This excerpt taken from the GWW 10-Q filed Aug 2, 2006.
1.1 Establishment. W.W. Grainger, Inc., an Illinois corporation (hereinafter referred to as the Company), establishes an incentive compensation plan to be known as the 2005 Incentive Plan (hereinafter referred to as the Plan), as set forth in this document.
This Plan permits the grant of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units, Covered Employee Annual Incentive Awards, Other Stock-Based Awards, and Cash-Based Awards.
This Plan shall become effective upon shareholder approval (the Effective Date) and shall remain in effect as provided in Section 1.3 hereof.