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Graco Inc. Message Board

  • elkman12 elkman12 Nov 13, 2008 10:38 PM Flag

    S&P Sell on GGG

    S&P has comment on GGG " concerned that the CEO has at least one related party transaction". Any idea as to what they mean?

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    • The only mention I can find is from the latest 14A Proxy statement.

      http://www.sec.gov/Archives/edgar/data/42888/000004288808000077/graco2008proxy.htm#related

      CERTAIN BUSINESS RELATIONSHIPS

      Mr. Roberts, our former Chairman, President and Chief Executive Officer who resigned in June 2007, is the brother-in-law of Gary Tepas, the Chairman of EmKay, Inc. On June 17, 2002, we entered into an agreement with EmKay, Inc. for the lease and maintenance of approximately 164 vehicles and trailers. This agreement and the ongoing business relationship between the Company and EmKay Leasing was discussed and approved at a meeting of the Board of Directors on September 27, 2002. On April 21, 2006, the Audit Committee of the Board of Directors reviewed the terms and conditions proposed by several fleet managers, whose proposals were presented to us pursuant to a bidding process. One of the fleet managers was EmKay, Inc. The Audit Committee determined that the EmKay, Inc. terms were fair and in the best interests of our Company, and authorized the management of our Company to enter into certain lease and maintenance arrangements with EmKay Leasing and/or its affiliated entities (“EmKay”). The amount paid to EmKay for the fiscal year ended December 28, 2007, was approximately $4,400,000

 
GGG
80.36-0.49(-0.61%)Nov 26 4:02 PMEST

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