CD&R Investment Associates X Form 4 Change in insider ownership

SEC Form 4

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).

1. Name and Address of Reporting Person^*

CD&R Investment Associates X, Ltd.

(Last)

(First)

(Middle)

C/O CLAYTON, DUBILIER & RICE, LLC

375 PARK AVENUE, 18TH FLOOR

(Street)

NEW YORK

10152

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Core & Main, Inc. [ CNM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/10/2024

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	01/10/2024		S		75,847	D	$38.12	113,429	I⁽¹⁾⁽²⁾	By Affiliate
Class A Common Stock	01/10/2024		S		11,017,766	D	$38.12	17,311,795	I⁽²⁾⁽³⁾	By Affiliate
Class A Common Stock	01/10/2024		S		991,289	D	$38.12	1,557,572	I⁽²⁾⁽⁴⁾	By Affiliate
Class A Common Stock	01/10/2024		C⁽⁵⁾		7,465,098	A	$0.00	7,465,098	I⁽⁶⁾⁽⁷⁾	By Affiliate
Class A Common Stock	01/10/2024		S		7,465,098	D	$38.12	0	I⁽⁶⁾⁽⁷⁾	By Affiliate
Class A Common Stock	01/10/2024		S⁽⁸⁾		19,043	D	$38.12	94,386	I⁽¹⁾⁽²⁾	By Affiliate
Class A Common Stock	01/10/2024		S⁽⁸⁾		2,850,243	D	$38.12	14,461,552	I⁽²⁾⁽³⁾	By Affiliate
Class A Common Stock	01/10/2024		S⁽⁸⁾		256,442	D	$38.12	1,301,130	I⁽²⁾⁽⁴⁾	By Affiliate
Class A Common Stock	01/10/2024		J⁽⁹⁾		334,556	D	$0.00	14,126,996	I⁽²⁾⁽³⁾	By Affiliate
Class A Common Stock	01/10/2024		J⁽⁹⁾		30,101	D	$0.00	1,271,029	I⁽²⁾⁽⁴⁾	By Affiliate

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock and Limited Partnership Interests	⁽¹⁰⁾	01/10/2024		C⁽⁵⁾			7,465,098	⁽¹⁰⁾	⁽¹⁰⁾	Class A Common Stock	7,465,098	$0.00	11,163,948	I⁽⁶⁾⁽⁷⁾	By Affiliate
Class B Common Stock and Limited Partnership Interests	⁽¹⁰⁾	01/10/2024		S⁽¹¹⁾			1,874,272	⁽¹⁰⁾	⁽¹⁰⁾	Class A Common Stock	1,874,272	$38.12	9,289,676	I⁽⁶⁾⁽⁷⁾	By Affiliate

1. Name and Address of Reporting Person^*

CD&R Investment Associates X, Ltd.

(Last)

(First)

(Middle)

C/O CLAYTON, DUBILIER & RICE, LLC

375 PARK AVENUE, 18TH FLOOR

(Street)

NEW YORK

10152

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

CD&R Fund X Waterworks B1, L.P.

(Last)

(First)

(Middle)

C/O CLAYTON, DUBILIER & RICE, LLC

375 PARK AVENUE, 18TH FLOOR

(Street)

NEW YORK

10152

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

CD&R Fund X-A Waterworks B, L.P.

(Last)

(First)

(Middle)

C/O CLAYTON, DUBILIER & RICE, LLC

375 PARK AVENUE, 18TH FLOOR

(Street)

NEW YORK

10152

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

CD&R Waterworks Holdings, L.P.

(Last)

(First)

(Middle)

C/O CLAYTON, DUBILIER & RICE, LLC

375 PARK AVENUE, 18TH FLOOR

(Street)

NEW YORK

10152

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

CD&R Waterworks Holdings GP, Ltd.

(Last)

(First)

(Middle)

C/O CLAYTON, DUBILIER & RICE, LLC

375 PARK AVENUE, 18TH FLOOR

(Street)

NEW YORK

10152

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

CD&R Fund X Advisor Waterworks B, L.P.

(Last)

(First)

(Middle)

C/O CLAYTON, DUBILIER & RICE, LLC

375 PARK AVENUE, 18TH FLOOR

(Street)

NEW YORK

10152

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

CD&R Waterworks Holdings, LLC

(Last)

(First)

(Middle)

C/O CLAYTON, DUBILIER & RICE, LLC

375 PARK AVENUE, 18TH FLOOR

(Street)

NEW YORK

10152

(City)

(State)

(Zip)

Explanation of Responses:

1. Represents securities held by CD&R Fund X Advisor Waterworks B, L.P. ("Fund X Advisor B").

2. CD&R Waterworks Holdings GP, Ltd. ("CD&R Waterworks Holdings GP"), as the general partner of each of Fund X Advisor B, Fund X B1 (as defined below) and Fund X-A B (as defined below) (collectively, the "CD&R Blocker Fund AIVs"), CD&R Associates X Waterworks, L.P. ("CD&R Associates X"), as the sole shareholder of CD&R Waterworks Holdings GP, and CD&R Investment Associates X, Ltd. ("CD&R Investment Associates"), as the general partner of CD&R Associates X, may be deemed to beneficially own the securities held by the CD&R Blocker Fund AIVs. Each of CD&R Waterworks Holdings GP, CD&R Associates X and CD&R Investment Associates expressly disclaims beneficial ownership of the securities held by the CD&R Blocker Fund AIVs, except to the extent of its pecuniary interest therein.

3. Represents securities held by CD&R Fund X Waterworks B1, L.P. ("Fund X B1").

4. Represents securities held by CD&R Fund X-A Waterworks B, L.P. ("Fund X-A B").

5. On January 10, 2024, 7,465,098 limited partner interests of Core & Main Holdings, LP ("Partnership Interests") held directly by the reporting person, together with the retirement of a corresponding number of shares of Class B common stock of the Issuer, were exchanged for shares of Class A common stock of the Issuer on a one-for-one basis pursuant to an exchange agreement, dated as of July 22, 2021 (as amended, the "Exchange Agreement").

6. Represents securities held by CD&R Waterworks Holdings, LLC ("Waterworks Holdings").

7. CD&R Waterworks Holdings, L.P. ("Waterworks Holdings, L.P."), as the sole member and manager of Waterworks Holdings, CD&R Waterworks Holdings GP, as the general partner of Waterworks Holdings, L.P., CD&R Associates X, as the sole shareholder of CD&R Waterworks Holdings GP, and CD&R Investment Associates, as the general partner of CD&R Associates X, may be deemed to beneficially own the securities held by Waterworks Holdings. Each of Waterworks Holdings, L.P., CD&R Waterworks Holdings GP, CD&R Associates X and CD&R Investment Associates expressly disclaims beneficial ownership of the securities held by Waterworks Holdings, except to the extent of its pecuniary interest therein.

8. Represents a purchase of Class A common stock of the Issuer by the Issuer at $38.120 per share, the same price per share paid by the underwriter to the reporting person in the concurrent underwritten offering.

9. On January 10, 2024, Fund X B1 and Fund X-A B distributed 334,556 and 30,101 shares of Class A common stock, respectively, to certain investment professionals who are direct and indirect limited partners of CD&R Investment Associates, the general partner of each limited partner of Fund X B1 and Fund X-A B, who will make charitable contributions of such shares.

10. Pursuant to the terms of the Exchange Agreement, Partnership Interests, together with the retirement of a corresponding number of shares of Class B common stock of the Issuer, held by the reporting person are exchangeable at the discretion of the reporting person for shares of the Issuer's 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 the Issuer's Class A common stock sold in such public offering or private sale), net of any underwriting discounts and commissions, for each partnership interest exchanged, subject to certain exceptions, conditions and adjustments, and have no expiration date.

11. Represents a redemption of Partnership Interests by Core & Main Holdings, LP at $38.120 per share, the same price per share of Class A common stock of the Issuer paid by the underwriter to the reporting person in the concurrent underwritten offering. In connection with the redemption, the Issuer repurchased a corresponding number of shares of Class B common stock of the Issuer from the reporting person for no additional consideration.

Remarks:

	CD&R Investment Associates X, Ltd.; by: /s/ Rima Simson, Vice President, Treasurer & Secretary	01/11/2024
	CD&R Fund X Waterworks B1, L.P.; by: CD&R Waterworks Holdings GP, Ltd., the GP; by: /s/ Rima Simson, Vice President, Treasurer & Secretary	01/11/2024
	CD&R Fund X-A Waterworks B, L.P.; by: CD&R Waterworks Holdings GP, Ltd., the GP; by: /s/ Rima Simson, Vice President, Treasurer & Secretary	01/11/2024
	CD&R Waterworks Holdings, L.P.; by: CD&R Waterworks Holdings GP, Ltd., the GP; by: /s/ Rima Simson, Vice President, Treasurer & Secretary	01/11/2024
	CD&R Waterworks Holdings GP, Ltd.; by: /s/ Rima Simson, Vice President, Treasurer & Secretary	01/11/2024
	CD&R Fund X Advisor Waterworks B, L.P.; by: CD&R Waterworks Holdings GP, Ltd., the GP; by: /s/ Rima Simson, Vice President, Treasurer & Secretary	01/11/2024
	CD&R Waterworks Holdings, LLC; by CD&R Waterworks Holdings, L.P., the Manager; by CD&R Waterworks Holdings GP, Ltd., the GP; by: /s/ Rima Simson, Vice President, Treasurer & Secretary	01/11/2024
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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CD&R Investment Associates X Form 4Change in insider ownership