Company: GGG
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001193125-25-052581
Chunk: 37

Company: GRACO INC
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 37
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 Mr. O’Shea received a $136,431 bonus payment under the Incentive Bonus Plan. Mr. O’Shea’s bonus payout represented 49% of his target award. Based on the process described above for setting long-term incentive awards, Mr. O’Shea received a stock option award of 17,260 shares in February 2024. Ronita Banerjee Executive Vice President and Chief Human Resources Officer Ms. Banerjee’s base salary as of December 2023 was near the median of the 2023 Willis Towers Watson survey data. In December 2023, the MOCC approved a base salary increase of 4% to $416,000 based on Ms. Banerjee’s relative position in the market and individual performance. Based on 2024 corporate Net Sales and corporate Incentive EPS performance, Ms. Banerjee received a $34,870 bonus payment under the Incentive Bonus Plan. Ms. Banerjee’s bonus payout represented 12% of her target award. Based on the process described above for setting long-term incentive awards, Ms. Banerjee received a stock option award of 17,260 shares in February 2024. Compensation Decisions for 2025 In December 2024, the MOCC increased the base salaries of each of our NEOs between 4% and 11% effective January 1, 2025. At its February 2025 meeting, the MOCC kept each NEO’s target annual cash incentive payout as a percent of base salary the same for 2025, and it granted under the 2019 Plan stock option awards of 204,910 shares to Mr. Sheahan, 33,850 shares to Mr. Lowe, 17,810 shares to Mr. Johnson and 18,700 shares to each of Mr. O’Shea and Ms. Banerjee. Benefits and Perquisites In an effort to attract and retain talented employees, we offer retirement, health and welfare programs competitive within our local markets (the “Benefit Programs”). The only Benefit Programs offered to our U.S. executive officers, either exclusively or with terms different from those offered to other eligible employees, are the following:

| • |     | Restoration Plan. Since the Internal Revenue Code limits the pension benefits that can be accrued under a tax-qualified defined benefit pension plan, we established the Graco Restoration Plan. This plan is a nonqualified excess benefit plan designed to provide retirement benefits to eligible participants in the United