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