Director Castellano James G converted options into 12,500 shares and sold $633,571 worth of shares (12,500 units at $50.69) (SEC Form 4)
$CNM
Durable Goods
Consumer Discretionary
| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
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Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10. | ||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
Core & Main, Inc. [ CNM ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 07/10/2024 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| Class A Common Stock | 07/10/2024 | C(1) | 200(2) | A | $0 | 200 | I(3) | By Trust | ||
| Class A Common Stock | 07/10/2024 | S(4) | 200 | D | $50.01(5) | 0 | I(3) | By Trust | ||
| Class A Common Stock | 07/11/2024 | C(6) | 12,300(7) | A | $0 | 12,300 | I(3) | By Trust | ||
| Class A Common Stock | 07/11/2024 | S(4) | 12,300 | D | $50.6967(8) | 0 | I(3) | By Trust | ||
| Class A Common Stock | 11,769(9) | D | ||||||||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Class B Common Stock and Limited Partnership Interests | (10)(11) | 07/10/2024(10)(11) | J | V | 200(2) | (10)(11) | (10)(11) | Class A Common Stock | 200 | $0 | 218,420 | I(11) | By LLC | ||
| Class B Common Stock and Limited Partnership Interests | (10) | 07/10/2024(10) | J | V | 200(2) | (10) | (10) | Class A Common Stock | 200 | $0 | 200 | I | By Trust | ||
| Class B Common Stock and Limited Partnership Interests | (10) | 07/10/2024(10) | C(1) | 200(1) | (10) | (10) | Class A Common Stock | 200 | $0 | 0 | I | By Trust | |||
| Class B Common Stock and Limited Partnership Interests | (10)(11) | 07/11/2024(10)(11) | J | V | 12,300(7) | (10)(11) | (10)(11) | Class A Common Stock | 12,300 | $0 | 206,120 | I(11) | By LLC | ||
| Class B Common Stock and Limited Partnership Interests | (10) | 07/11/2024(10) | J | V | 12,300(7) | (10) | (10) | Class A Common Stock | 12,300 | $0 | 12,300 | I | By Trust | ||
| Class B Common Stock and Limited Partnership Interests | (10) | 07/11/2024(10) | C(6) | 12,300(6) | (10) | (10) | Class A Common Stock | 12,300 | $0 | 0 | I | By Trust | |||
| Explanation of Responses: |
| 1. On July 10, 2024, pursuant to the terms of an exchange agreement, dated as of July 22, 2021 (as amended, the "Exchange Agreement"), 200 shares of Class B common stock of the Issuer ("Class B common stock") and limited partnership interests of Core & Main Holdings, LP (together, a "Paired Interest") were exchanged for shares of Class A common stock of the Issuer ("Class A common stock"), on a one-for-one basis. |
| 2. On July 10, 2024, pursuant to the terms of the Third Amended and Restated LLC Agreement of Core & Main Management Feeder, LLC ("Management Feeder"), dated as of July 22, 2021 (as amended, the "LLC Agreement"), 200 vested common units ("Units") held indirectly by the reporting person through the James G. Castellano 2021 Family Trust (the "Trust") were redeemed at the discretion of the Trust for 200 Paired Interests. |
| 3. Represents securities held indirectly by the reporting person through the Trust. |
| 4. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Trust on March 28, 2024. |
| 5. The price reported represents the weighted average price of shares of Class A common stock sold in multiple transactions at prices ranging from $50.0000 to $50.0200 per share. The reporting person will provide to the Issuer, or the Securities and Exchange Commission staff, upon request, information regarding the number of shares sold at each price within the range. |
| 6. On July 11, 2024, pursuant to the terms of the Exchange Agreement, 12,300 Paired Interests were exchanged for shares of Class A common stock, on a one-for-one basis. |
| 7. On July 11, 2024, pursuant to the terms of the LLC Agreement, 12,300 vested Units held indirectly by the reporting person through the Trust were redeemed at the discretion of the Trust for 12,300 Paired Interests. |
| 8. The price reported represents the weighted average price of shares of Class A common stock sold in multiple transactions at prices ranging from $50.0500 to $51.1600 per share. The reporting person will provide to the Issuer, or the Securities and Exchange Commission staff, upon request, information regarding the number of shares sold at each price within the range. |
| 9. Includes 11,769 restricted stock units ("RSUs") granted to the reporting person as director compensation. 9,320 RSUs have vested as of the date of this Form 4. 2,449 RSUs will vest upon the earlier to occur of the one year anniversary of the grant date or the Issuer's next annual meeting of shareholders to be held in 2025 and be settled in shares of Class A common stock, subject to the reporting person's continued service as a director of the Issuer. |
| 10. Pursuant to the terms of the Exchange Agreement, Paired Interests are exchangeable at the discretion of the reporting person for shares of Class A common stock on a one-for-one basis or, at the election of a majority of the disinterested members of the Issuer's board of directors, for cash from a substantially concurrent public offering or private sale (based on the price of Class A common stock sold in such public offering or private sale, net of any underwriting discounts and commissions, for each limited partnership interest exchanged, subject to certain exceptions, conditions and adjustments). The Class B common stock and limited partnership interests have no expiration date. |
| 11. Represents securities held by Management Feeder in respect of Units held indirectly by the reporting person through the Trust. Pursuant to the LLC Agreement, such vested Units held by the Trust are redeemable at the discretion of the Trust for Paired Interests, on a one-for-one basis. |
| Remarks: |
| /s/ Mark Whittenburg, as Attorney-in-Fact for James G. Castellano | 07/12/2024 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||