Graco Inc. (NYSE:GGG) Files An 8-K Entry into a Material Definitive Agreement

Graco Inc. (NYSE:GGG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

Story continues below

On April 30, 2018, Graco Inc. (the “Company”) entered into a stock repurchase agreement with Patrick J. McHale, the Company’s President and Chief Executive Officer, to which the Company purchased 650,770 shares of the Company’s common stock held by Mr. McHale at a price of $43.33 per share, representing a three percent discount to the closing price of the Company’s common stock on the preceding trading day. The repurchase transaction was effected to the Company’s repurchase program and was approved by the Company’s Audit Committee to the Company’s related person transactions approval policy. The sale of shares by Mr. McHale arose in connection with the dissolution of his marriage. Mr. McHale's holdings remain substantially above his five times base salary holding requirement.

Item 5.07Submission of Matters to a Vote of Security Holders.

On April 27, 2018, the Company held its Annual Meeting of Shareholders (the “Annual Meeting”) in Minneapolis, Minnesota. Set forth below are the final voting results on each matter submitted to a vote of security holders at the Annual Meeting. Each proposal is described in detail in the Company’s Proxy Statement for 2018 Annual Meeting, filed with the Securities and Exchange Commission on March 14, 2018 (the “2018 Proxy Statement”).

Proposal 1

The following directors were elected to serve for three-year terms:

Name

For

Against

Abstain

Broker Non-Votes

William J. Carroll

131,420,437

9,190,252

41,338

13,496,303

Jack W. Eugster

131,975,785

8,592,703

83,539

13,496,303

R. William Van Sant

131,981,938

8,629,442

40,647

13,496,303

Emily C. White

139,693,390

921,283

37,354

13,496,303

Proposal 2

The appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year 2018 was ratified:

For

Against

Abstain

147,829,541

6,260,032

58,757

Proposal 3

Shareholders approved, on an advisory basis, the compensation paid to our Named Executive Officers as disclosed in the 2018 Proxy Statement:

For

Against

Abstain

Broker Non-Votes

130,610,576

9,776,540

246,911

13,496,303

EXHIBIT INDEX

Exhibit

Description

Method

of Filing

Stock Repurchase Agreement, dated April 30, 2018 by and between Graco Inc. and Patrick J. McHale

Filed

Electronically


GRACO INC Exhibit
EX-10.1 2 a20180430exhibit101.htm EXHIBIT 10.1 Exhibit STOCK REPURCHASE AGREEMENTThis Stock Repurchase Agreement (this “Agreement”) is made this 30th day of April,…
To view the full exhibit click here

About Graco Inc. (NYSE:GGG)

Graco Inc. (Graco) is a manufacturing company. The Company designs, manufactures and markets equipment to pump, meter, mix and dispense fluid and powder materials. The Company operates through three segments: Industrial, Process and Contractor. The Industrial segment markets equipment and pre-engineered packages for moving and applying paints, coatings, sealants, adhesives and other fluids. The Process segment markets pumps, valves, meters and accessories to move and dispense chemicals, oil and natural gas, water, wastewater, petroleum, food, lubricants and other fluids. The Contractor segment markets sprayers for architectural coatings for painting, corrosion control, texture and line striping. Its equipment is used in the construction, automotive, mining, oil and natural gas, process, public works and other industries. Graco sells its products in North, Central and South America (the Americas), Europe, Middle East and Africa (EMEA) and Asia Pacific.

An ad to help with our costs