Company: GGG
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001193125-25-052581
Chunk: 28

Company: GRACO INC
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 28
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 Willis Towers Watson’s independence, the MOCC considers all factors relevant to Willis Towers Watson’s independence from management, including the following:

| • |     | The provision of other services to the Company by Willis Towers Watson; |

| • |     | The amount of fees received by Willis Towers Watson from the Company as a percentage of Willis Towers Watson’s total revenue; |

| • |     | Willis Towers Watson’s compliance with the policies and procedures it has adopted to prevent conflicts of interest; |

| • |     | The lack of any business or personal relationships between the individual Willis Towers Watson consultants performing services for the Company and any member of the MOCC; |

21 Graco Inc. 2025 Proxy Statement

| • |     | The lack of any ownership of Company stock by the individual Willis Towers Watson consultants performing services for the Company; and |

| • |     | The lack of any business or personal relationships between any executive officers of the Company and Willis Towers Watson or the individual Willis Towers Watson consultants performing services for the Company. |

Based on its review, the MOCC concluded there was no conflict of interest that impaired Willis Towers Watson’s independence. Role of Management in Executive Compensation Decisions Our management is involved in the following executive compensation processes:

| • |     | Our CEO and Executive Vice President and Chief Human Resources Officer (“CHRO”) develop and oversee the creation of written background and supporting materials for distribution to the MOCC prior to its meetings; |

| • |     | Our CEO, CHRO and the Executive Vice President, General Counsel and Corporate Secretary attend the MOCC’s meetings, but leave during the executive officer performance review discussions (except for our CEO, who only leaves for the discussion of their performance review) and the non-employee director executive sessions; |

| • |     | Our CEO and CHRO review executive officer compensation competitive analyses and annually present and make recommendations to the MOCC relating to short-term and long-term incentive plan designs and changes, if warranted; |

| • |     | Our CEO annually recommends to the MOCC base salary adjustments and long-term incentive awards for all executive officers, other than himself/herself (management does not make a recommendation on CEO pay or pay components); and |

| • |     | Following the MOCC’s executive sessions, the Chair of the MOCC provides the CHRO with a summary of the executive session decisions, actions and underlying rationale for implementation, as appropriate. |

Benchmarking The MOCC annually retains Willis Towers Watson to provide survey market data of companies with similar