Document:

Exhibit 101

		

			Exhibit 10.1

		

		
			GRAYBAR LONG TERM INCENTIVE PLAN
		

		
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			This Graybar Long Term Incentive Plan (this “Plan”) is adopted by Graybar Electric Company, Inc. (“Graybar”), and is effective as of March 9, 2021 (the “Effective Date”).
		

		
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			ARTICLE I – INTRODUCTION
		

		
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			1.1Purpose.  The purpose of this Plan is to attract, retain, and reward key employees of Graybar and its affiliates and to promote long-term value creation of Graybar and its affiliates.
		

		
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			1.2Plan Type.  This Plan is intended to be a long-term nonqualified, unfunded deferred compensation plan for a select group of management or highly compensated employees of Graybar and its affiliates.
		

		
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			1.3Interpretation.  Wherever appropriate, pronouns of any gender are deemed synonymous, as are singular and plural pronouns.  Headings of articles and sections are for convenience or reference only, and are not to be considered in the construction or interpretation of this Plan.  This Plan will be interpreted and administered to give effect to its purpose in Section 1.1 and to qualify as a long-term nonqualified, unfunded deferred compensation plan for a select group of management or highly compensated employees of Graybar and its affiliates.  
		

		
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			ARTICLE II – DEFINITIONS
		

		
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			For purposes of this Plan, the following quoted terms have the meanings set forth below when appearing with initial capital letters in this Plan, unless otherwise provided in an Award Agreement.
		

		
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			2.1Affiliate.  “Affiliate” means any person which, directly or indirectly, is in control of, is controlled by, or is under common control with the person for whom affiliation is being determined.  In this definition, “control” means the possession, direct or indirect, of the power to (i) vote a majority of the securities having ordinary voting power for the election of directors (or comparable positions) of such person, or (ii) direct or cause the direction of the management policies of such person, whether through appointment, approval of appointment of, or removal of, a majority of the members of the board of directors (or comparable positions), ownership of securities, by contract or otherwise.
		

		
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			2.2Award Agreement.  “Award Agreement” means a written agreement entered into between a Company and a Participant, which sets forth the terms and conditions of the grant of an opportunity for Bonus(es) to such individual.
		

		
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			2.3Board.  “Board” means the Board of Directors of Graybar, or any officer or committee of the Board to whom the Board delegates from time to time the authority to make some or all of the decisions or determinations under this Plan.
		

		
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			2.4Bonus.  “Bonus” means, with respect to each Participant, the cash benefit payable for a Target under this Plan and the Award Agreement for the applicable Performance Period.  The Bonus established for a Time-Based Target is sometimes referred to as the “Time-Based Bonus” and the Bonus established for a Performance-Based Target is sometimes referred to as the “Performance-Based Bonus”.
		

		
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		2.5Code.  “Code” means the Internal Revenue Code of 1986, as amended.
		

		
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			2.6Company.  “Company” means, with respect to a Participant, Graybar or an Affiliate of Graybar that employs the Participant or, with respect to an Award Agreement, Graybar or an Affiliate of Graybar that enters into the Award Agreement with a Participant.
		

		
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			2.7Demotion.  “Demotion” means the re-assignment of a Participant to a job in a lower position that results in a reduction of job duties and/or responsibilities and a reduction in salary grade.
		

		
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			2.8Participant.  “Participant” means an employee of Graybar or an Affiliate of Graybar who has an Award Agreement in effect.  
		

		
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			2.9Participation Percentage.  “Participation Percentage” means the percentage of the Target Award that is paid as set forth in the Participant’s Award Agreement or this Plan, as applicable, for a  Target that is achieved.
		

		
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			2.10Performance Period.  “Performance Period” means, unless otherwise provided in a Participant’s Award Agreement, the three (3) year period immediately following the date of grant specified in the Participant’s Award Agreement.
		

		
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			2.11Target.  “Target” means a target set forth in the Award Agreement that must be satisfied or met for the applicable Performance Period and affects the amount of the Bonus.  A Target may have multiple components that are weighted as set forth in the Award Agreement.  The Target(s) established for a Time-Based Bonus are sometimes referred to as the “Time-Based Targets”, and the Target(s) established for a Performance-Based Bonus are sometimes referred to as the “Performance-Based Targets”.
		

		
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			2.12Target Award.  “Target Award” means the target bonus dollar amount set forth in the Participant’s Award Agreement for a  Target.
		

		
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			2.13Thresholds.  “Thresholds” means the minimum criteria and objectives set forth in the Award Agreement that must be satisfied or met for one or more Targets in the applicable Performance Period as a condition to the Participant being eligible to receive a Bonus. 
		

		
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			2.14Triggering Separation from Service.  “Triggering Separation from Service” means any of the following: (i) a Separation from Service as result of Retirement, death or Disability, (ii) a Separation from Service upon a Change of Control, or (iii) a Separation from Service for Good Reason within the sixty (60) day period following a Change of Control.  For purposes hereof, the following quoted terms have the meanings ascribed below.
		

		
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			(a)“Change of Control” means a change in the ownership of Graybar or a change in the ownership of a substantial portion of the assets of Graybar, as provided in Section 409A(a)(2)(A)(v) of the Code, Treas. Reg. §1.409A-3(i)(5), and any guidance or regulations promulgated under Section 409A of the Code.  All citations to sections of the Code are to such sections as they may from time to time be amended or renumbered.  Subject to the foregoing, Treas. Reg. §1.409A-3(i)(5) provides the following: 
		

		
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			(1)a change in the ownership occurs on the date that any one person, or more than one person acting as a group (as defined in Treas. Reg. §1.409A-3(i)(5)(v)(B)), 
		

		 

		

			

		

 

		acquires ownership of stock of Graybar that, together with stock held by such person or group, constitutes more than 75 percent of the total fair market value or total voting power of the stock of Graybar.  However, if any one person, or more than one person acting as a group, is considered to own more than 75 percent of the total fair market value or total voting power of the stock of Graybar, the acquisition of additional stock by the same person or persons is not considered to cause a change in the ownership of Graybar.   An increase in the percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which Graybar acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this paragraph.  This paragraph applies only when there is a transfer of stock of Graybar (or issuance of stock of Graybar) and stock in Graybar remains outstanding after the transaction (see paragraph (2) below for rules regarding the transfer of assets of Graybar); or
		

		
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			(2)a change in the ownership of a substantial portion of Graybar’s assets occurs on the date that any one person, or more than one person acting as a group (as determined in Treas. Reg. §1.409A-3(i)(5)(vii)(C)), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from Graybar that have a total gross fair market value equal to or more than 75 percent of the total gross fair market value of all of the assets of Graybar immediately prior to such acquisition or acquisitions.  For this purpose, gross fair market value means the value of the assets of Graybar, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
		

		
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			Notwithstanding anything to the contrary contained herein, the following will not constitute or be deemed a Change of Control: (i) a transfer of shares of stock of Graybar or any Affiliate of Graybar between or among (1)  Graybar or any Affiliate of Graybar, (2) any trust established for any qualified plan sponsored by Graybar or any Affiliate of Graybar, (3) any trust established under that certain Voting Trust Agreement dated March 3, 2017, as amended, among Graybar, the voting trustees and the participating shareholders thereof, or (4) any other voting trust for which a majority of the voting trustees consist of officers of Graybar that holds in excess of 50 percent of the total voting power of the stock of Graybar; or (ii) any change in the voting trustees or participating shareholders under (1) any trust established under that certain Voting Trust Agreement dated March 3, 2017, as amended, among Graybar, the voting trustees and the participating shareholders thereof, or (2) any successor voting trust for which a majority of the voting trustees consist of officers of Graybar that holds in excess of 50 percent of the total voting power of the stock of Graybar.
		

		
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			(b)“Disability” or “Disabled” means, unless otherwise provided in a Participant’s Award Agreement, one of the following:  (i) the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan (e.g., disability plan) covering employees of Graybar or an Affiliate of Graybar.  In addition, the Participant will be deemed to have a “Disability” if determined to be disabled in accordance with a disability insurance program accepted by the Board, provided that the definition of disability applied under such disability insurance program complies with the requirements of this Section.
		

		
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		(c)“Good Reason” means (i) a material diminution in Participant’s base compensation; (ii) a material diminution in Participant’s authority, duties, or responsibilities; or (iii) a material change in the geographic location at which Participant must perform his or her services.  Notwithstanding the foregoing provisions of this definition, Good Reason does not exist if the Participant has in his or her sole discretion agreed in writing that such event will not be Good Reason.  A Separation from Service will not be considered to be for Good Reason unless (A) within five (5) business days of the occurrence of the events claimed to be Good Reason the Participant notifies the Company in writing of the reasons why he or she believes that Good Reason exists, (B) the Company fails to correct the circumstance that would otherwise be Good Reason within thirty (30) days of receipt of such notice, and (C) the Participant terminates his or her employment within five (5) business days of the expiration of such thirty (30) day cure period (or if earlier, within five (5) business days of the date on which the Company has confirmed to the Participant that Good Reason exists and will not be cured).
		

		
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			(d)“Retirement” means, unless otherwise provided in a Participant’s Award Agreement, the date on which a Participant has a voluntary Separation from Service following the attainment of age 55 and providing the Company with at least ninety (90) days prior written notice of such Separation from Service.
		

		
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			(e)“Separation from Service” means a Participant’s separation from service with a Company within the meaning of Code Section 409A and the regulations promulgated thereunder.  There is no Separation from Service if the Participant continues to work for an Affiliate of the Company.
		

		
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			ARTICLE III - ELIGIBILITY AND PARTICIPATION
		

		
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			3.1Eligibility.  Only individuals who are selected by the Board may become Participants in this Plan.  Grants may be made at any time and from time to time to new Participants, or to the current Participants, or to a greater or lesser number of Participants, and may include or exclude previous Participants, as the Board determines.  Except as required by this Plan, grants made at the same or different times need not contain similar provisions.  The Board’s determinations under this Plan (including without limitation, determinations of which persons, if any, are to receive awards, the form, amount and timing of such awards, the terms and provisions of such awards, the agreements evidencing same and the maximum amount of awards granted under this Plan for a Performance Period) need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, awards under this Plan. 
		

		
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			3.2Award Agreement.  Each grant of an opportunity for a Bonus under this Plan will be evidenced by an Award Agreement and such grant will become effective on the date when the Company completes the action necessary to make such grant, which will typically be the effective date set forth in the Award Agreement.  No person will have any right with respect to this Plan or any Award Agreement, or in any Bonus evidenced by an Award Agreement, contingent or otherwise, unless the person executes and delivers the applicable Award Agreement evidencing such Target Award to the Company within the thirty (30) day period following the date on which the Company delivers the Award Agreement to the individual for execution, and such Award Agreement is executed by the Company.  In addition, no Participant or other person will have any right with respect to this Plan or to any Award Agreement, or in any Bonus, contingent or otherwise, until and unless all the terms, conditions and provisions of the applicable Award Agreement and this Plan applicable to such Participant have been satisfied. 
		

		
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		3.3Forfeiture.  Unless otherwise provided in a Participant’s Award Agreement, a Participant who has a Separation from Service for any reason (other than a  Triggering Separation from Service) will cease to be a Participant in this Plan as of the date of the Separation from Service and will forfeit all rights to any Bonus under this Plan.  In addition, unless otherwise provided in a Participant’s Award Agreement, a Participant will forfeit all rights to any Bonus under this Plan if the Participant violates any of the restrictive covenants in the Award Agreement with the Company prior to or contemporaneous with the date on which the Participant executes the Award Agreement pertaining to his or her participation in this Plan.  Finally, unless otherwise provided in a Participant’s Award Agreement or otherwise determined by the Board, a Participant will forfeit all rights to any Bonus under this Plan if the Participant has a Demotion during a Performance Period.
		

		
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			ARTICLE IV – BONUS CALCULATION AND PAYMENT
		

		
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			4.1Calculation and Payment of Time-Based Bonus.  
		

		
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			(a)Unless otherwise provided in a Participant’s Award Agreement, if the applicable Thresholds are satisfied for a Time-Based Target, then a Participant who was continuously employed by a Company through the last day of a calendar year in the Performance Period to which the Time-Based Bonus pertains will receive a Time-Based Bonus for that Time-Based Target equal to (x) the Target Award set forth in the Participant’s Award Agreement for that Time-Based Target, multiplied by (y) the Participant’s Participation Percentage for that Time-Based Target.
		

		
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			(b)Unless otherwise provided in a Participant’s Award Agreement, a Participant who had a Triggering Separation from Service during a calendar year in the Performance Period to which the Time-Based Bonus pertains will be deemed to have satisfied the Threshold for a Time-Based Target for that calendar year and will receive a prorated portion of the Time-Based Bonus for that calendar year equal to the product of (x)  the Time-Based Bonus calculated pursuant to Section 4.1(a) (i.e., on a basis where the Threshold was deemed to have been satisfied), multiplied by (y) a fraction, the numerator of which is the number of days the Participant was actively employed by a  Company during the applicable calendar year in which such Separation from Service occurred and the denominator of which is the total number of days in the calendar year in which such Separation from Service occurred.    
		

		
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			(c)Subject to Section 3.3 and unless otherwise provided in a Participant’s Award Agreement, the Participant’s Time-Based Bonus will be paid in a single lump sum payment in the calendar year immediately following the calendar year to which such Time-Based Bonus pertains and on or before March 15th of such year; provided, however, that with respect to a Participant who had a Separation from Service upon a Change of Control, or a Separation from Service for Good Reason within sixty (60) days following a Change of Control, such Participant’s Time-Based Bonus will be paid on the ninetieth (90th) day after such Change of Control.  Payment is subject to compliance by the Participant with any written agreement between the Participant and a Company including an employee agreement, non-compete agreement, or other agreement relating to confidential information (including an Award Agreement); if the Participant breaches any such agreement, the Participant will immediately forfeit all rights to receive any unpaid amounts under this Plan.
		

		
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		4.2Calculation of and Payment of Performance-Based Bonus.  
		

		
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			(a)Unless otherwise provided in a Participant’s Award Agreement, if the applicable Thresholds are satisfied for a Performance-Based Target, then a Participant who was continuously employed by a Company during the entire Performance Period to which the Performance-Based Bonus pertains will receive a Performance-Based Bonus for that Performance-Based Target equal to (x) the Target Award set forth in the Participant’s Award Agreement for that Performance-Based Target, multiplied by (y) the Participant’s Participation Percentage for that Performance-Based Target.
		

		
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			(b)Unless otherwise provided in a Participant’s Award Agreement, if the applicable Thresholds are satisfied for a Performance-Based Target, then a Participant who had a Triggering Separation from Service during the Performance Period to which the Performance-Based Bonus pertains will be deemed to have satisfied the Performance-Based Target (or each Performance-Based Target if there is more than one) at a 100% Participation Percentage and will receive a prorated portion of the Performance-Based Bonus for that Performance-Based Target equal to the product of (x) the Performance-Based Bonus calculated pursuant to Section 4.2(a) (i.e., on a basis of a 100% Participation Percentage), multiplied by (y) a fraction, the numerator of which is the number of days the Participant was actively employed by a Company during the Performance Period in which such Separation from Service occurred and the denominator of which is the total number of days in such Performance Period.  
		

		
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			(c)Subject to Section 3.3 and unless otherwise provided in a Participant’s Award Agreement, the Participant’s Performance-Based Bonus will be paid in a single lump sum payment in the calendar year immediately following the last day in the Performance Period to which such Performance-Based Bonus pertains; provided, however, that with respect to a Participant who had a Separation from Service upon a Change of Control, or a Separation from Service for Good Reason within sixty (60) days following a Change of Control, such Participant’s Performance-Based Bonus will be paid on the ninetieth (90th) day after such Change of Control.  Payment is subject to compliance by the Participant with any written agreement between the Participant and a Company including an employee agreement, non-compete agreement, or other agreement relating to confidential information (including an Award Agreement); if the Participant breaches any such agreement, the Participant will immediately forfeit all rights to receive any unpaid amounts under this Plan.
		

		
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			4.3Withholding.  The Company may deduct from any payment, or otherwise collect from the Participant, any taxes or other amounts required to be withheld by federal, state or local governments in connection with any payment made under this Plan.
		

		
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			ARTICLE V - ADMINISTRATION
		

		
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			5.1Administrator.  This Plan will be administered by the Board.  If a committee is acting as the administrator of this Plan, the committee will select one of its members to act as a chairman and will adopt such rules and regulations for its operation as it deems appropriate.  A majority of the committee will constitute a quorum and the act of a majority of the members of such committee present at a meeting at which a quorum is present will be the act of the administrator of this Plan.
		

		
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			5.2Authority.  The Board has the discretion and authority to (i) interpret this Plan, (ii) prescribe, amend, and rescind any rules and regulations necessary or appropriate for the administration of this Plan, and (iii) make such other determinations and take such other action 
		

		 

		

			

		

 

		as it deems necessary or advisable.  Without limiting the generality of the foregoing sentence, the Board may, in its, his or her sole discretion (but in a uniform and consistent manner), treat all or any portion of any period during which a Participant is on military leave or on an approved paid leave of absence from a Company as a period of employment of such Participant by the Company for the purpose of this Plan.  Any interpretation, determination, or other action made or taken by the Board will be final, binding, and conclusive on all interested parties.
		

		
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			5.3Amendment; Termination.  
		

		
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			(a)Graybar, by resolution of the Board, may alter or amend this Plan or an Award Agreement from time to time.  No amendment to this Plan or an Award Agreement may alter, impair or reduce the Bonuses earned by a Participant after the completion of the applicable Performance Period without the written consent of any affected Participant.  Without limiting the foregoing, in the event that Graybar or an Affiliate of Graybar makes an acquisition, divests part of any Company (including Graybar), or makes other changes in a Company (including Graybar), the Board maintains the right to adjust the Targets and/or Thresholds in an Award Agreement to account for the transaction or change, if deemed material by the Board.
		

		
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			(b)This Plan may be terminated by the action of the Board, but awards granted before the termination date will continue to be effective in accordance with their terms and conditions.
		

		
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			5.4Assignments.  Except as otherwise provided herein, a Participant may not assign or transfer any of his or her rights or obligations under this Plan to any other person, either voluntarily or involuntarily, by operation of law, judicial decree or otherwise, without the prior written consent of Graybar.
		

		
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			5.5Failure or Delay.  No failure on the part of any person to exercise, and no delay in exercising, any right, power or privilege hereunder operates as a waiver thereof; nor does any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof, or the exercise of any other right, power or privilege.  No notice to or demand on any person in any case entitles such person to any other or further notice or demand in similar or other circumstances.
		

		
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			5.6Governing Law.  This Plan and the rights and obligations hereunder are to be governed by and construed and interpreted in accordance with the laws of the State of Missouri applicable to contracts made and to be performed wholly within Missouri, without regard to choice or conflict of laws rules.  
		

		
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			5.7409A Compliance.  To the extent applicable, Graybar desires and intends for the provisions of this Plan to comply with the requirements of Section 409A of the Code; such that, a Participant will not be subject to any additional tax, interest or penalty under Code Section 409A.  Notwithstanding the Company’s good faith interpretation of, and desire and intent to comply with, the requirements of Section 409A of the Code, the taxing authorities may assert that this Plan or the payments made hereunder do not comply with Section 409A of the Code.  It is understood that if Section 409A of the Code applies and if the requirements of Section 409A of the Code are not complied with some or all of the payments made hereunder may be treated as a form of deferred compensation and a Participant may be subject to an additional 20% tax, plus interest and possible penalties.  Graybar reserves the right, by resolution of the Board, to amend or modify this Plan in any manner to the minimum extent necessary to meet the requirements of Section 
		

		 

		

			

		

 

		409A of the Code, as amplified by any Internal Revenue Service or U.S. Treasury Department regulation or guidance as Graybar deems appropriate or advisable.  Notwithstanding anything contained herein to the contrary, if at the time of Participant’s Separation from Service for whatever reason, (i) the Participant is a “specified employee” as defined in Section 409A of the Code and the regulations and guidance thereunder in effect at the time of such separation and (ii) any of the payments or benefits provided hereunder constitute “deferred compensation” under Section 409A of the Code, then, and only to the extent required by such provisions, the date of payment of such payments or benefits otherwise provided will be delayed for a period of up to six (6) months following the date of Separation from Service.  Each separately identified amount to which a Participant is entitled to under this Plan will be treated as a separate payment and, to the extent permissible under Section 409A of the Code, any series of installment payments under this Plan will be treated as a right to a series of separate payments.
		

		
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			5.8No Joint Venture or Partnership.  Nothing contained herein is to be construed as making the Company and any one or more Participants joint venturers or partners.
		

		
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			5.9Notices.  All notices, consents, requests, demands and other communications hereunder are to be in writing, and are deemed to have been duly given or made: (i) when delivered in person; (ii) three days after being deposited in the United States mail, first class postage prepaid; (iii) in the case of overnight courier services, one business day after delivery to the overnight courier service with payment provided for; or (iv) in the case of telex, telecopy or fax, when sent, verification received.  Notices to a  Company must be addressed to the Senior Vice President, Secretary and General Counsel of Graybar.  Notices to a Participant must be addressed to the most recent address on file with the Company.
		

		
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			5.10Remedies Cumulative.  Each and every right granted hereunder and the remedies provided for under this Plan are cumulative and are not exclusive of any remedies or rights that may be available to any party at law, in equity or otherwise.
		

		
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			5.11Severability.  Any provision of this Plan which is prohibited, unenforceable or not authorized in any jurisdiction is, as to such jurisdiction, ineffective to the extent of any such prohibition, unenforceability or non-authorization without invalidating the remaining provisions hereof, or affecting the validity, enforceability or legality of such provision in any other jurisdiction, unless the ineffectiveness of such provision would result in such a material change as to cause completion of the transactions contemplated hereby to be unreasonable.
		

		
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			5.12Claims Procedure; Submission to Jurisdiction.  
		

		
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			(a)Claims for Benefits.  If a claim for benefits under this Plan is denied, Graybar will provide written notice of the denial, within 90 days (or within 45 days if the claim is for a Disability benefit) of the claim for benefits, setting forth the specific reasons for the denial, a specific reference to the pertinent Plan provisions on which the denial is based, a description of any additional material or information necessary for a claimant to perfect a claim, an explanation of why such material or information is necessary and appropriate, and information as to the steps to be taken for the claim to be submitted for review.  If special circumstances require an extension of time for processing the initial claim, a written notice of the extension and the reason therefor will be furnished to the claimant before the end of the initial 90 day (or 45 day, if applicable) period.  In no event will the extension exceed 90 days (or 60 days if the claim is for a disability benefit).
		

		
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		(b)Review of Denied Claims.  A claimant may request a review of a denial.  Such request should be submitted to Graybar in writing, within 60 days (or within 180 days if the claim was for a Disability benefit) after receipt of the denial notice and will state the reasons for requesting the review.  If a claimant fails to file an appeal within 60 days (or 180 days, if applicable) after the claim is denied, the claimant will be deemed to have waived any right to appeal the denial of the claim.  A claimant may review pertinent documents and submit issues and comments in writing.  A decision will be made on the review of the denial of a claim not later than 60 days (or 45 days if the claim was for a disability benefit) after Graybar’s receipt of a request for review unless special circumstances require an extension of time for processing, in which case a decision will be rendered as soon as possible but not later than 120 days (or 90 days if the claim was for a Disability benefit) after receipt of a request for review, provided that the claimant is given written notice of the extension of time within the original 60 day (or 45 day, if applicable) period.  The decision on review will be in writing to claimant and will include specific reasons for the decision.
		

		
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			(c)Submission to Jurisdiction.  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS PLAN OR ANY DOCUMENT RELATED HERETO MAY BE BROUGHT IN THE COURTS OF ST. LOUIS COUNTY, STATE OF MISSOURI OR ANY COURT OF THE UNITED STATES OF AMERICA FOR THE EASTERN DISTRICT OF MISSOURI AND, BY THE PARTICIPANT’S EXECUTION OF THE AWARD AGREEMENT, THE PARTICIPANT, GENERALLY AND UNCONDITIONALLY, (1) AGREES TO THE JURISDICTION OF SUCH COURTS, (2) WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH HE OR SHE MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS; AND (3) CONSENTS TO THE SERVICE OF PROCESS OF ANY OF SUCH COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, AT HIS OR HER ADDRESS ON RECORD WITH A COMPANY, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING.  
		

		
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			5.13Successors and Assigns.  All provisions of this Plan are binding upon, inure to the benefit of and are enforceable by or against the parties and their respective heirs, executors, administrators or other legal representatives and permitted successors and assigns.
		

		
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			5.14Third-Party Beneficiary.  This Plan is solely for the benefit of the parties and their respective successors and permitted assigns, and no other person has any right, benefit, priority or interest under or because of the existence of this Plan.
		

		
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			5.15Not An Employment Agreement.  By the Participant’s execution of the Award Agreement, the Participant acknowledges that this Plan is not an employment agreement and nothing herein restricts the Company’s ability to terminate the Participant’s employment or relationship with the Company.
		

		
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			5.16Unfunded Plan.  This Plan will at all times be entirely unfunded and no provision will at any time be made with respect to segregating assets of the Company for payment of any benefits hereunder.  No Participant or other person will have any interest in any particular assets of the Company by reason of the right to receive a benefit under this Plan and any such Participant or other person will have only the rights of a general unsecured creditor of the Company with respect to any rights under this Plan.
		

		
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		5.17Effect of Bonus.  A Participant’s Bonus is not part of an annual incentive plan or annual incentive award, and is not part of the Participant’s salary and, thus, will not be considered in calculations of possible future salary increase(s), profit-sharing, retirement, pension or other incentive plans, eligibility to subscribe for shares of Graybar stock, and/or separation or severance payment(s), if any.
		

		
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			5.18Indemnification.  None of the Board, its designee, any administrator of this Plan, or any officer or employee of a Company (including Graybar) acting on behalf of the Board or the administrator of this Plan, will be personally liable for any action, determination, or interpretation taken or made in good faith with respect to this Plan.  All such persons will, to the extent permitted by law, be fully indemnified and protected by Graybar in respect to any such action, determination, or interpretation.
		

		
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			5.19Beneficiary.  The Participant may, from time to time, designate one or more persons (who may be any one or more members of such Participant’s family or other persons, administrators, trusts, foundations or other entities) as his or her “Beneficiary”.  Such designation must be made on a form prescribed by, and accepted by, the Board.  The Participant may at any time, and from time to time, change any previous Beneficiary designation, without notice to or consent of any previously designated Beneficiary, by amending his or her previous designation on a form prescribed by, and accepted by, the Board.  If no person is designated by the Participant as a Beneficiary, or if the designated Beneficiary does not survive the Participant, the Participant’s Bonus payable following his or her death will be made to the Participant’s surviving spouse or if there is no surviving spouse, to the Participant’s estate.  If more than one person is the Beneficiary of a deceased Participant, each such person will receive a pro rata share of any Bonus of the Participant payable following the Participant’s death unless otherwise designated on the applicable form.  If the Board determines in its discretion that a benefit is payable to a minor, to a person declared incapacitated, or to a person incapable of handling the disposition of his or her property, the Board may pay or cause to be paid such benefit to the guardian, legal representative or person having the care or custody of such minor, incapacitated person or incapable person.  The Board may require proof of incapacity, minority or guardianship as it may deem appropriate prior to distribution of the benefit.  Such distribution will completely discharge the Board, its designee, any administrator of this Plan, and/or any officer or employee of a Company (including Graybar) acting on behalf of the Board or the administrator of this Plan, from all liability under the Plan with respect to such benefit.
		

		
			﻿
		

		
			5.20Identity.  If, at any time, any doubt exists as to the identity of any person entitled to any payment hereunder or the amount or time of such payment, the Board is entitled to hold such sum until such identity or amount or time is determined or until an order of a court of competent jurisdiction is obtained.  The Board is also entitled to pay such sum into court in accordance with the appropriate rules of law.  Any expenses incurred by the Board incident to such proceeding or litigation will be charged against the amount otherwise payable hereunder.
		

		
			﻿
		

		
			*  *  *
		

		

		

		 

		

			

		

 

		
		

		
			﻿
		

		
			IN WITNESS WHEREOF, Graybar has caused this Plan to be executed in its name and behalf this 9th day of March 2021, by its officer thereunto duly authorized.
		

		
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			﻿
		

			
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						GRAYBAR ELECTRIC COMPANY, INC.

				
	
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						 

				
	
					
						By:

					
					
						/s/ B. L. Propst

				
	
					
						﻿

					
					
						Senior Vice President, Human Resources

				
	
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						 

				
	
					
						Attest:

					
					
						/s/ M. W. Geekie

				
	
					
						﻿

					
					
						Senior Vice President, Secretary & 

					
						General Counsel

				

		
			﻿Exhibit 102

		

			Exhibit 10.2

		

		
			AWARD AGREEMENT
		

		
			(Graybar Long Term Incentive Plan)
		

		
			﻿
		

		
			THIS AWARD AGREEMENT (this “Award Agreement”) is entered into as of ____________, 20__ (“Award Date”) by and between Graybar Electric Company, Inc. and the undersigned individual (the “Participant”).
		

		
			﻿
		

		
			RECITALS
		

		
			﻿
		

		
			A.Graybar Electric Company, Inc. (“Graybar”) has adopted the Graybar Long Term Incentive Plan (the “Plan”), effective as of March 9, 2021.
		

		
			﻿
		

		
			B.The Board has determined that the Participant will be eligible to participate in the Plan on the terms and conditions set forth in this Award Agreement and the Plan.
		

		
			﻿
		

		
			AGREEMENT
		

		
			﻿
		

		
			NOW, THEREFORE, in consideration of the foregoing and the agreements and covenants set forth herein, the parties agree to the terms and conditions set forth below.
		

		
			﻿
		

		
			ARTICLE I - PLAN
		

		
			﻿
		

		
			1.1Definitions.  Except as otherwise provided herein, or unless the context otherwise requires, the capitalized terms used in this Award Agreement and not defined herein will have the same meanings as set forth in the Plan. 
		

		
			﻿
		

		
			1.2Incorporation of Plan.  The Plan, a copy of which has been provided to the Participant, is hereby incorporated into this Award Agreement as if fully set forth herein, and the Participant agrees to be bound by all of the terms and provisions contained in the Plan and this Award Agreement.  By the Participant’s signature below, the Participant hereby acknowledges receipt of a copy of the Plan and confirms his or her understanding and acceptance of all of the terms and conditions contained in the Plan and this Award Agreement.
		

		
			﻿
		

		
			ARTICLE II – AWARD AND TARGETS
		

		
			﻿
		

		
			2.1Award.  As of the Award Date, the key terms of the award to the Participant under this Award Agreement are set forth on Exhibit A attached hereto and incorporated herein by this reference.
		

		
			﻿
		

		
			2.2Example.  Exhibit B sets forth an example of the calculation of the Bonus(es) utilizing hypothetical numbers and dollar amounts. 
		

		
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			ARTICLE III - MISCELLANEOUS
		

		
			﻿
		

		
			3.1Headings.  The headings contained in the Award Agreement are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge, or describe the scope or intent of the Plan nor in any way will they affect this Award Agreement or the construction of any provision thereof.
		

		
			﻿
		

		

		

		 

 

		3.2Amendments.  Except as otherwise provided in the Plan, this Award Agreement may not be modified or amended unless a written amendment is signed by the parties hereto.
		

		
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			3.3No Rights; Unfunded Obligation.  Should any investment be acquired in connection with the liabilities assumed under the Plan and this Award Agreement, it is expressly understood and agreed that the Participant will not have any right with respect to, or claim against, such assets nor will any such purchase be construed to create a trust of any kind or a fiduciary relationship between or among Graybar, the Company and the Participant or any other person.  Any such assets will be and remain a part of the general, unpledged, unrestricted assets of Graybar and the Company, subject to the claims of its general creditors.  To the extent the Participant acquires a right to receive payment under the Plan and this Award Agreement, such right will be no greater than the right of any unsecured general creditor of Graybar or the Company.
		

		
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			3.4Applicable Law.  To the extent not preempted by federal law, this Award Agreement will be governed by, construed and administered under the laws of the State of Missouri.
		

		
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			3.5Tax Withholding and Reporting.  The Company will deduct, or cause to be deducted, from any distributions hereunder any taxes or other amounts required by law to be withheld therefrom. The Participant acknowledges that the Company’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authorities.
		

		
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			3.6No Guarantee of Employment.  This Award Agreement is not an employment policy or contract.  It does not give the Participant the right to remain an employee of the Company nor does it interfere with any Company right to discharge the Participant.  It also does not require the Participant to remain an employee nor interfere with the Participant’s right to terminate employment at any time.
		

		
			﻿
		

		
			3.7Restrictive Covenants.  Participant acknowledges and agrees that, by virtue of his or her relationship with the Company, Participant has and will obtain knowledge of the business, operations and activities of the Company and its Affiliates, and has been and will be provided non-public Confidential Information (as defined below) of the Company and its Affiliates that would not have been provided to Participant but for the position of Participant with Company.  Participant agrees and recognizes that the Company and its Affiliates would be irreparably harmed and damaged, if Participant (i) solicits any current or prospective customers or employees of the Company or its Affiliates in violation of the provisions of this Section 3.7, (ii) enters into an activity competing with the Company or its Affiliates, or (iii) makes unauthorized use or disclosure of any of the Confidential Information (as defined below) of the Company or its Affiliates.  Consequently, in order to be eligible to participate in the Plan, which Participant acknowledges that he or she is not eligible to participate in such Plan in the absence of agreeing to the provisions of this Section 3.7,  Participant acknowledges and agrees to the provisions set forth below.
		

		
			﻿
		

		
			(a)Non-Solicitation.  Participant will not, during his or her employment with the Company and its Affiliates and for the three (3) year period immediately after Participant’s termination of employment with the Company and its Affiliates, directly or indirectly through any other person, corporation, partnership, company, joint venture, or other business entity or trust:
		

		
			﻿
		

		
			(i)solicit or induce any person or entity that presently is, or has been during Participant’s employment, a customer of the Company or any of its Affiliates or has been involved in communication with Company regarding potentially being a customer of Company or any of its Affiliates, to discontinue or reduce the business relationship and dealings between 
		

		 

		

			2

		

 

		customer and Company or any of its Affiliates or to become a customer of any other person or entity for products or services the same as, or similar to, those products and services as from time to time are developed, marketed or sold by the Company or any of its Affiliates, or approach any such person or entity for such purpose, or authorize or knowingly approve the taking of such actions by any other person or entity, or assist any other person or entity in taking such action; or
		

		
			﻿
		

		
			(ii)solicit or induce any person that presently is (or was at any time during the two (2) year period immediately prior to Participant’s termination of employment with the Company for whatever reason) an employee or independent contractor (1099) of the Company or any of its Affiliates to (a) cease their employment or other relationship with Company or any of its Affiliates, or (b) accept employment or a consulting or other relationship with a person or entity other than Company or any of its Affiliates, or (c) approach any such employee or independent contractor of Company or its Affiliates for such purpose, or authorize or knowingly approve the taking of such actions by any other person or entity, or assist any such person or entity in taking such action.
		

		
			﻿
		

		
			(b)Non-Compete.  
		

		
			﻿
		

		
			(i)During Participant’s employment with the Company and its Affiliates and for the three (3) year period immediately after Participant’s termination of employment with the Company and its Affiliates, Participant will not, directly or indirectly, including without limitation as an officer, director, proprietor, employee, independent contractor, partner, member, shareholder or other holder of equity interests, investor, joint venturer, lender, creditor, guarantor, independent contractor, advisor, agent, sales or marketing representative or other participant, engage in or assist with any activity which is the same as, similar to or competitive with the business, operations or activities of the Company and its Affiliates within the United States (“Restricted Activities”).  Participant agrees that Company and its Affiliates engage in business, and have customers, across the entire United States and further agrees that it is reasonable to have the United States as the geographic limitation for this Award Agreement.  
		

		
			﻿
		

		
			(ii)Notwithstanding the foregoing, (1) Participant may acquire up to one percent of a publicly-traded company engaged in a Restricted Activity, provided that written notice of such acquisition is provided as soon as possible to the Company; and (2) if the Company or any of its Affiliates acquires a new business after Participant’s termination of employment with the Company and its Affiliates that is unrelated to the business, operations or activities of the Company or its Affiliates as of the date of such termination of employment, the term “Restricted Activities” will not include such new business.
		

		
			﻿
		

		
			(iii)Participant agrees that this Section 3.7 is necessary to protect legitimate interests of the Company and its Affiliates, including but not limited to customer contacts and information developed by the Company and its Affiliates at great cost, confidential and secret information that is not generally known or available to the public, and goodwill and Participant further agrees that the potential restrictions on Participant’s future activities imposed by this Section 3.7(b) are reasonable in both duration and scope.  In the event that any of the provisions of this Section 3.7(b) should ever be deemed to exceed the duration or scope permitted by applicable law, then such provision will be reformed to the maximum time, scope or other limitation, as the case may be, permitted by applicable law, and each party agrees that the restrictions and prohibitions contained herein will be effective to the fullest extent allowed under applicable law in such jurisdiction.  To the extent that Participant fails to comply with the obligations of this Award Agreement, the time limits for the restrictive covenants provided in this 
		

		 

		

			3

		

 

		Section 3.7 will commence when Participant is in full compliance with all of the restrictive covenants so that Company may have the full protection intended by this Section 3.7.
		

		
			﻿
		

		
			(c)Company Information and Property.  
		

		
			﻿
		

		
			(i)For purposes of this Section 3.7, the term “Confidential Information” means  the following: (1) all monthly, quarterly and annual financial statements and operating reports for the Company and its Affiliates; (2) all secret information and information maintained as confidential by the Company and its Affiliates of a technical nature or otherwise related to any products, techniques or research and development of products or techniques, such as, but not limited to, methods, know-how, formulae, compositions, processes, discoveries, machines, equipment, models, prototypes, devices, inventions, computer programs, cost systems, manufacturing methods, processes, or design drawings of the Company or its Affiliates; (3) all proprietary or confidential information of the Company and its Affiliates regarding its or their business, operations or activities, such as, but not limited to, financial documents not described in (1) above, pricing, costs, purchasing, profits, market share, sales, customer lists, supplier lists, prospective customers, prospective suppliers or marketing or other business plans or strategies; and (4) all information maintained by the Company or an Affiliate of the Company as confidential or proprietary, including, without limitation, financial information, personnel information, health care information, and information concerning computer programs and plans for future developments, as well as other trade secrets.  Notwithstanding anything herein to the contrary, the term “Confidential Information” does not include any information which (a) is now or hereafter becomes generally available to the public other than as a result of a disclosure in violation of any obligation of confidentiality owed to the Company or an Affiliate of the Company, (b) was in the possession of Participant on a non-confidential basis prior to its disclosure to Participant by the Company, (c) becomes available to Participant on a non-confidential basis from sources other than the Company, provided such disclosure to Participant is not as a result of a disclosure in violation of any obligation of confidentiality owed to the Company or an Affiliate of the Company, or (d) is required to be disclosed by order of a court or other government body of competent jurisdiction (provided Participant notifies the Company prior to complying with the order and provides the Company with the maximum opportunity possible to seek relief therefrom).
		

		
			﻿
		

		
			(ii)Participant acknowledges the competitive value, and the confidential, proprietary nature, of all Confidential Information disclosed to Participant.  Further, Participant acknowledges that any disclosure of Confidential Information in violation of the terms hereof would irreparably damage the Company, its Affiliates and their businesses.  Accordingly, Participant agrees, from and after the date hereof, that Participant will not, other than in the proper performance of Participant’s duties in Participant’s capacity as an officer, director or employee of the Company or its Affiliates and for the benefit of Company or its Affiliates, directly or indirectly disclose, or use, any Confidential Information.  Participant further agrees not to use any Confidential Information in any way detrimental to the Company or its Affiliates and to take all reasonable steps to maintain the confidentiality of Confidential Information, including but not limited to keeping Confidential Information in a secure place.  Participant acknowledges and agrees that, as between the Company and Participant, the Company is the exclusive owner of such Confidential Information.
		

		
			﻿
		

		
			(iii)Notwithstanding any of the foregoing, Participant will have the right to disclose Confidential Information to attorneys and certified public accountants engaged by Participant for the purpose of advising Participant in connection with Participant’s fiduciary responsibilities arising from any position held by Participant in relation to the Company 
		

		 

		

			4

		

 

		(collectively, “Advisors”); provided, however, that prior to disclosing any Confidential Information to an Advisor, Participant will make the confidentiality restrictions contained herein known to the Advisor and will obtain from the Advisor a written agreement to abide by said restrictions.  Participant will in all circumstances remain liable to the Company for any Advisor’s violation of the confidentiality restrictions contained herein.
		

		
			﻿
		

		
			(iv)Participant agrees that, at any time upon the request of Company or upon the termination of Participant 's employment without request by Company, Participant will promptly deliver to the Company all Confidential Information in the possession of Participant in whatever form, including documents and information prepared by Participant related to or arising from Participant’s relationship with and/or duties to Company, and all correspondence, equipment, laptop, tablets, cell phones, credit cards, drawings, blueprints, manuals, letters, notes, notebooks, reports, flow-charts, programs, proposals and other documents of the Company or any of its Affiliates, and including without limiting the foregoing all documents and other information concerning the customers, products and processes of the Company and its Affiliates.  
		

		
			﻿
		

		
			(v)Under the Defend Trade Secrets Act of 2016, no person or employee may be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made in confidence to a Federal, State, or local government official or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law.  An individual or employee enjoys the same protections for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  An individual or employee who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual or employee and use the trade secret information in the court proceeding, if the individual or employee files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order.  
		

		
			﻿
		

		
			(d)Work Made For Hire.  Participant agrees to assign, and hereby assigns, to the Company, all rights, title and interests in and to any idea, creation, discovery, work of authorship or invention, including but not limited to any and all patent rights and copyright rights conceived, created, or developed by Participant, whether individually or jointly with other individual(s), during his or her employment with the Company and its Affiliates (an “Innovation”), if that Innovation (a) was made in the scope of Participant’s employment, (b) was made with the use of the time, material, resources or information of the Company or its Affiliates, or (c) related to the business of the Company or any Affiliate of the Company.  Participant agrees to promptly communicate and disclose all Innovations to the Company and to execute and deliver to the Company any instruments deemed necessary by the Company to effect disclosure and assignment thereof to the Company, and to take such actions (including execution of United States and foreign patent applications) reasonably required by the Company to secure, protect, and enforce the Company’s rights, title and interests in and to any Innovations.
		

		
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			5

		

 

		(e)Miscellaneous.  
		

		
			﻿
		

		
			(1)Participant acknowledges that the services to be rendered by Participant are of a special, unique and extraordinary character and, in connection with such services; Participant will have access to Confidential Information vital to the Company’s business.  By reason of this, Participant expressly agrees that any breach or threatened breach of any provision of this Section 3.7 by Participant will result in irreparable damage to the Company and its Affiliates and the remedies available at law for a breach or threatened breach would be inadequate.  In recognition thereof, Participant agrees that the Company is entitled to obtain equitable relief from a court of competent jurisdiction in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.  In the event a party brings an action to enforce the provisions of this Award Agreement, the prevailing party as determined by the court will be entitled to recover from the other party all reasonable costs and attorneys’ fees incurred by the prevailing party in such action.
		

		
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			(2)Participant agrees that in an action by the Company to enforce this Section 3.7, the existence of any claims or causes of action of Participant against the Company do not constitute a defense to the enforcement, by the Company, of Participant’s obligations and agreements under this Section 3.7.    
		

		
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			(3)Participant agrees that in order for the Company to preserve its rights under this Award Agreement, the Company may advise any third party of the existence of this Award Agreement and of its terms and conditions.  Participant specifically releases and agrees to indemnify and hold the Company harmless from any liability for doing so.
		

		
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			(4)The provisions of this Section 3.7 survive the termination of Participant’s employment for whatever reason or the party electing to terminate.  The provisions of this Section 3.7 are binding on the heirs, executors, administrators and legal representatives of Participant, and will inure to the benefit of the Company, its Affiliates, and all of their successors and assigns.
		

		
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			(5)The Company's failure to exercise any of its rights in the event Participant breaches any provision of this Section 3.7 or the Company's failure to exercise any of its rights under similar contracts with other employees, will not be construed as a waiver of any breach or prevent the Company from later enforcing strict compliance with any and all provisions of this Section 3.7.
		

		
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			3.8Submission to Jurisdiction.  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS PLAN OR ANY DOCUMENT RELATED HERETO MAY BE BROUGHT IN THE COURTS OF ST. LOUIS COUNTY, STATE OF MISSOURI OR ANY COURT OF THE UNITED STATES OF AMERICA FOR THE EASTERN DISTRICT OF MISSOURI AND, BY THE PARTICIPANT’S EXECUTION OF THE AWARD AGREEMENT, THE PARTICIPANT, GENERALLY AND UNCONDITIONALLY, (1) AGREES TO THE JURISDICTION OF SUCH COURTS, (2) WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH HE OR SHE MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS; AND (3) CONSENTS TO THE SERVICE OF PROCESS OF ANY OF SUCH COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED 
		

		 

		

			6

		

 

		MAIL, POSTAGE PREPAID, AT HIS OR HER ADDRESS ON RECORD WITH A COMPANY, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING.  
		

		
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			3.9Severability.  If any part or provision of this Award Agreement is held unenforceable or in conflict with controlling law, the validity of the remaining parts or provisions of this Award Agreement will be unaffected. 
		

		
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			3.10Acknowledgement.  PARTICIPANT HEREBY ACKNOWLEDGES THAT HE OR SHE (a) HAS HAD AN OPPORTUNITY TO REVIEW THIS AWARD AGREEMENT, CONSULT WITH COUNSEL AND ASK THE COMPANY QUESTIONS ABOUT THIS AWARD AGREEMENT AND (b) UNDERSTANDS THE MEANING AND EFFECT OF EACH PROVISION OF THIS AWARD AGREEMENT.
		

		
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			* * * * *
		

		

		

		 

		

			7

		

 

		
		

		
			IN WITNESS WHEREOF, each of the parties has caused this Award Agreement to be executed as of the day first above written.
		

		
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			ParticipantGRAYBAR ELECTRIC COMPANY, INC.
		

		
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						By:

				
	
					
						Print Name:

					
					
						 

					
					
						Print Name:

				
	
					
						Date:

					
					
						 

					
					
						Title: 

				
	
					
						﻿

					
					
						 

					
					
						Date:

				

		
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			8

		

 

		

			 

		

		EXHIBIT A
		

		
			﻿
		

		
			KEY TERMS AND PERFORMANCE GOALS
		

		
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			A.1Key Award Terms.  As of the Award Date, some of the key terms of the award to the Participant under this Award Agreement are set forth below.
		

		
			﻿
		

		
			(a)Performance Period.  The Performance Period is January 1, 2021 through December 31, 2023.
		

		
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			(b)Targets.  The Targets are described below.
		

		
			﻿
		

		
			(1)There is a Time-Based Target defined below in Section A.2. 
		

		
			﻿
		

		
			(2)There is a  Performance-Based Target defined below in Section A.3(a) as the “Net Sales Target”.    
		

		
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			(3)There is a Performance-Based Target defined below in Section A.3(b) as the “EBITDA Growth Target”.
		

		
			﻿
		

		
			(c)Target Award.  The Target Award for each Target is set forth below.
		

		
			﻿
		

		
			(1)For the Time-Based Target, the Target Award is $______________ for the Performance Period.
		

		
			﻿
		

		
			(2)For the Net Sales Target, the Target Award is $______________ for the Performance Period.
		

		
			﻿
		

		
			(3)For the EBITDA Growth Target, the Target Award is $______________ for the Performance Period.
		

		
			﻿
		

		
			A.2Time-Based Target, Threshold and Participation Percentage.  
		

		
			﻿
		

		
			(a)Threshold.    For the Time-Based Target, the Threshold is the Participant must remain continuously employed with the Company or any of its Affiliates for the applicable calendar year in the Performance Period. 
		

		
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			(b)Time-Based Target and Participation Percentage.  The “Time-Based Target” is for the Participant to remain continuously employed by the Company or any of its Affiliates for each calendar year in the Performance Period, and the Participation Percentage for each calendar year for doing so is 33%.
		

		
			﻿
		

		
			A.3Performance-Based Targets, Thresholds and Participation Percentages.
		

		
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			(a)Net Sales Target.
		

		
			﻿
		

		
			(1)Threshold.  For the Net Sales Target, the Threshold is “Net Sales” (as defined in Section A.3(a)(3) below) must exceed $______________.
		

		
			﻿
		

		

		

		 

		

			Page 1 of Exhibit A

		

 

		(2)Target and Participation Percentages.  The “Net Sales Target” consists of the following financial targets and associated Participation Percentages
		

		
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						Net Sales Target

					
					
						Participation Percentage

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				

		
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			(3)Net Sales  Defined.  For purposes of this Section A.3(a), “Net Sales” means ________________________________________________________________
		

		 

		

			Page 2 of Exhibit A

		

 

		____________________________________________________________________________________________________________________; provided, however, that the Board may make such adjustments as it determines appropriate or necessary to account for changes in the accounting rules utilized by the Company.  
		

		
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			(b)EBITDA Growth Target.
		

		
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			(1)Threshold.  For the EBITDA Growth Target, the Threshold is “EBITDA Growth” (as defined in Section A.3(b)(3) below) must exceed $______________.
		

		
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			(2)Target and Participation Percentages.    The “EBITDA Growth Target” consists of the following financial targets and associated Participation Percentages:
		

		
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						EBITDA Growth Target

					
					
						Participation Percentage

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				

		 

		

			Page 3 of Exhibit A

		

 

			
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				
	
					
						$_______________ to $_______________

					
					
						___%

				

		
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			(3)Defined Terms.  For purposes of this Section A.3(b), the quoted terms set forth below have the meanings ascribed to them below. 
		

		
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			(A)“EBITDA” means, for each fiscal year in the Performance Period, _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________, all as determined by the Board in good faith and calculated in accordance with generally accepted accounting principles and as reflected on the Graybar’s financial statements for the Performance Period for which the determination is being made; provided, however, that the Board may make such adjustments as it determines appropriate or necessary to account for changes in the accounting rules utilized by Graybar.
		

		
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			(B)“EBITDA Growth” means the sum of EBITDA for the fiscal years of Graybar in the Performance Period. 
		

		
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			Page 4 of Exhibit A

		

 

		

			 

		

		EXHIBIT B
		

		
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			EXAMPLES OF BONUS CALCULATIONS
		

		
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			The following are hypothetical examples of how a Participant’s Bonus is calculated. 
		

		
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			Page 1 of Exhibit B

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