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W.W. Grainger (GWW)
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GWW » Topics » Retirement

This excerpt taken from the GWW DEF 14A filed Mar 13, 2009.

Retirement

        The Company provides the following post-termination benefits and payments upon retirement:

    •
    Outstanding options shall become vested and executives shall have the right to exercise such options within six years from date of termination or for the remaining term of the option, whichever is less;

    •
    Settlement of performance shares occurs after the end of the performance period in common stock equal to the number of the executive's outstanding performance shares multiplied by the prorated portion of the performance period completed;

    •
    Installments paid over a period of up to 15 years or a lump-sum payment of cash equal to account balances under the Profit Sharing Trust (PST), any supplemental profit sharing program, and the Voluntary Salary and Incentive Deferral Plan;

    •
    Unvested RSUs shall become immediately vested; and

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    •
    Reduced life insurance benefits until executive's death.

        In addition to the retirement benefits listed above, NEOs will receive benefits under the Company's disability plan or payments under the Company's Executive Death Benefit Plan in the event of death or disability.

This excerpt taken from the GWW 10-K filed Feb 27, 2009.
c. Retirement.  If the Executive’s employment with the Company terminates during the Measuring Period by reason of retirement, then the Executive will be entitled to receive in settlement of the Performance Shares a number of shares of Common Stock equal to the product of (x) the number of Performance Shares, if any, which subsequently vest under Section 3 above, multiplied by (y) a fraction, the numerator of which is the number of months during the Measuring Period that the Executive was employed by the Company and the denominator of which is the total number of months in the Measuring Period, i.e., 36 months. For purposes of the foregoing calculation, the Executive will be deemed to have been employed by the Company during the month that his employment terminates if, and only if, such termination occurs on or after the fifteenth (15th) calendar day of that month.   
  
This excerpt taken from the GWW DEF 14A filed Mar 14, 2008.

Retirement

       The Company provides the following post-termination benefits and payments upon retirement:

•
Outstanding options shall become vested and executives shall have the right to exercise such options within six years from date of termination or for the remaining term of the option, whichever is less;

•
Settlement of performance shares in common stock equal to the number of the executive's outstanding performance shares multiplied by the prorated portion of the performance period completed;

•
Installments paid over a period of up to 15 years or a lump-sum payment of cash equal to account balances under the Profit Sharing Trust (PST), any supplemental profit sharing program, and the Voluntary Salary and Incentive Deferral Plan;

•
Unvested RSUs shall become immediately vested; and

•
Life insurance benefits until executive's death.

       In addition to the retirement benefits listed above, NEOs will receive benefits under the Company's disability plan or payments under the Company's Executive Death Benefit Plan in the event of death or disability.

These excerpts taken from the GWW 10-K filed Feb 27, 2008.
Retirement” shall mean the voluntary Separation from Service with the Employer as a retirement as such term, or comparable applicable term, is defined under the Profit Sharing Plan.

Retirement” shall mean the voluntary Separation from Service with the Employer as a retirement as such term, or comparable applicable term, is defined under the Profit Sharing Plan.



This excerpt taken from the GWW DEF 14A filed Mar 16, 2007.

Retirement

        The Company provides the following post-termination benefits and payments upon retirement:

    •
    Outstanding options shall become vested and executives shall have the right to exercise such options within six years from date of termination or for the remaining term of the option, whichever is less;

    •
    Settlement of performance shares in common stock equal to the number of executive's outstanding performance shares multiplied by the prorated portion of the performance period completed;

35

    •
    Installments paid over up to 15 years or a lump-sum payment of cash equal to account balances under the Profit Sharing Trust (PST), any supplemental profit sharing program, and the Voluntary Salary and Incentive Deferral Plan;

    •
    Unvested RSUs shall become immediately vested; and

    •
    Life insurance benefits until executive's death.

        In addition to the retirement benefits listed above, NEOs will receive benefits under the Company's disability plan or payments under the Company's Executive Death Benefit Plan and life insurance plan in the event of the death or disability.

EXCERPTS ON THIS PAGE:

DEF 14A
Mar 13, 2009
10-K
Feb 27, 2009
DEF 14A
Mar 14, 2008
10-K (2 sections)
Feb 27, 2008
DEF 14A
Mar 16, 2007

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