EDGAR 10-K Filing

Company CIK: 205402
Filing Year: 2021
Filename: 205402_10-K_2021_0000205402-21-000009.json

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ITEM 1. BUSINESS
Item 1. Deposit and Withdrawal of Securities (1)(2)(3)
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Amount deposited during year
						
Amount withdrawn during year (4)
						
Amount held at end of year
						
Percentage of class held at end of year
						
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1,673,172 				
						
710,244 				
						
18,699,421 				
						
82.7% 				
						
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(1)
The securities consist of shares of Common Stock, par value $1.00 per share (the "Common Stock"), of Graybar.
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(2)
14,011,446 shares of Common Stock were deposited into the 2017 Voting Trust at its inception.
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(3)
Shares deposited and withdrawn during the year only cover shares that were deposited and withdrawn with respect to the Voting Trust Agreement.
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(4)
The 710,244 shares of Common Stock withdrawn from the voting trust in 2020 represent shares purchased by Graybar from employees, retirees or their estates in accordance with Graybar's purchase rights under its amended Restated Certificate of Incorporation. The shares so purchased were placed in Graybar's treasury or cancelled.
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ITEM 1A. RISK FACTORS

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ITEM 1B. UNRESOLVED STAFF COMMENTS

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ITEM 2. PROPERTIES
Item 2. Exercise of Voting Rights.
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The voting trustees did not exercise voting rights under the Voting Trust Agreement during the fiscal year with respect to any matter, except that the voting trustees voted the shares of Common Stock held by them at the Graybar 2020 annual meeting for the election of ten directors.

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ITEM 3. LEGAL PROCEEDINGS
Item 3. Exercise of Other Powers.
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The voting trustees exercised no powers under the Voting Trust Agreement, other than voting rights and the distribution of dividends upon the underlying securities, during the fiscal year.
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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Ownership of Voting Trust Certificates and Other Securities.
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The following table presents information, as of March 19, 2021, as to Voting Trust Interests owned of record by each individual Voting Trustee. As of March 19, 2021 no Voting Trustee owned any securities of Graybar, other than those deposited under the Voting Trust Agreement, or any securities of Graybar's subsidiaries. No other person owns of record, or is known by the Voting Trustees to own beneficially, more than five percent of the Voting Trust Interests.
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Name and addresses of owner
						
Name of issuer and title of class
						
Type of ownership
						
Amount owned as of March 19, 2021
						
Percent of class owned
						
R.R. Harwood
						
Voting Trust Interests (A)
						
Direct
						
38,051 				
						
0.201% 				
(B)
34 North Meramec Avenue
						
						
						
						
						
						
						
						
						
P.O. Box 7231
						
						
						
						
						
						
						
						
						
St. Louis, Missouri 63177
						
						
						
						
						
						
						
						
						
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W.P. Mansfield
						
Voting Trust Interests (A)
						
Direct
						
25,229 				
						
0.133% 				
(B)
34 North Meramec Avenue
						
						
						
						
						
						
						
						
						
P.O. Box 7231
						
						
						
						
						
						
						
						
						
St. Louis, Missouri 63177
						
						
						
						
						
						
						
						
						
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D.G. Maxwell
						
Voting Trust Interests (A)
						
Direct
						
26,732 				
						
0.141% 				
(B)
34 North Meramec Avenue
						
						
						
						
						
						
						
						
						
P.O. Box 7231
						
						
						
						
						
						
						
						
						
St. Louis, Missouri 63177
						
						
						
						
						
						
						
						
						
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K.M. Mazzarella
						
Voting Trust Interests (A)
						
Direct
						
72,814 				
						
0.384% 				
(B)
34 North Meramec Avenue
						
						
						
						
						
						
						
						
						
P.O. Box 7231
						
						
						
						
						
						
						
						
						
St. Louis, Missouri 63177
						
						
						
						
						
						
						
						
						
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(A)
Issued under the Voting Trust Agreement.
(B)
As of February 28, 2021, the Voting Trustees together held of record, with shared power to vote, 18,953,165 shares of Common Stock, or 82.7% of the outstanding shares of Common Stock.
			
		
			
		
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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
Item 5. Business Experience of Voting Trustees.
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The information with respect to the business experience of the Voting Trustees required to be included pursuant to this Item 5 is included in the Supplemental Item under the caption “Executive Officers of the Registrant”, in the Company’s Annual Report on Form 10-K for the period ended December 31, 2020 or will be included under the caption "Proposal 1: Nominees for Election as Directors" in Graybar's Definitive Information Statement relating to the 2021 Annual Meeting of Shareholders (the "Information Statement"), to be filed with the Commission pursuant to Rule 14c-5 under the Securities Exchange Act of 1934, each of which is incorporated herein by reference.
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ITEM 6. SELECTED FINANCIAL DATA
Item 6. Business and Professional Connection of Voting Trustees with Issuer, Affiliates and Underwriters.
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The information with respect to the business and professional connections of each Voting Trustee with Graybar and any of its affiliates is included in the Supplemental Item under the caption “Executive Officers of the Registrant”, in the Company’s Annual Report on Form 10-K for the period ended December 31, 2020 or will be included under the caption "Proposal 1: Nominees for Election as Directors" in the Information Statement, each of which is incorporated herein by reference.
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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7. Other Activities of Voting Trustees.
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Except as described in this Annual Report, the Voting Trustees did not perform any other activities as voting trustees during the fiscal year.
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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8. Representation of Other Persons by Voting Trustees.
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The Voting Trustees represented no persons other than holders of Voting Trust Interests under the Voting Trust Agreement during the year.
			
		
			
		
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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9. Remuneration of Voting Trustees.
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The following table presents information as to the aggregate remuneration received by each Voting Trustee for services in all capacities during the fiscal year from Graybar and its subsidiaries. No Voting Trustee received any remuneration from any person or persons for acting as a Voting Trustee.
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Name of Voting Trustee
						
Capacities in which Compensation Received
						
Cash Compensation Salaries, Bonuses and Directors' Fees
						
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R.R. Harwood
						
Director, Senior Vice President
						
$ 711,943
						
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and Chief Strategy Officer
						
						
						
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W.P. Mansfield
						
Director, Senior Vice President - Marketing
						
$ 681,960
						
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D.G. Maxwell
						
Director, Senior Vice President - Sales
						
$ 646,813
						
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K.M. Mazzarella
						
Director, Chairman of the Board,
						
$ 2,400,825
						
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President and Chief Executive Officer
						
						
						
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(1)
Includes meeting fees of $300 per meeting for attendance at directors’ meetings of Graybar and remuneration paid March 12, 2021 under Graybar’s Management Incentive Plan with respect to services rendered during 2020. Excludes change in pension value, any nonqualified deferred compensation earnings, amounts contributed by Graybar to the qualified and non-qualified profit sharing and savings plans, perquisites and other personal benefits, and other miscellaneous items, which will be included in the Summary Compensation Table of the Information Statement for Ms. Mazzarella and Mr. Harwood.
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ITEM 9A. CONTROLS AND PROCEDURES

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ITEM 9B. OTHER INFORMATION

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

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ITEM 11. EXECUTIVE COMPENSATION

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Lists of Exhibits Filed.
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(4) Instruments defining the rights of security holders, including indentures.
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﻿Voting Trust Agreement dated as of March 3, 2017, a form of which is attached as Annex A to the Prospectus, dated January 6, 2017, constituting a part of the Registration Statement on Form S-1 (Registration No. 333-214560), and is incorporated herein by reference.
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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES