Company: GWW
Filing Date: 2025-03-07
Form Type: DEF 14A
Source: 0001104659-25-021496
Chunk: 46

Company: W.W. GRAINGER, INC.
Filing Date: 2025-03-07
Form: DEF 14A
Chunk 46
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 ​ | PROPOSAL 3:SAY ON PAY | ​ | ​ | PROPOSAL 4: APPROVALAND ADOPTION | ​ | ​ | QUESTIONS ANDANSWERS | ​ | ​ | APPENDICES | ​ |

TABLE OF CONTENTS

| ​ | invest.grainger.com | ​ | ​ | 37 | ​ | ​ | ● | ​ |

Executive Compensation Compensation Discussion and Analysis

This Compensation Discussion and Analysis (“CD&A”) describes the Company’s pay for performance compensation philosophy and programs, and explains the compensation earned by Grainger’s Named Executive Officers (“NEOs”) in 2024. Please read this CD&A, the compensation tables and accompanying narrative disclosures in conjunction with the advisory vote we are conducting on the Compensation of our NEOs (see Proposal 3, Say on Pay on page 75) as it contains information that is relevant to your voting decision. Opportunity for Shareholder Comment Grainger has a comprehensive shareholder engagement program. The Compensation Committee carefully considers feedback from our shareholders regarding NEO compensation. Shareholders who wish to directly provide feedback to the Company may do so by contacting the Company’s Investor Relations team using the information provided at the bottom of http://invest.grainger.com or under Other Communications with Directors on page 28.

| ​ | Introduction                                                                        | ​ | ​ | ​ | ​ | 38 | ​ | ​ |
| ​ | ​                                                                                   |   |   |   |   |    |   | ​ |
| ​ | 2024 Highlights                                                                     | ​ | ​ | ​ | ​ | 38 | ​ | ​ |
| ​ | 2024 Compensation Program Overview                                                  | ​ | ​ | ​ | ​ | 38 | ​ | ​ |
| ​ | ​                                                                                   |   |   |   |   |    |   | ​ |
| ​ | Executive Summary                                                                   | ​ | ​ | ​ | ​ | 39 | ​ | ​ |
| ​ | ​                                                                                   |   |   |   |   |    |   | ​ |
| ​ | Named Executive Officers (NEOs) for 2024                                            | ​ | ​ | ​ | ​ | 39 | ​ | ​ |
| ​ | Shareholder Engagement                                                              | ​ | ​ | ​ | ​ | 39 | ​ | ​ |
| ​ | 2024 Program Performance and Financial Highlights                                   | ​ | ​ | ​ | ​ | 40 | ​ | ​ |
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