Company: GGG
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001193125-25-052581
Chunk: 18

Company: GRACO INC
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 18
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 requirements, the qualification and independence of the independent auditor, and the performance of the internal audit function and the independent auditors. The responsibilities of the Audit Committee are set forth in a written charter. The Audit Committee has reviewed and reassessed the adequacy of its charter and concluded that the charter satisfactorily states the responsibilities of the Audit Committee. The Audit Committee Charter was most recently approved by the Board on February 18, 2022. Governance Committee(3 meetings in fiscal year 2024) The Governance Committee is composed entirely of directors who meet the independence requirements of the NYSE. The Governance Committee has the following functions:

| • |     | Sets criteria for the selection of prospective Board members, identifies and recruits suitable candidates, presents director nominees to the Board, and oversees director on-boarding and orientation; |

| • |     | Periodically evaluates our Company’s shareholder value protections, board structure, and business continuity provisions, and recommends any changes to the Board; |

| • |     | Recommends to the Board: desired skills, experience and other attributes for Board membership, including expectations of Board members and retirement policies; the appropriate number of directors; the compensation, benefits and retirement programs for directors; the committee structure, committee charters, committee chairs and committee membership; the number and schedule of Board meetings; a set of Corporate Governance Guidelines; and the appropriate person(s) to hold the positions of Chair of the Board and CEO; and |

| • |     | Periodically reviews the Company’s insider trading policy(ies) and makes recommendations to the Board regarding any updates thereto. |

The responsibilities of the Governance Committee are fully set forth in its written charter, which was most recently approved by the Board on February 14, 2025. Management Organization and Compensation Committee(3 meetings in fiscal year 2024) The Management Organization and Compensation Committee is composed entirely of directors who meet the independence requirements of the NYSE. The Management Organization and Compensation Committee has the following functions:

| • |     | Develops our Company’s philosophy and structure for executive compensation; |

| • |     | Determines the compensation of the CEO and reviews and approves the compensation of the other executive officers; |

12 Graco Inc. 2025 Proxy Statement

| • |     | Reviews and discusses with management, and recommends to the Board the inclusion of, the Compensation Discussion and Analysis in our Company’s annual proxy statement; |

| • |     | Leads the review of the performance of the CEO based on individual goals and objectives, and communicates