securities that may from time to time be offered or issued to prevent
  dilution resulting from stock splits, stock dividends or similar
  transactions.</TD>
  </TR>
  
  <TR><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD width="1%" nowrap align="right">(2)</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="96%">Estimated solely for the purpose of calculating the registration fee
  pursuant to Rules 457(c) and 457(h) of the Securities Act of 1933, as
  amended, and based upon the average of the high and low prices of the
  Registrant&#146;s Common Stock as reported on the New York Stock Exchange on
  May&nbsp;12, 2004.</TD>
  </TR>
  
  </TABLE>
  
  
  
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  <P align="center" style="font-size: 10pt">&nbsp;
  </DIV>
  
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  <!-- TOC -->
  <A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>
  
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  </TR>
  <TR><TD colspan="9"><A HREF="#000">PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information.</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#003">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Description of Securities.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption from Registration Claimed.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings.</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#012">INDEX TO EXHIBITS</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b50612s8exv5w1.txt">EX-5.1 OPINION OF HALE AND DORR LLP</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b50612s8exv23w2.txt">EX-23.2 CONSENT OF ERNST & YOUNG LLP</A></TD></TR>
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  <!-- link1 "PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
  <DIV align="left"><A NAME="000"></A></DIV>
  
  <P align="center" style="font-size: 10pt"><B>PART I<BR>
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
  
  
  <!-- link2 "Item&nbsp;1. Plan Information." -->
  <DIV align="left"><A NAME="001"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;1. Plan Information.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by Item&nbsp;1 is included in documents sent or given
  to participants in the plans covered by this registration statement pursuant to
  Rule&nbsp;428(b)(1) of the Securities Act of 1933, as amended (the &#147;Securities
  Act&#148;).
  
  
  <!-- link2 "Item&nbsp;2. Registrant Information and Employee Plan Annual Information." -->
  <DIV align="left"><A NAME="002"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The written statement required by Item&nbsp;2 is included in documents sent or
  given to participants in the plans covered by this registration statement
  pursuant to Rule&nbsp;428(b)(1) of the Securities Act.
  
  <!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
  <DIV align="left"><A NAME="003"></A></DIV>
  
  <P align="center" style="font-size: 10pt"><B>PART II<BR>
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
  
  
  <!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
  <DIV align="left"><A NAME="004"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant is subject to the informational and reporting requirements
  of Sections&nbsp;13(a), 14, and 15(d) of the Securities Exchange Act of 1934, as
  amended (the &#147;Exchange Act&#148;), and in accordance therewith files reports, proxy
  statements and other information with the Securities and Exchange Commission
  (the &#147;Commission&#148;). The following documents, which are on file with the
  Commission, are incorporated in this registration statement by reference:
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s latest annual report filed pursuant to Section 13(a)
  or 15(d) of the Exchange Act or the latest prospectus filed pursuant to Rule
  424(b) under the Securities Act that contains audited financial statements for
  the registrant&#146;s latest fiscal year for which such statements have been filed.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other reports filed pursuant to Section 13(a) or 15(d) of the
  Exchange Act since the end of the fiscal year covered by the document referred
  to in (a)&nbsp;above.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of the securities contained in the registrant&#146;s
  registration statement on Form 8-A filed under the Exchange Act, including any
  amendment or report filed for the purpose of updating such description.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the registrant pursuant to Sections
  13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
  post-effective amendment which indicates that all securities offered hereby
  have been sold or which deregisters all securities then remaining unsold, shall
  be deemed to be incorporated by reference in this registration statement and to
  be part hereof from the date of the filing of such documents. Any statement
  contained in a document incorporated or deemed to be incorporated by reference
  herein shall be deemed to be modified or superseded for the purposes of this
  registration statement to the extent that a statement contained herein or in
  any other subsequently filed document which also is or is deemed to be
  incorporated by reference herein modifies or supersedes such statement. Any
  statement so modified or superseded shall not be deemed, except as so modified
  or superseded, to constitute a part of this registration statement.
  
  <!-- link2 "Item&nbsp;4. Description of Securities." -->
  <DIV align="left"><A NAME="005"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;4. Description of Securities.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  
  
  <P align="center" style="font-size: 10pt">-1-
  </DIV>
  
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  <!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->
  <DIV align="left"><A NAME="006"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hale and Dorr LLP has opined as to the legality of the securities being
  offered by this registration statement.
  
  <!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
  <DIV align="left"><A NAME="007"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6A of the Registrant&#146;s amended Articles of Organization (as
  amended, the &#147;Articles of Organization&#148;) provides that to the full extent
  permitted under Massachusetts law no director shall be liable to the Registrant
  or its stockholders for monetary damages for breach of fiduciary duty as a
  director. Section&nbsp;13 of Chapter&nbsp;156B of the Massachusetts General Laws provides
  that a corporation may eliminate or limit the personal liability of a director
  to the corporation or its stockholders for monetary damages for breach of
  fiduciary duty as a director, except for liability (i)&nbsp;for any breach of a
  director&#146;s duty of loyalty to the Registrant or its stockholders, (ii)&nbsp;for acts
  or omissions not in good faith or which involve intentional misconduct or a
  knowing violation of law, (iii)&nbsp;under Section&nbsp;61 or 62 of Chapter&nbsp;156B of the
  Massachusetts General Laws, or (iv)&nbsp;for any transaction from which the director
  derived an improper personal benefit.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6B of the Articles of Organization provides for indemnification of
  directors and officers to the full extent permitted under Massachusetts law.
  Section&nbsp;67 of Chapter&nbsp;156B of the Massachusetts General Laws provides that a
  corporation has the power to indemnify a director, officer, employee or agent
  of the corporation and certain other persons serving at the request of the
  corporation and certain other persons serving at the request of the corporation
  in related capacities against amounts paid and expenses incurred in connection
  with an action or proceeding to which he is or is threatened to be made a party
  by reason of such position, if such person shall have acted in good faith and
  in a manner he reasonably believed to be in the best interests of the
  corporation, provided that, no indemnification shall be made with respect to
  any matter as to which such person shall have been adjudged not to be entitled
  to indemnification under Section&nbsp;67.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6B of the Articles of Organization also provides for
  indemnification of directors and officers of the Registrant against liabilities
  and expenses in connection with any legal proceedings to which they may be made
  a party or with which they may become involved or threatened by reason of
  having been an officer or director of the Registrant or of any other
  organization at the request of the Registrant. Article&nbsp;6B generally provides
  that a director or officer of the Registrant (i)&nbsp;shall be indemnified by the
  Registrant for all expenses of such legal proceedings unless he has been
  adjudicated not to have acted in good faith in the reasonable belief that his
  action was in the best interests of the Registrant, and (ii)&nbsp;shall be
  indemnified by the Registrant for the expenses and amounts paid in settlement
  and any appeal from such proceedings. No indemnification will be made to cover
  costs of settlements if it is determined that the director or officer did not
  act in good faith in the reasonable belief that his action was in the best
  interest of the Registrant by (a)&nbsp;the Board of Directors, by (1)&nbsp;a majority
  vote of a quorum of directors, (2)&nbsp;by a majority vote of a quorum of the
  outstanding shares of stock of all classes entitled to vote for directors,
  voting as a single class, which quorum shall consist of stockholders who are
  not at that time parties to the action, suit or proceeding in question, (b)
  independent legal counsel (who may, to the extent permitted by law, be regular
  legal counsel to the corporation), or (c)&nbsp;a court of competent jurisdiction,
  that such person did not act in good faith in the reasonable belief that his
  action was in the best interest of the Registrant.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6B of the Articles of Organization permits the payment by the
  Registrant of expenses incurred in defending a civil or criminal action in
  advance of its final disposition, subject to receipt of an undertaking by the
  indemnified person to repay such payment if it is ultimately determined that
  such person is not entitled to indemnification under the Articles of
  Organization. No advance may be made if it
  
  
  <P align="center" style="font-size: 10pt">-2-
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <P align="left" style="font-size: 10pt">is determined that the director or officer did not act in good faith in
  the reasonable belief that his action was in the best interest of the
  Registrant by (a)&nbsp;the Board of Directors, by (1)&nbsp;a majority vote of a quorum of
  directors, (2)&nbsp;by a majority vote of a quorum of the outstanding shares of
  stock of all classes entitled to vote for directors, voting as a single class,
  which quorum shall consist of stockholders who are not at that time parties to
  the action, suit or proceeding in question, (b)&nbsp;independent legal counsel (who
  may, to the extent permitted by law, be regular legal counsel to the
  corporation), or (c)&nbsp;a court of competent jurisdiction, that such person did
  not act in good faith in the reasonable belief that his action was in the best
  interest of the Registrant.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has directors and officers liability insurance for the
  benefit of its directors and officers.
  
  <!-- link2 "Item&nbsp;7. Exemption from Registration Claimed." -->
  <DIV align="left"><A NAME="008"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;7. Exemption from Registration Claimed.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  
  <!-- link2 "Item&nbsp;8. Exhibits." -->
  <DIV align="left"><A NAME="009"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;8. Exhibits.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exhibit&nbsp;Index immediately preceding the exhibits is incorporated herein by reference.
  
  <!-- link2 "Item&nbsp;9. Undertakings." -->
  <DIV align="left"><A NAME="010"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;9. Undertakings.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:
  
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&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:
  
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the
  Securities Act;
  
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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; and
  
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;
  
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt"><I>provided, however, </I>that paragraphs (i)&nbsp;and (ii)&nbsp;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 Commission by the registrant pursuant to Section&nbsp;13 or Section
  15(d) of the Exchange Act that are incorporated by reference in the
  registration statement.
  
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&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 <I>bona fide </I>offering thereof.
  
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&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.
  
  
  <P align="center" style="font-size: 10pt">-3-
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <P align="left" style="font-size: 10pt">&nbsp;&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 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 <I>bona fide </I>offering thereof.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&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 Securities and Exchange Commission
  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.
  
  
  <P align="center" style="font-size: 10pt">-4-
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <!-- link1 "SIGNATURES" -->
  <DIV align="left"><A NAME="011"></A></DIV>
  
  <P align="center" style="font-size: 10pt"><B>SIGNATURES</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, 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 Nashua, New Hampshire on this 13th&nbsp;day of May,
  2004.
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  
  <!-- Begin Table Head --><TR valign="bottom">
      <TD width="48%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="46%">&nbsp;</TD>
  </TR>
  
  <!-- End Table Head -->
  
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3" valign="top" align="left">NASHUA CORPORATION</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">By:
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">/s/ Andrew B. Albert</TD>
  </TR>
  
  <TR style="font-size: 1px">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Andrew B. Albert<BR>
  Chief Executive Officer</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  <P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY AND SIGNATURES</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned officers and directors of Nashua Corporation hereby
  severally constitute and appoint Andrew B. Albert, John L. Patenaude and Robert
  S. Amrein, and each of them singly, our true and lawful attorneys with full
  power to them, and each of them singly, to sign for us and in our names in the
  capacities indicated below, the registration statement on Form S-8 filed
  herewith and any and all subsequent amendments to said registration statement,
  and generally to do all such things in our names and on our behalf in our
  capacities as officers and directors to enable Nashua Corporation to comply
  with the provisions of the Securities Act of 1933, as amended, and all
  requirements of the Securities and Exchange Commission, hereby ratifying and
  confirming our signatures as they may be signed by our said attorneys, or any
  of them, to said registration statement and any and all amendments thereto.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
  registration statement has been signed by the following persons in the
  capacities and on the dates indicated.
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  
  <!-- Begin Table Head --><TR valign="bottom">
      <TD width="40%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="30%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="25%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="left"><B>Signature</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
  </TR>
  
  
  <!-- End Table Head -->
  
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD align="left" nowrap valign="top">/s/ Andrew B. Albert<BR>
  <HR size="1" noshade>
  Andrew B. Albert</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">
  Chairman, President and
  Chief Executive Officer
  (principal executive officer)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" nowrap>May 13, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ John L. Patenaude<BR>
  <HR size="1" noshade>
  John L. Patenaude</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">
  Vice President-Finance and
  Chief Financial Officer
  (principal financial officer)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" nowrap>May 13, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ Margaret M. Callan<BR>
  <HR size="1" noshade>
  Margaret M. Callan</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">
  Corporate Controller and
  Chief Accounting Officer
  (principal accounting officer)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" nowrap>May 13, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ Avrum Gray<BR>
  <HR size="1" noshade>
  Avrum Gray</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Director</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" nowrap>May 13, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ Mark E. Schwarz<BR>
  <HR size="1" noshade>
  Mark E. Schwarz</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Director</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" nowrap>May 13, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ L. Scott Barnard<BR>
  <HR size="1" noshade>
  L. Scott Barnard</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Director</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" nowrap>May 13, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ George R. Mrkonic, Jr.<BR>
  <HR size="1" noshade>
  George R. Mrkonic, Jr.</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Director</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" nowrap>May 13, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" nowrap valign="top">/s/ James F. Orr III<BR>
  <HR size="1" noshade>
  James F. Orr III</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Director</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" nowrap>May 13, 2004</TD>
  </TR>
  
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  <P align="center" style="font-size: 10pt">-5-
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <!-- link1 "INDEX TO EXHIBITS" -->
  <DIV align="left"><A NAME="012"></A></DIV>
  
  <P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>
  
  
  <DIV align="left">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">
  
  <!-- Begin Table Head --><TR valign="bottom">
      <TD width="11%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="84%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="left"><B>Number</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
  </TR>
  
  
  <!-- End Table Head -->
  
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1 (1)
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Articles of Organization of the Registrant, as amended</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2 (1)
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Bylaws of the Registrant, as amended</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Opinion of Hale and Dorr LLP, counsel to the Registrant</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Hale and Dorr LLP (included in Exhibit&nbsp;5.1)</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Ernst &#038; Young LLP</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Powers of Attorney (included on the signature page)</TD>
  </TR>
  
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  
  <P>
  
  <HR size="1" width="18%" align="left" noshade>
  
  
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top">
      <TD width="1%" nowrap align="right">(1)</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="96%">Previously filed with the Securities and Exchange Commission as an
  Exhibit to the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter
  ended June&nbsp;28, 2002 and incorporated herein by reference.</TD>
  </TR>
  
  </TABLE>
  
  
  
  
  <P align="center" style="font-size: 10pt">-6-
  </DIV>
  
  
  </BODY>
  </HTML>
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text: NASHUA CORPORATION
  Table of Contents
  As filed with the Securities and Exchange Commission on May 13, 2004
  Registration No. 333-_____
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT UNDER
  THE SECURITIES ACT OF 1933
  Nashua Corporation
  (Exact Name of Registrant as Specified in Its Charter)
  Massachusetts
  02-0170100
  (State or Other Jurisdiction of Incorporation
  or Organization)
  (I.R.S. Employer
  Identification No.)
  11 Trafalgar Square, Second Floor
  Nashua, New Hampshire
  03063
  (Address of Principal Executive Offices)
  (Zip Code)
  2004 Value Creation Incentive Plan
  (Full Title of the Plan)
  John L. Patenaude
  Chief Financial Officer
  Nashua Corporation
  11 Trafalgar Square, Second Floor
  Nashua, New Hampshire 03063
  (Name and Address of Agent For Service)
  (603) 880-2323
  (Telephone Number, Including Area Code, of Agent For Service)
  CALCULATION OF REGISTRATION FEE
  Proposed Maximum
  Proposed Maximum
  Amount of
  Title of Each Class of Securities to be
  Amount to be
  Offering Price
  Aggregate
  Registration
  Registered
  Registered(1)
  Per Share
  Offering Price
  Fee
  Common Stock, par value $1.00 per share
  150,000 shares
  $
  9.075
  (2)
  $
  1,361,250
  (2)
  $
  173
  (1)
  In accordance with Rule 416 under the Securities Act of 1933, as amended,
  this registration statement shall be deemed to cover any additional
  securities that may from time to time be offered or issued to prevent
  dilution resulting from stock splits, stock dividends or similar
  transactions.
  (2)
  Estimated solely for the purpose of calculating the registration fee
  pursuant to Rules 457(c) and 457(h) of the Securities Act of 1933, as
  amended, and based upon the average of the high and low prices of the
  Registrant's Common Stock as reported on the New York Stock Exchange on
  May 12, 2004.
  TABLE OF CONTENTS
  PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  Item 1. Plan Information.
  Item 2. Registrant Information and Employee Plan Annual Information.
  PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference.
  Item 4. Description of Securities.
  Item 5. Interests of Named Experts and Counsel.
  Item 6. Indemnification of Directors and Officers.
  Item 7. Exemption from Registration Claimed.
  Item 8. Exhibits.
  Item 9. Undertakings.
  SIGNATURES
  INDEX TO EXHIBITS
  EX-5.1 OPINION OF HALE AND DORR LLP
  EX-23.2 CONSENT OF ERNST & YOUNG LLP
  Table of Contents
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  Item 1. Plan Information.
  The information required by Item 1 is included in documents sent or given
  to participants in the plans covered by this registration statement pursuant to
  Rule 428(b)(1) of the Securities Act of 1933, as amended (the "Securities
  Act").
  Item 2. Registrant Information and Employee Plan Annual Information.
  The written statement required by Item 2 is included in documents sent or
  given to participants in the plans covered by this registration statement
  pursuant to Rule 428(b)(1) of the Securities Act.
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference.
  The registrant is subject to the informational and reporting requirements
  of Sections 13(a), 14, and 15(d) of the Securities Exchange Act of 1934, as
  amended (the "Exchange Act"), and in accordance therewith files reports, proxy
  statements and other information with the Securities and Exchange Commission
  (the "Commission"). The following documents, which are on file with the
  Commission, are incorporated in this registration statement by reference:
  (a)     The registrant's latest annual report filed pursuant to Section 13(a)
  or 15(d) of the Exchange Act or the latest prospectus filed pursuant to Rule
  424(b) under the Securities Act that contains audited financial statements for
  the registrant's latest fiscal year for which such statements have been filed.
  (b)     All other reports filed pursuant to Section 13(a) or 15(d) of the
  Exchange Act since the end of the fiscal year covered by the document referred
  to in (a) above.
  (c)     The description of the securities contained in the registrant's
  registration statement on Form 8-A filed under the Exchange Act, including any
  amendment or report filed for the purpose of updating such description.
  All documents subsequently filed by the registrant pursuant to Sections
  13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
  post-effective amendment which indicates that all securities offered hereby
  have been sold or which deregisters all securities then remaining unsold, shall
  be deemed to be incorporated by reference in this registration statement and to
  be part hereof from the date of the filing of such documents. Any statement
  contained in a document incorporated or deemed to be incorporated by reference
  herein shall be deemed to be modified or superseded for the purposes of this
  registration statement to the extent that a statement contained herein or in
  any other subsequently filed document which also is or is deemed to be
  incorporated by reference herein modifies or supersedes such statement. Any
  statement so modified or superseded shall not be deemed, except as so modified
  or superseded, to constitute a part of this registration statement.
  Item 4. Description of Securities.
  Not applicable.
  -1-
  Table of Contents
  Item 5. Interests of Named Experts and Counsel.
  Hale and Dorr LLP has opined as to the legality of the securities being
  offered by this registration statement.
  Item 6. Indemnification of Directors and Officers.
  Article 6A of the Registrant's amended Articles of Organization (as
  amended, the "Articles of Organization") provides that to the full extent
  permitted under Massachusetts law no director shall be liable to the Registrant
  or its stockholders for monetary damages for breach of fiduciary duty as a
  director. Section 13 of Chapter 156B of the Massachusetts General Laws provides
  that a corporation may eliminate or limit the personal liability of a director
  to the corporation or its stockholders for monetary damages for breach of
  fiduciary duty as a director, except for liability (i) for any breach of a
  director's duty of loyalty to the Registrant or its stockholders, (ii) for acts
  or omissions not in good faith or which involve intentional misconduct or a
  knowing violation of law, (iii) under Section 61 or 62 of Chapter 156B of the
  Massachusetts General Laws, or (iv) for any transaction from which the director
  derived an improper personal benefit.
  Article 6B of the Articles of Organization provides for indemnification of
  directors and officers to the full extent permitted under Massachusetts law.
  Section 67 of Chapter 156B of the Massachusetts General Laws provides that a
  corporation has the power to indemnify a director, officer, employee or agent
  of the corporation and certain other persons serving at the request of the
  corporation and certain other persons serving at the request of the corporation
  in related capacities against amounts paid and expenses incurred in connection
  with an action or proceeding to which he is or is threatened to be made a party
  by reason of such position, if such person shall have acted in good faith and
  in a manner he reasonably believed to be in the best interests of the
  corporation, provided that, no indemnification shall be made with respect to
  any matter as to which such person shall have been adjudged not to be entitled
  to indemnification under Section 67.
  Article 6B of the Articles of Organization also provides for
  indemnification of directors and officers of the Registrant against liabilities
  and expenses in connection with any legal proceedings to which they may be made
  a party or with which they may become involved or threatened by reason of
  having been an officer or director of the Registrant or of any other
  organization at the request of the Registrant. Article 6B generally provides
  that a director or officer of the Registrant (i) shall be indemnified by the
  Registrant for all expenses of such legal proceedings unless he has been
  adjudicated not to have acted in good faith in the reasonable belief that his
  action was in the best interests of the Registrant, and (ii) shall be
  indemnified by the Registrant for the expenses and amounts paid in settlement
  and any appeal from such proceedings. No indemnification will be made to cover
  costs of settlements if it is determined that the director or officer did not
  act in good faith in the reasonable belief that his action was in the best
  interest of the Registrant by (a) the Board of Directors, by (1) a majority
  vote of a quorum of directors, (2) by a majority vote of a quorum of the
  outstanding shares of stock of all classes entitled to vote for directors,
  voting as a single class, which quorum shall consist of stockholders who are
  not at that time parties to the action, suit or proceeding in question, (b)
  independent legal counsel (who may, to the extent permitted by law, be regular
  legal counsel to the corporation), or (c) a court of competent jurisdiction,
  that such person did not act in good faith in the reasonable belief that his
  action was in the best interest of the Registrant.
  Article 6B of the Articles of Organization permits the payment by the
  Registrant of expenses incurred in defending a civil or criminal action in
  advance of its final disposition, subject to receipt of an undertaking by the
  indemnified person to repay such payment if it is ultimately determined that
  such person is not entitled to indemnification under the Articles of
  Organization. No advance may be made if it
  -2-
  Table of Contents
  is determined that the director or officer did not act in good faith in
  the reasonable belief that his action was in the best interest of the
  Registrant by (a) the Board of Directors, by (1) a majority vote of a quorum of
  directors, (2) by a majority vote of a quorum of the outstanding shares of
  stock of all classes entitled to vote for directors, voting as a single class,
  which quorum shall consist of stockholders who are not at that time parties to
  the action, suit or proceeding in question, (b) independent legal counsel (who
  may, to the extent permitted by law, be regular legal counsel to the
  corporation), or (c) a court of competent jurisdiction, that such person did
  not act in good faith in the reasonable belief that his action was in the best
  interest of the Registrant.
  The Registrant has directors and officers liability insurance for the
  benefit of its directors and officers.
  Item 7. Exemption from Registration Claimed.
  Not applicable.
  Item 8. Exhibits.
  The Exhibit Index immediately preceding the exhibits is incorporated herein by reference.
  Item 9. Undertakings.
  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;
  (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; 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 (i) and (ii) 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 Commission 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.
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  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.
  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 Securities and Exchange Commission
  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.
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  SIGNATURES
  Pursuant to the requirements of the Securities Act of 1933, 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 Nashua, New Hampshire on this 13th day of May,
  2004.
  NASHUA CORPORATION
  By:
  /s/ Andrew B. Albert
  Andrew B. Albert
  Chief Executive Officer
  POWER OF ATTORNEY AND SIGNATURES
  We, the undersigned officers and directors of Nashua Corporation hereby
  severally constitute and appoint Andrew B. Albert, John L. Patenaude and Robert
  S. Amrein, and each of them singly, our true and lawful attorneys with full
  power to them, and each of them singly, to sign for us and in our names in the
  capacities indicated below, the registration statement on Form S-8 filed
  herewith and any and all subsequent amendments to said registration statement,
  and generally to do all such things in our names and on our behalf in our
  capacities as officers and directors to enable Nashua Corporation to comply
  with the provisions of the Securities Act of 1933, as amended, and all
  requirements of the Securities and Exchange Commission, hereby ratifying and
  confirming our signatures as they may be signed by our said attorneys, or any
  of them, to said registration statement and any and all amendments thereto.
  Pursuant to the requirements of the Securities Act of 1933, this
  registration statement has been signed by the following persons in the
  capacities and on the dates indicated.
  Signature
  Title
  Date
  /s/ Andrew B. Albert
  Andrew B. Albert
  Chairman, President and
  Chief Executive Officer
  (principal executive officer)
  May 13, 2004
  /s/ John L. Patenaude
  John L. Patenaude
  Vice President-Finance and
  Chief Financial Officer
  (principal financial officer)
  May 13, 2004
  /s/ Margaret M. Callan
  Margaret M. Callan
  Corporate Controller and
  Chief Accounting Officer
  (principal accounting officer)
  May 13, 2004
  /s/ Avrum Gray
  Avrum Gray
  Director
  May 13, 2004
  /s/ Mark E. Schwarz
  Mark E. Schwarz
  Director
  May 13, 2004
  /s/ L. Scott Barnard
  L. Scott Barnard
  Director
  May 13, 2004
  /s/ George R. Mrkonic, Jr.
  George R. Mrkonic, Jr.
  Director
  May 13, 2004
  /s/ James F. Orr III
  James F. Orr III
  Director
  May 13, 2004
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  INDEX TO EXHIBITS
  Number
  Description
  4.1 (1)
  Articles of Organization of the Registrant, as amended
  4.2 (1)
  Bylaws of the Registrant, as amended
  5.1
  Opinion of Hale and Dorr LLP, counsel to the Registrant
  23.1
  Consent of Hale and Dorr LLP (included in Exhibit 5.1)
  23.2
  Consent of Ernst & Young LLP
  24.1
  Powers of Attorney (included on the signature page)
  (1)
  Previously filed with the Securities and Exchange Commission as an
  Exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter
  ended June 28, 2002 and incorporated herein by reference.
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