Company: GWW
Filing Date: 2025-03-07
Form Type: DEF 14A
Source: 0001104659-25-021496
Chunk: 109

Company: W.W. GRAINGER, INC.
Filing Date: 2025-03-07
Form: DEF 14A
Chunk 109
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| ​ |                                                                                                                                                                  | ​ | ​ | ​ | PROPOSAL 4:​                                                                                              
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 Approval and Adoption of Amendment to theRestated Articles of Incorporation to EliminateCumulative Voting | ​ |
| ​ | What are you voting on?                                                                                                                                          |   |   |   |                                                                                                           | ​ |
| ​ | Approval and adoption of an amendment to the Company’s Restated Articles of Incorporation to eliminate cumulative voting rights.                                 |   |   |   |                                                                                                           | ​ |
| ​ | THE BOARD RECOMMENDS A VOTE “FOR” THE APPROVAL AND ADOPTION OF THE AMENDMENT TO THE COMPANY’S RESTATED ARTICLES OF INCORPORATION TO ELIMINATE CUMULATIVE VOTING. |   |   |   |                                                                                                           | ​ |

Shareholders are being asked to approve and adopt an amendment (the “Proposed Amendment”) to the Company’s Restated Articles of Incorporation (the “Articles of Incorporation”) to eliminate cumulative voting rights. The Board has adopted a resolution setting forth the Proposed Amendment and directing that the Proposed Amendment be submitted to a vote at the 2025 Annual Meeting. If approved by our shareholders, the Proposed Amendment will become effective and the Restated Articles of Incorporation 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. Under Illinois law, if the Proposed Amendment becomes effective, those shareholders who do not vote in favor of the Proposed Amendment may dissent and obtain payment for the “estimated fair value” of their shares of Grainger common stock, subject to compliance with the procedures explained under Dissenters’ or Appraisal Rights below. Background Grainger shareholders have the right to cumulate their votes in the election of directors. This means that a shareholder has a number of votes in the election equal to the number of shares owned by such shareholder multiplied by the number of directors being elected. Shareholders may cast those votes for the nominees as they choose. For example, all votes may be cast for one nominee, or votes may be apportioned among two or more nominees. Therefore, with cumulative voting, because a shareholder can cumulate all of their votes and vote them all “for” one nominee, it is possible that a shareholder or group of shareholders holding a relatively small number of shares would be able to elect one or more directors by cumulating votes. Cumulative voting