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Distribution Solutions Group, Inc. – ‘10-K’ for 12/31/20 – ‘EX-10.23’

On:  Friday, 2/26/21, at 4:11pm ET   ·   For:  12/31/20   ·   Accession #:  703604-21-35   ·   File #:  0-10546

Previous ‘10-K’:  ‘10-K’ on 2/27/20 for 12/31/19   ·   Next:  ‘10-K’ on 2/24/22 for 12/31/21   ·   Latest:  ‘10-K’ on 3/7/24 for 12/31/23   ·   26 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

 2/26/21  Lawson Products Inc./New/DE       10-K       12/31/20  108:10M

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    946K 
 2: EX-4        Instrument Defining the Rights of Security Holders  HTML     29K 
 3: EX-10.23    Material Contract                                   HTML     31K 
 4: EX-10.24    Material Contract                                   HTML     31K 
 5: EX-21       Subsidiaries List                                   HTML     28K 
 6: EX-23       Consent of Expert or Counsel                        HTML     26K 
 7: EX-31.1     Certification -- §302 - SOA'02                      HTML     30K 
 8: EX-31.2     Certification -- §302 - SOA'02                      HTML     30K 
 9: EX-32       Certification -- §906 - SOA'02                      HTML     28K 
16: R1          Cover                                               HTML     93K 
17: R2          Consolidated Balance Sheets                         HTML    126K 
18: R3          Consolidated Balance Sheets (Parenthetical)         HTML     49K 
19: R4          Consolidated Statements of Income and               HTML    103K 
                Comprehensive Income                                             
20: R5          Consolidated Statements of Changes in               HTML     70K 
                Stockholders' Equity                                             
21: R6          Consolidated Statements of Cash Flows               HTML    104K 
22: R7          Description of Business                             HTML     30K 
23: R8          Summary of Significant Accounting Policies          HTML     61K 
24: R9          Acquisition                                         HTML     50K 
25: R10         Revenue Recognition                                 HTML     46K 
26: R11         Restricted Cash                                     HTML     29K 
27: R12         Inventories, net                                    HTML     34K 
28: R13         Property, Plant and Equipment                       HTML     41K 
29: R14         Goodwill                                            HTML     46K 
30: R15         Intangible assets                                   HTML     51K 
31: R16         Income Taxes                                        HTML    103K 
32: R17         Accrued Expenses and Other Liabilities              HTML     40K 
33: R18         Leases                                              HTML    152K 
34: R19         Credit Agreement                                    HTML     37K 
35: R20         Accrued Acquisition Liability                       HTML     29K 
36: R21         Reserve for Severance                               HTML     35K 
37: R22         Commitments and Contingencies                       HTML     31K 
38: R23         Retirement and Security Bonus Plans                 HTML     36K 
39: R24         Stock-Based Compensation Plans                      HTML     58K 
40: R25         Segment Information                                 HTML     79K 
41: R26         Stock Repurchase Program                            HTML     29K 
42: R27         Related Party Transactions                          HTML     30K 
43: R28         COVID-19 Risks and Uncertainties                    HTML     36K 
44: R29         Schedule II - Valuation and Qualifying Accounts     HTML     44K 
45: R30         Summary of Significant Accounting Policies          HTML     93K 
                (Policies)                                                       
46: R31         Acquisition (Tables)                                HTML     46K 
47: R32         Revenue Recognition (Tables)                        HTML     38K 
48: R33         Inventories, net (Tables)                           HTML     35K 
49: R34         Property, Plant and Equipment (Tables)              HTML     41K 
50: R35         Goodwill (Tables)                                   HTML     46K 
51: R36         Intangible assets (Tables)                          HTML     52K 
52: R37         Income Taxes (Tables)                               HTML    107K 
53: R38         Accrued Expenses and Other Liabilities (Tables)     HTML     40K 
54: R39         Leases (Tables)                                     HTML    111K 
55: R40         Credit Agreement (Tables)                           HTML     31K 
56: R41         Reserve for Severance (Tables)                      HTML     36K 
57: R42         Stock-Based Compensation Plans (Tables)             HTML     52K 
58: R43         Segment Information (Tables)                        HTML     77K 
59: R44         Description of Business (Details)                   HTML     28K 
60: R45         Summary of Significant Accounting Policies          HTML     67K 
                (Details)                                                        
61: R46         Acquisition - Narrative (Details)                   HTML     67K 
62: R47         Acquisition - Purchase Price Allocation (Details)   HTML     66K 
63: R48         Acquisition - Pro Forma Results (Details)           HTML     31K 
64: R49         Revenue Recognition - Narrative (Details)           HTML     37K 
65: R50         Revenue Recognition - Disaggregation of Revenue     HTML     51K 
                (Details)                                                        
66: R51         Restricted Cash (Details)                           HTML     38K 
67: R52         Inventories, net (Details)                          HTML     33K 
68: R53         Property, Plant and Equipment (Details)             HTML     50K 
69: R54         Goodwill (Details)                                  HTML     46K 
70: R55         Intangible assets - Schedule of Intangibles         HTML     39K 
                (Details)                                                        
71: R56         Intangible assets - Narrative (Details)             HTML     29K 
72: R57         Intangible assets - Future Amortization Schedule    HTML     43K 
                (Details)                                                        
73: R58         Income Taxes - Components of Income Tax (Details)   HTML     36K 
74: R59         Income Taxes - Provision (Benefit) for Income       HTML     63K 
                taxes from Operations (Details)                                  
75: R60         Income Taxes - Reconciliation of Effective Tax      HTML     60K 
                Rate (Details)                                                   
76: R61         Income Taxes - Narrative (Details)                  HTML     38K 
77: R62         Income Taxes - Components of Deferred Tax Assets    HTML     62K 
                and Liabilities (Details)                                        
78: R63         Income Taxes - Reconciliation of Unrecognized Tax   HTML     38K 
                Benefits (Details)                                               
79: R64         Accrued Expenses and Other Liabilities (Details)    HTML     48K 
80: R65         Leases - Net Lease Cost (Details)                   HTML     40K 
81: R66         Leases - Net Lease Assets and Liabilities           HTML     48K 
                (Details)                                                        
82: R67         Leases - Schedule of Future Minimum Lease Payments  HTML    102K 
                (Details)                                                        
83: R68         Leases - Terms and Interest Rate (Details)          HTML     36K 
84: R69         Leases - Cash Flows (Details)                       HTML     31K 
85: R70         Leases - Narrative (Details)                        HTML     38K 
86: R71         Credit Agreement - Narrative (Details)              HTML     58K 
87: R72         Credit Agreement - Quarterly Financial Covenants    HTML     35K 
                (Details)                                                        
88: R73         Accrued Acquisition Liability (Details)             HTML     38K 
89: R74         Reserve for Severance - Activity in Reserve         HTML     36K 
                (Details)                                                        
90: R75         Commitments and Contingencies (Details)             HTML     29K 
91: R76         Retirement and Security Bonus Plans (Details)       HTML     60K 
92: R77         Stock-Based Compensation Plans - Plan               HTML     36K 
                Administration (Details)                                         
93: R78         Stock-Based Compensation Plans - Stock Performance  HTML    101K 
                Rights (Details)                                                 
94: R79         Stock-Based Compensation Plans - Restricted Stock   HTML     57K 
                Awards (Details)                                                 
95: R80         Stock-Based Compensation Plans - Market Stock       HTML     53K 
                Units (Details)                                                  
96: R81         Stock-Based Compensation Plans - Stock Options      HTML     38K 
                (Details)                                                        
97: R82         Stock-Based Compensation Plans - Performance        HTML     38K 
                Awards (Details)                                                 
98: R83         Segment Information - Reportable Segments           HTML     70K 
                (Details)                                                        
99: R84         Segment Information - Reportable Segments by        HTML     39K 
                Geographic Area (Details)                                        
100: R85         Stock Repurchase Program (Details)                  HTML     33K  
101: R86         Related Party Transactions (Details)                HTML     28K  
102: R87         COVID-19 Risks and Uncertainties (Details)          HTML     39K  
103: R88         Schedule II - Valuation and Qualifying Accounts     HTML     38K  
                (Details)                                                        
104: R9999       Uncategorized Items - laws-20201231.htm             HTML     36K  
106: XML         IDEA XML File -- Filing Summary                      XML    191K  
15: XML         XBRL Instance -- laws-20201231_htm                   XML   1.93M 
105: EXCEL       IDEA Workbook of Financial Reports                  XLSX    117K  
11: EX-101.CAL  XBRL Calculations -- laws-20201231_cal               XML    353K 
12: EX-101.DEF  XBRL Definitions -- laws-20201231_def                XML    637K 
13: EX-101.LAB  XBRL Labels -- laws-20201231_lab                     XML   1.91M 
14: EX-101.PRE  XBRL Presentations -- laws-20201231_pre              XML   1.15M 
10: EX-101.SCH  XBRL Schema -- laws-20201231                         XSD    197K 
107: JSON        XBRL Instance as JSON Data -- MetaLinks              457±   666K  
108: ZIP         XBRL Zipped Folder -- 0000703604-21-000035-xbrl      Zip    352K

‘EX-10.23’   —   Material Contract

This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

 C: 
  exhibit1023stockperforma  
UNANIMOUSWRITTENCONSENToFTHECOMPENSATIONCOMMITTEE OF THE BOAR-D OF DIRECTORS OF LAWSON PRODUCTS,INC' December -,2020 The resolutions rjescribed below are hereb,v consented.to by the undersigned'O:1ll^lfl:l' the Directors of Lawson products, Inc. (the "Company"). _who are members of Compensatton committee of the eou.dorDirectors of the Cornpan.v (t-he "Committee') *lth ll:.:iTe fbrce and effect as if such resolutions have been drl; rd";;; at a meeting of the compensation committee of the Board of Directors, and the Directors her.by,"uiue all nolice of rneeting and the holding of any meeting to act upon such resolutions und do hereby clirect that this Unanimous written consent be inserted into the minute book of the Company' WHHRE;AS.theCompanymaintainstheLawsonProducts.Inc.2009 Equity Clornpensation Plan, as Alnended and Restated Eft-ective May I 4"2019 (the ..2019 Plan"). rvhich provides for this cornmittee to grant stock awards to the ComPanY's emPloYees; and WHBRI]AS,theCompanymaintainstheLawsonProducts.lnc.Stock Perlbnnance Plan (the "SPP"). ,"t i.t't provides for this committee to grant stock performance rights to key employeesl and WHEREAS,theCompensationCommitteeCharlerempowersthis Committee to rtake action by unanimotts written consent without the need fbr a meeting; and WHBRE,AS.thisCornmitteenowconsidersitdesirabletoanrendthe20l9 Plan and the SPP: and NoW.IHE,REFORE.BEITRESOLVED.thattheCommitteeapproves and adopts the amendlnent of the SPP attached hereto as Exhibit A and the amendmentofthe20lgPlanattachedheretoasExhibitB. BE lT FURTHE,R RE,SOLVED. that the chief Executive oftlcer and the General Counsel of the Company (each an "Authorized Ofticer") each are hereby authorized to take all such furlher actions and to execute and deliver all such agreements,lrrir,,*.nts, certif r;tes or documents, in the name and on behalf of the cornmitte:e, which shall in such Authorized officer's sole judgment be necessary, pr.pL, or aclvisable in order to carry out futly the intent and effectuate the purposes c'ithis and the fbregoing resolutions' This Written Consent may be erecuted in various counterpafis' allof which constitute one document.

 
INWITNESSWHEREoF,t]reundersignedmembersoftheCompensation co,rminee of the eoira "i oir*,"r, "f ;r;;; p'"ooutt'' Inc' have xecuted this written Consent effective as of the date first above written' Rndr.* B. Albeft Lee S. Hillman Mark F. Moon l. Steven Edelson _) -

 
EXHIBIT A AMENDMENT OF THB 1et a,n.*a"a una Restated Effective January 24'2017) WHEREAS,LawSonProducts.lnc.(the..Company,.)hasestablishedandmaintainsthe Lawson Products. lnc. Amended Stock Performance Plan. as Amended and Restated Effective January 24,2017 (the "Plan"); WHEREAS, the company previously has amended the Plan and norv considers it desirable to further amend the Plan; NOW, THtrRE,FORE, pursuant to the power reserved_to the company by Section 10 of the Plan, and by virtue of the authority' detegated to the undersigned officer by resolution of the Company. the PIan, as previously amenJed, be and is hereby further amended' effective December -,2020,uV uoding the ftllowing sentence to Section a(d) of the Plan as the last sentence thereof: "Notwithstanding the foregoing, the expiration of any stock performanc-e right ivill be tolled during u"i period ti. putti.ipant cannot exercise the stock performance right because such an exercise would violate an applicable Federal' state, local. or fbreign law, provided that the period during which the stock performance right may be exercised will not be extended rnore thin thirty (30) days after the exercise of the stock performance right f-rrst would no longer violaie an applicable Federal, state, local, and foreign law'" IN WITNESS WHEREOF. the Company has caused this Amendment to be executed by the undersigned duly authorized officer this .- day of December 2020' LAWSON PRODUCTS,INC. By: Its:

 
wHEREAS, L,arvson products. Inc. (the "corrpany") has established and maintains the Lawson Products" lnc. 2009 Equity cornpensation Plan' as Amended and Restated Eft'ective May 14.2019 (the "Plan"); WHEREAS.theCompan.vpreviouslyhasamendedthePlanandnowconsidersit desirable to further amend the Plan; NOW,THERE,FORE,pursuanttothepowerres.erved.tothecornparlybySectionlT'1 of the plan. and by uirtue of ttrl authority j.Lgut.d to the. undersigned officer by.resolution of the Co*pany. the Plan. as previously a,rendJd, be and is hereby fufiher amended' effective December -.7020,by adding the following n.* Section 16' l 0 io the Plan immediately after Section 16.9 thereof ..1 6.1 0 Extension of Expiration Date. Notwithstanding anything in the Plan or an award agreement to the contrary, the expiration date of any Award that constitutes a .stock right' under Section 40gA rvill be toiled during any period the Participant cannot exercise the stock right becaur. ,u.h an exercise lvould violate an applicable Federal' state, local, or fbreign law, provideJ rt',u, ,t''. period during which the stock right may be exercised will not be extended more than thilty (30) days afterthe exercise of the stock right first wouLd no longer violate an applicable peOerat' state' local' and tbreign law'" EXHIBIT B AMENDME,NT OF THE U NC.2OO9 E_QUIT NSATIO (As Amended und R"ttut.d Effective MaY 14,2019) the ComPanY has caused this Amendment to be executedIN WITNE,SS WHEREOF' by the undersigned duly authorized officer this day of December 2020. LAWSON PRODUCTS,INC. Bv: Its:

 

11 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/07/24  Dist Solutions Group, Inc.        10-K       12/31/23  117:13M
 3/14/23  Dist Solutions Group, Inc.        10-K       12/31/22  106:13M
11/03/22  Dist Solutions Group, Inc.        10-Q        9/30/22  100:11M
 8/09/22  Dist Solutions Group, Inc.        10-Q        6/30/22   98:21M
 4/29/22  Dist Solutions Group, Inc.        10-K/A     12/31/21   14:1.3M                                   Donnelley … Solutions/FA
 4/28/22  Dist Solutions Group, Inc.        10-Q        3/31/22   71:5.3M
 2/24/22  Dist Solutions Group, Inc.        10-K       12/31/21  105:18M
 2/10/22  Dist Solutions Group, Inc.        DEFM14A                1:6.5M                                   Donnelley … Solutions/FA
 1/14/22  Dist Solutions Group, Inc.        PREM14A     1/14/22    1:6.6M                                   Donnelley … Solutions/FA
10/28/21  Dist Solutions Group, Inc.        10-Q        9/30/21   83:29M
 7/29/21  Dist Solutions Group, Inc.        10-Q        6/30/21   83:29M

15 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/02/20  Dist Solutions Group, Inc.        8-K:1,2,8,9 8/31/20   13:1M                                     Toppan Merrill/FA
10/16/19  Dist Solutions Group, Inc.        8-K:1,2,9  10/11/19    3:51M
 5/03/19  Dist Solutions Group, Inc.        8-K:5,8,9   5/03/19    4:389K
 4/11/18  Dist Solutions Group, Inc.        8-K:5,9     4/09/18    6:108K                                   Donnelley … Solutions/FA
 8/17/17  Dist Solutions Group, Inc.        8-K:5,9     8/14/17    3:224K
10/21/15  Dist Solutions Group, Inc.        8-K:5,9    10/16/15    2:151K
 7/02/14  Dist Solutions Group, Inc.        8-K:1,2,9   6/30/14    2:301K
 9/04/12  Dist Solutions Group, Inc.        8-K:5,9     8/29/12    4:296K                                   Donnelley Fi… Express/FA
11/04/09  Dist Solutions Group, Inc.        DEF 14A    12/08/09    1:723K                                   Donnelley … Solutions/FA
10/21/09  Dist Solutions Group, Inc.        8-K:5,9    10/20/09    2:82K                                    Donnelley Fi… Express/FA
 2/19/09  Dist Solutions Group, Inc.        8-K:5,9     2/12/09    7:450K                                   Bowne Boc/FA
11/25/08  Dist Solutions Group, Inc.        8-K:5,9     5/13/08    2:80K                                    Bowne Boc/FA
 9/19/08  Dist Solutions Group, Inc.        8-K:1,5,9   9/15/08    3:133K                                   Bowne Boc/FA
 3/16/05  Dist Solutions Group, Inc.        10-K       12/31/04    9:137K                                   McDermott Will… Emery/FA
 3/28/01  Dist Solutions Group, Inc.        10-K       12/30/00    4:86K                                    McDermott Will… Emery/FA
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Filing Submission 0000703604-21-000035   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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