Company: GGG
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001193125-25-052581
Chunk: 52

Company: GRACO INC
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 52
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 but for the election to change the form. If a participant wishes to elect the lump sum option or any option which does not meet the conditions listed above, the election will not take effect until the date that is twelve months after the date on which the participant made the election, and the distribution will be delayed for at least five years after the distribution would have otherwise been made absent the election unless the participant elected a lump sum for the prospective benefits earned after December 31, 2010.

A participant’s benefit will commence on the first day of the month after the later of: (i) the date the participant attains age 62; or (ii) the participant separates from service. In the case of a distribution to a specified employee (as defined in Section 409A of the Code), where commencement is based on the specified employee’s separation from service, the date that the distribution will commence will be the first day of the month following the date that is six months after the specified employee’s separation from service.

If the value of a participant’s benefit under the Restoration Plan is $10,000 or less as of the date the benefit of a participant is to commence, the benefit will be paid in a single lump sum. There is no cap on the maximum benefits under the Restoration Plan.

The actuarial present values of accumulated benefits as of December 27, 2024 for both the Retirement Plan and Restoration Plan are reflected in the Present Value of Accumulated Benefit column of the Pension Benefits table below. The actuarial present values are based on the valuation method and the assumptions applied in the calculations referenced in footnote 1 to the Pension Benefits table.**

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Graco Inc. 2025 Proxy Statement</div>

Graco Southeast Asian Plan The Graco Inc. Retirement, Death and Disability Benefit Plan II for Graco Non-U.S.employees who are not Covered by Other Plans (the “Southeast Asian Plan”) is an unfunded defined benefit pension plan designed to coordinate with Social Security benefits to provide a basic level of retirement payment for all eligible employees. Eligible executive officers participate in the Southeast Asian Plan on the same terms as the rest of our eligible employees. Mr. O’Shea was the only Named Executive Officer who participated in the Southeast Asian Plan. Benefits for those eligible under the Southeast Asian Plan consist of a fixed benefit, which is designed to provide a retirement payment at age 65 of 1.67% times final average earnings times years of service, minus 50%