EX-10.4



 Exhibit 10.4 

CSW INDUSTRIALS, INC. 

Form of Restricted Share Award Agreement for Directors 
  

							
	        Date of Grant:	 	[	 	  
	 	]
				
	        Name of Participant:	 		 	  
	 	
				
	        Number of Restricted Shares:	 		 	  
	 	

 CSW Industrials, Inc. (the “Company”) hereby awards to
[                    ] (the “Participant”) the number of shares of the presently authorized but unissued Common Shares, $0.01
par value per share, of the Company (the “Restricted Shares”) set forth above pursuant to the CSW Industrials, Inc. 2015 Equity and Incentive Compensation Plan (the “Plan”). 

Unless otherwise provided herein, capitalized terms used in this Award Agreement that are defined in the Plan and not defined herein shall
have the meanings set forth in the Plan. The terms and conditions of the Restricted Shares granted hereby, to the extent not controlled by the terms and conditions contained in the Plan, are as follows: 

 

	1.	No Right to Continued Service on the Board 

 Nothing contained in this Award Agreement shall confer upon
Participant the right to the continuation of his or her status as a member of the Board, or to interfere with the right of the Company to terminate such relationship. 
  

	2.	Vesting of Restricted Shares 

  

	 	(a)	The Restricted Shares granted hereby shall vest on the date of the first Annual Meeting that occurs after the Date of Grant if the Participant remains a member of the Board on the date of such Annual Meeting. Subject to
Section 2(b) below, all unvested Restricted Shares will be forfeited and cancelled upon the Participant’s termination of service from the Board on the date of such termination. For purposes of this Award Agreement, “Annual
Meeting” means the Company’s annual meeting of Stockholders. 

  

	 	(b)	Notwithstanding anything contained in this Award Agreement to the contrary, any unvested Restricted Shares granted pursuant to this Award Agreement shall automatically vest in full upon the occurrence of any of the
following events: (i) a Change in Control, (ii) the Participant’s termination of service from the Board due to his or her Disability, and (iii) the Participant’s termination of service from the Board due to his or her death.
For purposes of this Award Agreement, “Disability” means the Participant’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to
result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. 


  
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	3.	Retention of Certificates 

 The Company will retain the certificate(s) representing the
Restricted Shares granted to the Participant pursuant to this Award Agreement until such time as the vesting restrictions have lapsed and the restrictions on the transfer of such Restricted Shares have terminated. Within a reasonable time
thereafter, the Company will deliver to the Participant certificate(s) representing such Restricted Shares free of any applicable restrictions. 
  

	4.	Tax Election 

 Within thirty (30) days after the Date of Grant, the Participant may
make an election with the Internal Revenue Service under Section 83(b) of the Code and the regulations promulgated thereunder. 
  

	5.	Restrictions on Transfer 

 The Restricted Shares granted hereunder shall not be sold,
assigned, transferred, pledged or otherwise encumbered until such Restricted Shares are fully vested. 
  

	6.	Dividends and Other Distributions 

 The Participant shall be entitled to receive cash
dividends or cash distributions declared and paid with respect to the Restricted Shares. Any such cash dividends or cash distributions shall be paid within thirty (30) days after the corresponding cash dividends or cash distributions are paid
to the Company’s other Stockholders. The Participant shall also have the right to receive stock dividends or stock distributions with respect to the Restricted Shares. With respect to any unvested Restricted Shares, the stock dividends or stock
distributions shall likewise be restricted and shall vest at the same time as the Restricted Shares vest to which such stock dividend or stock distribution relates. 
  

	7.	Voting of Restricted Shares 

 The Participant shall be entitled to vote the Restricted
Shares subject to the rules and procedures adopted by the Committee for this purpose. 
  

	8.	Withholding 

 To the extent that the Company is required to withhold Federal, state or
other taxes in connection with the lapse of the restrictions hereunder on the Common Shares, and the amounts available to the Company for such withholding are insufficient, it shall be a condition to the obligation of the Company to make any
delivery of Common Shares to the Participant that the Participant make arrangements satisfactory to the Company for payment of the balance of such taxes required to be withheld. 

 

	9.	Notices 

 Any notice required to be given pursuant to this Award Agreement or the Plan
shall be in writing and shall be deemed to be delivered upon receipt or, in the case of notices by the Company, five (5) days after deposit in the U.S. mail, postage prepaid, addressed to the Participant at the address last provided for his or
her employee records. 

  
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	10.	Award Agreement Subject to Plan 

 This Award Agreement is made pursuant to the Plan and
shall be interpreted to comply therewith. Any provision of this Award Agreement inconsistent with the Plan shall be considered void and replaced with the applicable provision of the Plan. 

 

	11.	Entire Agreement 

 This Award Agreement, together with the Plan, embodies the entire
agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement not expressly set forth in this Award Agreement shall affect or be used to interpret, change or restrict the express terms and provisions of this Award Agreement, provided, however, in any event, this Award Agreement shall be
subject to and governed by the Plan. 
  

	12.	Severability 

 In the event that one or more of the provisions of this Award Agreement
shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully
enforceable. 
  

	13.	Electronic Delivery 

 The Company may, in its sole discretion, deliver any documents
related to the Restricted Shares and the Participant’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Participant’s consent to participate in the Plan by electronic means.
The Participant hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated
by the Company. 
  

	14.	Counterparts 

 This Award Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same agreement. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement on as of the date first
above written. 
  

			
	COMPANY:
	
	CSW INDUSTRIALS, INC.
	
	  

	By:	 	Joseph B. Armes
		 	Chief Executive Officer
	
	PARTICIPANT:
	
	  

	Name:	 	[                        ]
		
	Address:	 	


  
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