Company: GWW
Filing Date: 2025-04-07
Form Type: DEFA14A
Source: 0001104659-25-032713
Chunk: 3

Company: W.W. GRAINGER, INC.
Filing Date: 2025-04-07
Form: DEFA14A
Chunk 3
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 the risk that a minority shareholder or constituency would be able to override or subvert the will of the holders
of a majority of our shares. Directors elected through cumulative voting could be inclined to represent primarily the particular small
number of shareholders who elected them and could seek to further their special interests, instead of working for the maximum benefit
of all shareholders. Your Board represents all shareholders and believes that each director should represent the interests of all shareholders
rather than the interests of a minority shareholder or a special constituency.

Q. What is Grainger’s majority voting standard in director elections?

A.Under Grainger’s majority
voting standard, a director nominee will be elected only if that director receives the affirmative vote of a majority of the shares present
or represented by proxy and entitled to vote at the annual meeting. This is in contrast to “plurality” voting, in which the
director nominees with the most votes are elected, whether or not a majority of the votes were cast FOR their election. Grainger’s
majority voting standard is the minimum standard permitted by Illinois law, even in contested elections. As a result, Grainger is unable
to implement a carve-out plurality voting standard for contested elections.

Q. What is Grainger proposing to do?

A.Shareholders are being asked to
approve and adopt an amendment to Grainger’s charter to eliminate cumulative voting in the election of directors. If approved by
our shareholders, the proposed amendment will become effective and the charter will be deemed to have been amended accordingly upon filing
of articles of amendment with the Illinois Secretary of State, which would occur following the 2025 Annual Meeting.

Grainger has not experienced any problems as a
result of cumulative voting to date, and Grainger is not seeking to eliminate cumulative voting at this time in response to any specific
action by any shareholders. However, our Board believes that proactively taking measures to eliminate cumulative voting is in the best
interests of the Company and its shareholders, rather than taking reactionary measures to eliminate cumulative voting in the event of
potential future problems.

Q. What are Grainger’s other practices to help ensure that shareholders’ interests are protected and fairly represented?

A.Grainger is committed to good
governance and maintains multiple practices to help ensure that shareholder perspectives are equitably represented on the Board, including:

| · | 11 of our 12 director nominees are independent; |

| · | An Independent Lead Director, elected annually by and from the independent directors; |

| · |