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These excerpts taken from the GWW 10-K filed Feb 27, 2008. Purpose. The purpose of this W.W. GRAINGER, INC. EXECUTIVE DEATH BENEFIT PLAN (the “Plan”) is to improve and maintain relations with a select group of management employees (the “key employees”), to induce them to remain employed by W.W. Grainger, Inc., its divisions or subsidiaries, and to provide an incentive to them to not enter into competitive employment or engage in a competitive business by providing supplemental survivor security benefits. All benefits hereunder shall be paid solely from the general assets of the Company, and the right of any Participant or Beneficiary to receive payments under this Plan shall be as an unsecured general creditor of the Company. This Plan, as amended and restated, is intended to comply with the requirements of Code Section 409A, and
shall apply to any Participant whose full benefit under the Plan was not vested and finally determinable as of December 31, 2004. For any Participant whose full benefit under the Plan was vested and finally determinable on or before December 31, 2004, such benefit shall be governed by the terms of the Plan as in effect on such date.
Purpose
The purpose of the Plan is to provide specified benefits to a select group of management and highly compensated Employees who contribute materially to the continued growth, development and future business success of W.W. Grainger, Inc., an Illinois corporation. The Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA. The Plan and all benefits hereunder are also intended to comply with the requirements of Code Section 409A.
Purpose The purpose of the Plan is to provide specified benefits to a select group of management and highly compensated Employees who contribute materially to the continued growth, development and future business success of W.W. Grainger, Inc., an Illinois corporation. The Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA. The Plan and all benefits hereunder are also intended to comply with the requirements of Code Section 409A.
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