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GWW » Topics » Treatment of Awards Upon a Change in Control

This excerpt taken from the GWW DEF 14A filed Mar 18, 2005.

Treatment of Awards Upon a Change in Control

        In the event of a "change in control" of Grainger, as defined in the 2005 Plan, then unless otherwise provided in an award agreement, any outstanding option or SAR shall become fully exercisable, and any outstanding restricted stock, restricted stock units, other stock-based awards, or other award that was forfeitable shall become nonforfeitable and fully vested, and, to the extent applicable, shall be converted into shares of Grainger common stock. Any payout or conversion of a performance-based award shall be done assuming performance was "at target" for the applicable performance period.

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