# EDGAR Filing Document

**Accession Number:** 0000039368
**File Stem:** 0001437749-25-019689
**Filing Date:** 2025-6
**Character Count:** 43021
**Document Hash:** 96ae905d6f49ac5204778ecfbcffaafa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-019689.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001437749-25-019689

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FULLER H B CO
- **CENTRAL INDEX KEY:** 0000039368
- **STANDARD INDUSTRIAL CLASSIFICATION:** ADHESIVES & SEALANTS [2891]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 410268370
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1129

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09225
- **FILM NUMBER:** 251030041

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 WILLOW LAKE BLVD
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55110-5132
- **BUSINESS PHONE:** 6126453401

**MAIL ADDRESS:**
- **STREET 1:** 1200 WILLOW LAKE BLVD
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55110-5132

[**Table of Contents**](#toc)

**FORM 11-K**<br> **FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS**<br> **AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE**<br> **SECURITIES EXCHANGE ACT OF 1934**

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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| | |
|:---|:---|
| For the fiscal year ended | **December 31, 2024** |

---

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________________ to _________________________

Commission file number <u>001</u><u>-</u><u>09225</u>

**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

**H.B. FULLER COMPANY**

**1200 Willow Lake Boulevard, P.O. Box 64683**

**St. Paul, Minnesota 55164-0683**

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[**Table of Contents**](#toc)

**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

Financial Statements and Supplemental Schedule

December 31, 2024 and 2023

(With Report of Independent Registered Public Accounting Firm Thereon)

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

**Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#report_of_ind) | 1 |
| [Statements of Net Assets Available for Benefits](#state_of_net) | 2 |
| [Statement of Changes in Net Assets Available for Benefits](#state_of_changes) | 3 |
| [Notes to Financial Statements](#notes) | 4 |
| **Supplemental Schedule** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule H, line 4i - Schedule of Assets (Held at End of Year)](#schedule_h) | 13 |

---

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**Report of Independent Registered Public Accounting Firm**

To Plan Participants and Benefit Plans Committee

H.B. Fuller Company 401(k) & Retirement Plan

St. Paul, Minnesota

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the H.B. Fuller Company 401(k) & Retirement Plan (the "Plan") as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively, the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan's management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Information**

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2024, has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ BDO USA, P.C.

We have served as the Plan's auditor since 2024.

Minneapolis, Minnesota

June 6, 2025

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

Statements of Net Assets Available for Benefits

As of December 31, 2024 and 2023

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Assets: |  |  |
| Cash | $1669 | $- |
| Investments, at fair value |  |  |
| Mutual funds | 80941895 | 83158319 |
| H.B. Fuller Company stock | 25163693 | 34560065 |
| Common collective trust funds | 415953532 | 363894349 |
| Total investments | 522059120 | 481612733 |
| Notes receivable from participants | 6928878 | 6401522 |
| Employer contributions receivable | 350761 | 163676 |
| Total assets | 529340428 | 488177931 |
| Net assets available for benefits | $529340428 | $488177931 |

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See accompanying notes to financial statements.

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

Statement of Changes in Net Assets Available for Benefits

For the year ended December 31, 2024

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| | |
|:---|:---|
| Additions: |  |
| Contributions: |  |
| Participant contributions | $23075891 |
| Employer contributions | 13111625 |
| Rollover contributions | 8007750 |
| Total contributions | 44195266 |
| Investment income: |  |
| Dividends | 3571929 |
| Other income | 335740 |
| Total investment income | 3907669 |
| Net appreciation in fair value of investments | 51584972 |
| Interest income on notes receivable from participants | 454175 |
| Total additions | 100142082 |
| Deductions: |  |
| Participant distributions and withdrawals | (63179000) |
| Administrative expenses | (1045225) |
| Total deductions | (64224225) |
| Net increase in net assets available for benefits | 35917857 |
| Transfers into plan from plan merger (Note 1) | 5244640 |
| Net assets available for benefits: |  |
| Beginning of year | 488177931 |
| End of year | $529340428 |

---

See accompanying notes to financial statements.

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Description of the Plan** 

The following brief description of the H.B. Fuller Company 401(k) & Retirement Plan ("the Plan") is provided for general information purposes only. Participants should refer to the plan document for more complete information regarding the Plan's definitions, benefits, eligibility, and other matters.

***General***

The Plan is a contributory defined contribution plan covering all eligible U.S. employees of H.B. Fuller Company and participating employers ("the Employer," "Plan Administrator" and "Plan Sponsor"). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").

***Trustee***

The trustee for the Plan is Empower Trust Company, LLC, ("the Trustee").

***Transfers into Plan from Plan Merger***

Effective December 31, 2024, the Royal Holdings, Inc. Collective Bargaining Unit 401(k) Savings Plan and Trust ("Royal Plan") was merged into the H.B. Fuller Company 401(k) & Retirement Plan as amended and as approved by the Director of Global Benefits. As a result, assets totaling $4,400,439 (including $321,892 of participant loans) were transferred from the Royal Plan's Trust into the Plan's Trust on December 31, 2024. The Royal Plan was a defined contribution plan covering eligible union employees of Royal Holdings Inc. ("Royal") which was acquired by the H.B. Fuller Company on October 20, 2017.

Effective May 1, 2024, spun-off assets of the Beardow Adams, Inc. 401(k) Profit Sharing Plan ("Beardow Adams Plan") were merged into the Plan as approved by the Director of Global Benefits. As a result, assets totaling $844,201 were transferred from the Beardow Adams Plan into the Plan's Trust on May 1, 2024. The Beardow Adams Plan was a defined contribution plan covering eligible employes of Beardow Adams Inc. ("Beardow Adams") which was acquired by H.B. Fuller Company on May 1, 2023. Beardow Adams spun off a portion of the Beardow Adams Plan consistent with a corporate reorganization of certain employees of Beardow Adams.

Effective December 31, 2023, the Adhezion Biomedical, LLC Retirement Trust ("Adhezion Plan") was merged into the H.B. Fuller Company 401(k) & Retirement Plan as amended and as approved by the Senior Vice President of Human Resources. As a result, assets that were held in a separate account totaling $433,064 were transferred into the Plan's Trust on May 1, 2024. The value of assets that were held as of December 31, 2023 when it merged into the Plan was $554,101. The Adhezion Plan was a defined contribution plan covering eligible employees of Adhezion Biomedical LLC ("Adhezion") which was acquired by the H.B. Fuller Company on June 23, 2023. Adhezion became a participating employer as of January 1, 2024.

***Plan Bulk Rollover***

Effective September 20, 2024, participant account balances from ND Industries ("NDI") that chose to roll their balance into the Plan were transferred into the Plan as a part of a bulk rollover. As a result, balances totaling $5,535,703 were transferred into the Plan's Trust on September 20, 2024 and is presented as rollover contributions in the Statement of Changes in Net Assets Available for Benefits. NDI was acquired by H.B. Fuller Company on May 20, 2024.

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

***Eligibility and Contributions***

All regular full-time and part-time employees on the U.S. Payroll may begin contributing to the Plan as soon as administratively practicable after their date of hire and will be automatically enrolled unless elected otherwise. The automatic contribution of 4 percent of eligible earnings will be taken out of the employee's pay and begins as soon as administratively feasible following 30 days of employment and will be invested in the default investment fund used in the Plan, unless the employee opts out or elects a different percentage. An employee may make contributions equal to 1 percent of pre-tax or after-tax (Roth contribution) compensation up to a maximum of 75 percent subject to a statutory maximum of $23,000 for 2024. Participants are subject to an automatic deferral percentage increase of 1 percent if their deferral percentage is less than 10 percent of eligible earnings as long as the participant has not made a change to their deferral percentage in the last 180 days. Participants who are age 50 or older at any time during the current Plan year, may contribute an additional pre-tax and/or after-tax (Roth contribution) amount to the Plan. The additional amount these participants may contribute during 2024 is $7,500. Participants may also contribute amounts representing rollover distributions from other qualified retirement plans.

The Employer makes Safe Harbor Matching Contributions ("matching contributions") to employees' accounts by matching 100 percent of an employee's contributions, up to 4 percent of the employee's eligible compensation, to be allocated according to the employee's elections. All qualified employees are immediately eligible for the Employer matching contribution. A participant's contribution and Employer's contribution may be invested in any combination of participant-directed investment funds or H.B. Fuller Company Stock. A participant's investment option for past and future contributions can be changed daily within restrictions. Investment income is allocated to all participants on the basis of their respective account balances at the close of each daily fund valuation.

A participant's voluntary contribution percentage amount can be changed or suspended at any time. Employer matching contributions to the Plan cease during the suspension period.

All employees were eligible to receive non-discretionary non-elective retirement contributions of 1 percent of the employee's eligible earnings each pay period which totaled $2,717,085 for the Plan year ended December 31, 2024.

All employees were eligible to receive an annual discretionary non-elective contribution of up to 3 percent of the employee's eligible earnings based on H.B. Fuller Company's earnings per share. Employees must be employed on November 30<sup>th</sup> of the plan year, and contributions are made on an annual basis during the first quarter of the plan year following the plan year to which they pertain. There was no discretionary non-elective contribution made for the Plan year ended December 31, 2024.

***Participant Accounts***

Each participant's account is credited with (a) the participant's contribution, (b) the Employer's matching contribution, (c) an allocation of the Plan's investment income, (d) non-discretionary and discretionary Employer contributions and (e) rollover contributions. Allocations of the Plan's investment income are based on account balances, as defined in the Plan document. Participant accounts are charged with an allocation of administrative expenses.

***Payment of Benefits***

Upon separation of service, retirement or death, a participant or beneficiary may elect to receive a lump-sum amount equal to the value of the participant's vested interest in his or her account as defined in the Plan document. If the participant terminates employment at the age of 55 or older, the participant may elect to receive their distribution in installment payments as defined by the Plan document. For termination of service due to disability, a participant is eligible for distribution after 12 months of permanent disability. The investment in H.B. Fuller Company Stock may be withdrawn in the form of shares of stock at the option of the Plan participant.

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

***Vesting***

Participants are immediately vested in their contributions, rollover contributions and Employer matching contributions plus actual earnings thereon. Vesting in the Company's non-elective contributions (both non-discretionary and discretionary) plus actual earnings thereon is based on years of eligible service. A participant is 100 percent vested in these contributions after three years of vesting service with the Employer, or upon age 65 (normal retirement date as defined in the Plan), disability, death or plan termination.

***Notes Receivable from Participants***

Participants may borrow from their fund accounts a minimum of $1,000 but cannot exceed the lesser of: 1) $50,000, reduced by the greatest outstanding loan balance of the past 12 months, or 2) greater of $10,000 or 50 percent of their vested account balance, or 3) 100 percent of their vested account balance. The loans are collateralized by the balance in the participant's account and bear interest at rates equal to the prime rate published in the Wall Street Journal on the last business day of the month immediately preceding the month in which the loan is issued (7.50 percent and 8.50 percent as of December 31, 2024 and 2023, respectively). This is determined at the time of the loan. The rate will remain fixed over the term of the loan, usually 5-15 years. Participant loans at December 31, 2024 had interest rates ranging from 3.25 percent to 8.50 percent maturing at various dates through 2039. Participant loans at December 31, 2023 had interest rates ranging from 3.25 percent to 8.50 percent maturing at various dates through 2038. Principal and interest are repaid ratably through payroll deductions. Only one outstanding loan is allowed per participant.

***Forfeitures***

Participants who terminate employment with the Employer forfeit the non-vested portion of the Employer's non-elective and profit-sharing contributions to the participant's account. Amounts forfeited are used to pay certain administrative expenses, for participant account adjustments and to reduce future employer contributions. For the year ended December 31, 2024 forfeitures of $200,000 were used for Company matching contributions and forfeitures of $483,412 were used to reduce plan expenses.

***Plan Termination***

Although it has no intention to do so, the Employer may, at any time, by action of its board of directors, terminate the Plan or discontinue contributions. Upon termination or discontinuance of contributions, all Employer contribution amounts in participant accounts will become fully vested.

***Plan Amendments and Other Plan Changes***

On December 30, 2024, the Plan was amended to merge the Royal Holdings, Inc. Collective Bargaining Unit 401(k) Savings Plan and Trust effective December 31, 2024, as outlined above.

On April 30, 2024, the Plan was amended to merge the spun-off portion of the Beardow Adams, Inc. 401(k) Profit Sharing Plan ("Beardow Adams Plan") as of May 1, 2024. The Plan Sponsor acquired Beardow Adams, Inc. as part of the acquisition of Beardow Adams Holding Ltd. on May 1, 2023.

On December 29, 2023, the Plan was amended to add certain legal entities within H.B. Fuller Company to the list of participating employers. A "Participating Employer" is the Company and any other Affiliated Organization that has adopted the Plan.

On December 21, 2023, the Plan was amended to merge the Adhezion Biomedical, LLC Retirement Trust into the Plan effective December 31, 2023 as outlined above.

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

On December 21, 2023, the Plan was amended in several respects as of January 1, 2023, unless otherwise listed. Some of the more significant changes from this amendment are listed as follows: the Plan was amended to increase the force out amount to $7,000 and is effective January 1, 2024; Eligible Earnings was modified to exclude recognition awards not communicated in advance and retention bonuses; the Required Beginning Date was updated to reflect new age requirements as outlined in the Secure 2.0 Act; changes were made to the sources to reflect the work done on a source consolidation project effective August 1, 2023; other non-substantive changes were made to the Plan to clarify current provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Summary of Significant Accounting Policies** 

***Basis of Accounting***

The accompanying financial statements are presented on the accrual basis of accounting in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP).

***Investment Valuation and Income Recognition***

The fair value of the Plan's investment in H.B. Fuller Company stock is based on published quotations. The fair values of investments in securities of unaffiliated issuers are based on quoted market prices. Securities transactions are recorded on the trade date. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the valuation methods are considered appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the methodologies used as of December 31, 2024 and 2023.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation in fair value of investments includes the gains and losses on investments bought and sold as well as held during the year.

***Net Appreciation in the Fair Value of Investments***

The Plan presents in the Statement of Changes in Net Assets Available for Benefits, the net appreciation in the fair value of investments, which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments.

***Contributions***

Participant contributions are recorded in the period the Employer makes the payroll deductions. Employer-matching contributions are recorded based on participant contributions and trued up on an annual basis during the first quarter of the plan year following the plan year to which they pertain.

***Concentration of Market Risk***

As of December 31, 2024 and 2023, approximately 5 percent and 7 percent of the Plan's net assets available for benefits, respectively were invested in the common stock of H.B. Fuller Company. The underlying value of the H.B. Fuller Company stock is entirely dependent upon the performance of H.B. Fuller Company and the market's evaluation of such performance. It is at least reasonably possible that changes in the fair value of H.B. Fuller Company stock in the near term could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

***Distributions to Participants***

Distributions to participants are recorded when the distribution is made. There were no distributions requested but not yet paid as of December 31, 2024 and 2023.

***Notes Receivable from Participants***

Participant loans are reported at current value. Current value is defined by ERISA as the sum of the unpaid principal balance plus accrued but unpaid interest. No allowance for credit losses has been recorded as of December 31, 2024 and 2023.

***Plan Expenses***

The administrative expenses of the Plan are paid by the Plan participants directly and indirectly through an ERISA spending account, from the forfeiture accounts, and potentially from general assets of the Company. Certain asset management fees of the Plan are charged against the Plan's investment income. The ERISA spending account consists of a quarterly fee collected from each Plan participant to be used to pay eligible plan expenses on the Plan's behalf.

***Use of Estimates***

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of net assets available for benefits and changes therein, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of investment earnings and expenses during the reporting period. Actual results could differ from those estimates.

***Risks and Uncertainties***

The Plan provides for various investment options in any combination of stocks, bonds, and other investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.

***Subsequent Events***

The Plan has evaluated subsequent events for recognition or disclosure through the date these financial statements were issued. There were no events, other than those disclosed below, that occurred during such period that would require recognition or disclosure in the financial statements as of, or for, the year ended December 31, 2024.

Effective April 1, 2025, the Plan was amended to accept after-tax contributions, which are non-Roth contributions made on an after-tax basis that are not excluded from the Participant's income, made on behalf of Participants in accordance with certain provisions as stated in the amendment.

On December 2, 2024, the Company completed the sale of certain assets of its North American Flooring business. Approximately 175 participants, who were a part of the Company's North American Flooring business, voluntarily elected to roll their balance out of the Plan and transferred to their new plan as a part of a bulk rollover. As a result, balances totaling approximately $19 million were transferred from the Plan's Trust in March 2025.

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Concentration of Investments** 

The following presents investments that represent 10 percent or more of the Plan's Net assets available for benefits at December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Legal & General S&P 500 DC | $133842262 | $116476608 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Tax Status** 

The Internal Revenue Service ("IRS") has determined and informed the Employer by a letter dated June 23, 2017 that the Plan is designed in accordance with applicable sections of the Internal Revenue Code ("IRC") contingent upon the adoption of certain proposed amendments that were submitted in a letter to the IRS on June 9, 2017 and have been adopted by the Plan. On December 30, 2021, the Plan was amended and restated effective January 1, 2022. The Plan Administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan's financial statements.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Related party and Party-in-interest Transactions** 

Plan investments include H.B. Fuller Company stock which is invested in shares of common stock of the Employer. H.B. Fuller Company is the Plan Sponsor and, therefore, these transactions qualify as related party transactions. Purchases and sales of H.B. Fuller Company stock for the year ended December 31, 2024 amounted to $2,571,857 and $6,776,979, respectively. The fair value of H.B. Fuller Company stock was $25,163,693 and $34,560,065 as of December 31, 2024 and 2023, respectively. The number of shares of H.B. Fuller Company stock was 372,752 shares at an average share price of $67.48 and 424,336 shares at an average share price of $81.41 as of December 31, 2024 and 2023, respectively.

The Plan allows participants to borrow from their fund accounts and, therefore, these transactions qualify as party-in-interest. Notes receivable from participants were $6,928,878 and $6,401,522 as of December 31, 2024 and 2023, respectively.

Certain Plan investments are held by Empower Trust Company, LLC. Empower Trust Company, LLC is the trustee and record keeper for the Plan and, therefore, these transactions qualify as party-in-interest transactions. Additionally, certain fees for recordkeeping, audit and investment advisory and management services are paid to vendors that are considered parties-in-interest.

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Administration of Plan Assets** 

The Plan's assets are administered under a contract with Empower Trust Company, LLC, the Trustee of the Plan. The Trustee invests funds received from contributions, investment sales, interest and dividend income and makes distribution payments to participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Fair Value Measurements** 

Estimates of fair value for assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. It also applies to all assets and liabilities that are measured, reported and/or disclosed on a fair value basis. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

Level 1 – Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3 – Unobservable inputs that reflect management's assumptions, and include situations where there is little, if any, market activity for the asset or liability.

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2024 and 2023.

*Mutual funds:* Mutual funds consist of investments in various types of funds and are classified as level 1 as they are traded in an active market for which closing prices are readily available.

*Common stock:* Common stock is classified as level 1 as it is valued at the closing price reported on the active market on which the individual securities are traded.

*Common Collective Trust Funds:* Common Collective Trust Funds consist of investments that are valued at the net asset value ("NAV") of units of a bank collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

The Plan Sponsor is responsible for the determination of fair value. Accordingly, they perform periodic analysis on the prices received from the pricing services used to determine whether the prices are reasonable estimates of fair value. As a result of these reviews, the Plan Sponsor has not historically adjusted the prices obtained from the pricing services. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflected of future fair values. Furthermore, although the Plan Sponsor believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy.

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| | | | | |
|:---|:---|:---|:---|:---|
| As of December 31, 2024: | As of December 31, 2024: |  |  |  |
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments at fair value: |  |  |  |  |
| Mutual Funds | $80941895 | $80941895 | $- | $- |
| H.B. Fuller Company Stock | 25163693 | 25163693 |  |  |
| Total categorized in the fair value hierarchy | 106105588 | $106105588 | $- | $- |
| Other investments measured at NAV | 415953532 |  |  |  |
| Total Investments at fair value | $522059120 |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| As of December 31, 2023: | As of December 31, 2023: |  |  |  |
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments at fair value: |  |  |  |  |
| Mutual Funds | $83158319 | $83158319 | $- | $- |
| H.B. Fuller Company Stock | 34560065 | 34560065 |  |  |
| Total categorized in the fair value hierarchy | 117718384 | $117718384 | $- | $- |
| Other investments measured at NAV | 363894349 |  |  |  |
| Total Investments at fair value | $481612733 |  |  |  |

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**Investments Measured Using NAV per Share Practical Expedient**

The following table summarizes investments for which fair value is measured using the NAV per share practical expedient as of December 31, 2024 and 2023. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair Value** | **Unfunded** <br> **Commitments** | **Redemption** <br> **Frequency (if** <br> **currently eligible)** | **Redemption** <br> **Notice Period** |
| State St Russell small/mid IDX SL CL II | $39363078 | N/A | Daily | Five days |
| Legal & General S&P 500 DC | 133842262 | N/A | Daily | Same day |
| Legal & General ACWI EX US DC | 18653465 | N/A | Daily | Same day |
| Vanguard Target Retire 2020-2070 Trust II Funds | 194557835 | N/A | Daily | Same day |
| Vanguard Target Retire INCM Trust II Fund | 5050346 | N/A | Daily | Same day |
| Vanguard Target Retirement Saving Trust IV Fund | 24486546 | N/A | Daily | 12 months |

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Fair Value** | **Unfunded** <br> **Commitments** | **Redemption** <br> **Frequency (if** <br> **currently eligible)** | **Redemption**<br> **Notice Period** |
| State St Russell small/mid IDX SL CL II | $37237388 | N/A | Daily | Five days |
| Legal & General S&P 500 DC | 116476308 | N/A | Daily | Same day |
| Legal & General ACWI EX US DC | 16977788 | N/A | Daily | Same day |
| Vanguard Target Retire 2020-2070 Trust II Funds | 162301843 | N/A | Daily | Same day |
| Vanguard Target Retire INCM Trust II Fund | 5349083 | N/A | Daily | Same day |
| Vanguard Target Retirement Saving Trust IV Fund | 25547577 | N/A | Daily | 12 months |

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**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

**Schedule H, line 4i -Schedule of Assets (Held at End of Year)**

**December 31 2024**

**EIN 41-0268370**

**Plan Number 003**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **(b)** |  |  |  |
|  | **Identity of issuer,** |  |  | **(e)** |
|  | **borrower, or** | **(c)** | **(d)** | **Current** |
| **(a)** | **similar party** | **Description** | **Cost** | **value** |
| \* | H.B. Fuller Company Stock Fund | Common Stock | \*\* | $25163693 |
|  | American Beacon Stephens Small Cap Growth Fund | Mutual Fund | \*\* | 10331457 |
|  | DFA U.S. Targeted Value I | Mutual Fund | \*\* | 11078567 |
|  | Dodge & Cox International Stock Fund | Mutual Fund | \*\* | 10984006 |
|  | Dreyfus Government Cash Mgmt Instl | Mutual Fund | \*\* | 1280071 |
|  | Fidelity US Bond Index | Mutual Fund | \*\* | 22595056 |
|  | Legal & General S&P 500 DC | Common Collective Trust Fund | \*\* | 133842262 |
|  | Legal & General ACWI EX US DC | Common Collective Trust Fund |  | 18653465 |
|  | PIMCO All Asset Instl Fund | Mutual Fund | \*\* | 2889357 |
|  | PIMCO Total Return Instl Fund | Mutual Fund | \*\* | 13428297 |
|  | State St Russell small/mid IDX SL CL II | Common Collective Trust Fund | \*\* | 39363078 |
|  | Vanguard Retirement Savings Trust IV | Common Collective Trust Fund | \*\* | 24486546 |
|  | Vanguard Target Retire 2020 Trust II | Common Collective Trust Fund | \*\* | 7531109 |
|  | Vanguard Target Retire 2025 Trust II | Common Collective Trust Fund | \*\* | 19337382 |
|  | Vanguard Target Retire 2030 Trust II | Common Collective Trust Fund | \*\* | 34437429 |
|  | Vanguard Target Retire 2035 Trust II | Common Collective Trust Fund | \*\* | 37706102 |
|  | Vanguard Target Retire 2040 Trust II | Common Collective Trust Fund | \*\* | 23395152 |
|  | Vanguard Target Retire 2045 Trust II | Common Collective Trust Fund | \*\* | 22634769 |
|  | Vanguard Target Retire 2050 Trust II | Common Collective Trust Fund | \*\* | 22249972 |
|  | Vanguard Target Retire 2055 Trust II | Common Collective Trust Fund | \*\* | 15496611 |
|  | Vanguard Target Retire 2060 Trust II | Common Collective Trust Fund | \*\* | 8814843 |
|  | Vanguard Target Retire 2065 Trust II | Common Collective Trust Fund | \*\* | 2725644 |
|  | Vanguard Target Retire 2070 Trust II | Common Collective Trust Fund | \*\* | 228822 |
|  | Vanguard Target Retire INCM Trust II | Common Collective Trust Fund | \*\* | 5050346 |
|  | William Blair Instit. Int'l Growth Fund | Mutual Fund | \*\* | 8355084 |
| \* | Participant loans | Participant loans, interest rate (Low 3.25%, High 8.50 %, due at various dates through 2039) |  | 6928878 |
|  |  | Total investments |  | $528987998 |

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\* Represents party-in-interest.

\*\* Cost omitted for participant directed investments.

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**EXHIBITS**

The following documents are filed as exhibits to this Report:

<u> Exhibit No. </u> <u> Document </u> <br>23.1 [Consent of Independent Registered Public Accounting Firm](ex_802316.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

**H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN**

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| | | | |
|:---|:---|:---|:---|
| Date: | June 6, 2025 | By: | /s/ Dawn R. Bergien-Skarbalus |
|  |  | (Director of Global Benefits, on behalf of Celeste B. Mastin, Plan Administrator) | (Director of Global Benefits, on behalf of Celeste B. Mastin, Plan Administrator) |

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## Exhibit 23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (333-151841) of H.B. Fuller Company of our report dated June 6, 2025, relating to the financial statements and supplemental schedule of H.B. Fuller Company 401(k) & Retirement Plan which appear in this Form 11-K for the year ended December 31, 2024.

/s/ BDO USA, P.C.

Minneapolis, Minnesota

June 6, 2025