Document:

Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 3

 

AMENDMENT NO. 3 (this “Agreement”) dated as of July 23, 2015 by and among ARES HOLDINGS L.P., a Delaware limited partnership (as successor by conversion to Ares Holdings LLC) (“Ares Holdings”), ARES DOMESTIC HOLDINGS L.P., a Delaware limited partnership (“Ares Domestic Holdings”), ARES INVESTMENTS L.P., a Delaware limited partnership (as successor by conversion to Ares Investments LLC) (“Ares Investments”), ARES REAL ESTATE HOLDINGS L.P., a Delaware limited partnership (“Ares Real Estate”, together with Ares Holdings, Ares Domestic Holdings, Ares Investments and any other Person that thereafter become borrowers under the Credit Agreement by joinder, are referred to hereinafter individually and collectively, jointly and severally, as the “Borrower”), the Guarantors party hereto, the lenders identified on the signature pages hereto (such lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”) and JPMorgan Chase Bank, N.A., as Agent.

 

RECITALS

 

WHEREAS, the Borrower, the Guarantors party thereto, the Lenders party thereto and Agent are party to that certain Sixth Amended and Restated Senior Credit Agreement, dated as of April 21, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, the Borrower, the Guarantors, the Agent and the Lenders have agreed to amend the Credit Agreement as set forth herein;

 

NOW, THEREFORE, in consideration of the foregoing recital, mutual agreements contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1.  Definitions.  Except as otherwise defined in this Agreement, terms defined in the Credit Agreement are used herein as defined therein.  This Agreement shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.

 

Section 2.  Amendments.  Subject to the satisfaction of the conditions precedent specified in Section 4 below, but effective as of the date hereof, the Credit Agreement shall be amended as follows:

 

2.01.  References Generally.  References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Credit Agreement as amended hereby.

 

2.02.       Amendment to Section 1.1.   The definition of “Debt” contained in Section 1.1 of the Credit Agreement is hereby amended by adding the following sentence at the end of such definition:

 

“Notwithstanding any provision in this Agreement to the contrary, for purposes of calculating outstanding Debt with respect to any covenant calculation or compliance hereunder (including but not limited to compliance with Section 6.13 or any reference thereto), such calculation of Debt shall be net of any cash of PTP, any other Loan Party or any of their respective Subsidiaries (including but not limited to any cash on hand as a result of the incurrence of any indebtedness (including any indebtedness incurred hereunder)); provided that (A) the netting of any cash on hand as a result of the incurrence of any

 

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indebtedness that is not repaid within 7 days of such incurrence shall be capped at no greater than $750,000,000 and (B) all netted cash shall be used solely to fund the consummation of a New Acquisition or transaction related thereto.”

 

2.03.       Amendment to Section 6.13(b).  Section 6.13(b) of the Credit Agreement shall be amended and restated in its entirety as follows:

 

“Debt to Adjusted EBITDA. Permit the ratio of (i) the total outstanding amount of Debt of PTP and the Loan Parties and their respective Subsidiaries on a Stand Alone Basis as of the last day of any four fiscal quarter period of PTP, commencing with the four fiscal quarter period ending March 31, 2014, to (ii) the Adjusted EBITDA of PTP and the Loan Parties and their respective Subsidiaries on a Stand Alone Basis for such period, to be greater than (A) for each fiscal period ending on or prior to December 31, 2016, 3.75:1.00 and (B) thereafter, 3.50:1.00.”

 

2.04.       Amendment to Section 11.11.  Section 11.11 of the Credit Agreement shall by amended by deleting the following phrase “Agent and Lenders each individually (and not jointly or jointly and severally) agree that material, non-public information regarding PTP and its Subsidiaries, their operations, assets, and existing and contemplated business plans shall be treated by Agent and the Lenders in a confidential manner” and inserting in lieu thereof the following:

 

“Agent and Lenders each individually (and not jointly or jointly and severally) agree that material, non-public information regarding PTP, the Loan Parties and their respective Subsidiaries, their operations, assets, and existing and contemplated business plans shall be treated by Agent and the Lenders in a confidential manner, used only in connection with this Agreement and in compliance with applicable laws, including United States federal or state securities laws”.

 

Section 3.  Representations and Warranties.

 

(a)           Each Borrower, individually as to itself only, represents and warrants to the Lenders and the Administrative Agent, that this Agreement has been duly executed and delivered by such Borrower and constitutes a legal, valid and binding obligation of such Borrower, enforceable in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

(b)           Each Borrower represents and warrants that on the date hereof the representations and warranties of such Borrower set forth in Article IV of the Credit Agreement are true, correct and complete in all material respects on and as of the date hereof, provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided, further that, any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on such respective dates.

 

Section 4.  Conditions Precedent.  The amendments set forth in Section 2 hereof shall become effective, as of the date hereof (other than the amendment set forth in Section 2.03, which shall not become effective until the first quarter in which a New Acquisition is consummated after the date hereof), upon satisfaction of the following conditions:

 

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(a)           Execution.  The Administrative Agent shall have received counterparts of this Agreement executed by the Borrower and the Lenders constituting the Required Lenders under the Credit Agreement.

 

Section 5.  Effect.  Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

 

Section 6.  Confirmation of Loan Documents.  As of the date of hereof and after giving effect to this Agreement, the Borrower hereby confirms and ratifies all of its obligations under the Credit Agreement and each other Loan Document to which it is a party.  By its execution on the respective signature lines provided below, as of the date hereof and after giving effect to this Agreement, each of the Guarantors hereby (a) confirms and ratifies all of its obligations and (b) represents and warrants that the representations and warranties set forth herein, the Credit Agreement and in such other Loan Documents are true and correct in all material respects on the date hereof as if made on and as of such date (except to the extent that any representation or warranty expressly relates to an earlier date, in which case such representation or warranty shall have been true and correct as of such earlier date); provided that any representation and warranty that is qualified as to materiality or material adverse effect shall, after giving effect to such qualifications as set forth therein, be true and correct in all respects.  This Agreement is deemed to be a “Loan Document” for the purposes of the Credit Agreement.

 

Section 7.  Miscellaneous.  Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Agreement by signing any such counterpart.  Delivery of a counterpart by electronic transmission shall be effective as delivery of a manually executed counterpart hereof.  This Agreement and any right, remedy, obligation, claim, controversy, dispute or cause of action (whether in contract, tort or otherwise) based upon, arising out of or relating to this Agreement shall be governed by, and construed in accordance with, the law of the State of New York without regard to conflicts of law principles that would lead to the application of laws other than the law of the State of New York.

 

[signature pages follow]

 

3

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.

 

	
 
    	
 
    	
BORROWERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARES HOLDINGS L.P.,
    
	
 
    	
 
    	
a Delaware limited   partnership
    
	
 
    	
 
    	
By: Ares Holdings Inc.,   its general partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/ Naseem Sagati
    
	
 
    	
 
    	
 
    	
Name:
    	
Naseem Sagati
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARES INVESTMENTS L.P.,
    
	
 
    	
 
    	
a Delaware limited   partnership
    
	
 
    	
 
    	
By: Ares Management,   L.P., its general 
    
	
 
    	
 
    	
partner
    
	
 
    	
 
    	
By: Ares Management GP   LLC, its general
    
	
 
    	
 
    	
partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/ Naseem Sagati
    
	
 
    	
 
    	
 
    	
Name:
    	
Naseem Sagati
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARES DOMESTIC HOLDINGS L.P.,
    
	
 
    	
 
    	
a Delaware limited   partnership
    
	
 
    	
 
    	
By: Ares Domestic   Holdings Inc., its general 
    
	
 
    	
 
    	
partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/ Naseem Sagati
    
	
 
    	
 
    	
 
    	
Name:
    	
Naseem Sagati
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARES REAL ESTATE HOLDINGS L.P.,
    
	
 
    	
 
    	
a Delaware limited   partnership
    
	
 
    	
 
    	
By: Ares Real Estate   Holdings LLC, its 
    
	
 
    	
 
    	
general partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/ Naseem Sagati
    
	
 
    	
 
    	
 
    	
Name:
    	
Naseem Sagati
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized Signatory
    

 

[Signature Page to Amendment No. 3 – Ares]

 

 

	
 
    	
 
    	
GUARANTORS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARES HOLDINGS INC.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/ Naseem Sagati
    
	
 
    	
 
    	
 
    	
Name:
    	
Naseem Sagati
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARES DOMESTIC HOLDINGS INC.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/ Naseem Sagati
    
	
 
    	
 
    	
 
    	
Name:
    	
Naseem Sagati
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARES REAL ESTATE HOLDINGS LLC
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/ Naseem Sagati
    
	
 
    	
 
    	
 
    	
Name:
    	
Naseem Sagati
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARES MANAGEMENT, L.P.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: Ares Management GP   LLC, its general 
    
	
 
    	
 
    	
partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/ Naseem Sagati
    
	
 
    	
 
    	
 
    	
Name:
    	
Naseem Sagati
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARES MANAGEMENT LLC
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/ Naseem Sagati
    
	
 
    	
 
    	
 
    	
Name:
    	
Naseem Sagati
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized Signatory
    

 

[Signature Page to Amendment No. 3 – Ares]

 

 

	
 
    	
 
    	
ARES INVESTMENTS HOLDINGS 
    
	
 
    	
 
    	
LLC
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/ Naseem Sagati
    
	
 
    	
 
    	
 
    	
Name:
    	
Naseem Sagati
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARES FINANCE CO. LLC
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/ Naseem Sagati
    
	
 
    	
 
    	
 
    	
Name:
    	
Naseem Sagati
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized Signatory
    

 

[Signature Page to Amendment No. 3 – Ares]

 

 

	
 
    	
 
    	
JPMORGAN   CHASE BANK, N.A.,
    
	
 
    	
 
    	
as   Agent
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Lauren Gubkin
    
	
 
    	
 
    	
 
    	
Name:
    	
Lauren   Gubkin
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    	
J.P.   Morgan
    

 

 

	
 
    	
 
    	
BANK   OF AMERICA, N.A.:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Dominic Malleo
    
	
 
    	
 
    	
 
    	
Name:
    	
Dominic   Malleo
    
	
 
    	
 
    	
 
    	
Title:
    	
Director
    

 

 

	
 
    	
 
    	
Morgan   Stanley Bank, N.A., as   a Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Harry Comninellis
    
	
 
    	
 
    	
 
    	
Name:
    	
Harry   Comninellis
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

 

	
 
    	
 
    	
Bank   Name:
    
	
 
    	
 
    	
GOLDMAN   SACHS BANK USA
    
	
 
    	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Jamie Minieri
    
	
 
    	
 
    	
 
    	
Name:
    	
Jamie   Minieri
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

 

	
 
    	
 
    	
CREDIT   SUISSE AG, CAYMAN 
    
	
 
    	
 
    	
ISLANDS   BRANCH
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Doreen Barr
    
	
 
    	
 
    	
 
    	
Name:
    	
Doreen   Barr
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Lingzi Huang
    
	
 
    	
 
    	
 
    	
Name:
    	
Lingzi   Huang
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

 

	
 
    	
 
    	
BARCLAYS   BANK PLC,
    
	
 
    	
 
    	
 as a Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Luke Syme
    
	
 
    	
 
    	
 
    	
Name:
    	
Luke   Syme
    
	
 
    	
 
    	
 
    	
Title:
    	
Assistant   Vice President
    

 

 

	
 
    	
 
    	
Bank   Name: Citibank, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Alexander Duka
    
	
 
    	
 
    	
 
    	
Name:
    	
Alexander   Duka
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    

 

 

	
 
    	
 
    	
DEUTSCHE   BANK AG NEW YORK 
    
	
 
    	
 
    	
BRANCH,
    
	
 
    	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Dusan Lazarov
    
	
 
    	
 
    	
 
    	
Name:
    	
Dusan   Lazarov
    
	
 
    	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Michael Shannon
    
	
 
    	
 
    	
 
    	
Name:
    	
Michael   Shannon
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    

 

 

	
 
    	
 
    	
Wells   Fargo Bank, N.A.
    
	
 
    	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Luke Harbinson
    
	
 
    	
 
    	
 
    	
Name:
    	
Luke   Harbinson
    
	
 
    	
 
    	
 
    	
Title:
    	
Director
    

 

 

	
 
    	
 
    	
Royal   Bank of Canada
    
	
 
    	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Tim Stephens
    
	
 
    	
 
    	
 
    	
Name:
    	
Tim   Stephens
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

 

	
 
    	
 
    	
Bank   Name: The Bank of New York 
    
	
 
    	
 
    	
Mellon,   as a Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Jean Earley
    
	
 
    	
 
    	
 
    	
Name:
    	
Jean   Earley
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    

 

 

	
 
    	
 
    	
SUMITOMO   MITSUI BANKING CORPORATION
    
	
 
    	
 
    	
as   Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Ken Takahashi
    
	
 
    	
 
    	
 
    	
Name:
    	
Ken   Takahashi
    
	
 
    	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

 

	
 
    	
 
    	
U.S.   Bank National Association,
    
	
 
    	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Barry K. Chung
    
	
 
    	
 
    	
 
    	
Name:
    	
Barry   K. Chung
    
	
 
    	
 
    	
 
    	
Title:
    	
Sr.   Vice President
    

 

 

	
 
    	
 
    	
MUFG   UNION BANK, N.A.
    
	
 
    	
 
    	
(F/K/A   UNION BANK, N.A.)
    
	
 
    	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Y. Joanne Si
    
	
 
    	
 
    	
 
    	
Name:
    	
Y.   Joanne Si
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    

 

 

	
 
    	
 
    	
Bank   Name:
    
	
 
    	
 
    	
SunTrust   Bank
    	
 
    
	
 
    	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Doug Kennedy
    
	
 
    	
 
    	
 
    	
Name:
    	
Doug   Kennedy
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    
						

 

 

	
 
    	
 
    	
City   National Bank, N.A.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Brandon Feitelson
    
	
 
    	
 
    	
 
    	
Name:
    	
Brandon   Feitelson
    
	
 
    	
 
    	
 
    	
Title:
    	
SVPEX-4.2

 Exhibit 4.2 
  

 
 THE VALSPAR CORPORATION 

$350,000,000 3.950% Notes due 2026 

SIXTH SUPPLEMENTAL INDENTURE 

Dated as of July 27, 2015 

to 
 Indenture Dated as of
April 24, 2002 
 U.S. BANK NATIONAL ASSOCIATION 

Series Trustee 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A 

(as successor to Bank One Trust Company, N.A.) 

Original Trustee 
  

 

 SIXTH SUPPLEMENTAL INDENTURE (this “Sixth Supplemental Indenture”), dated as of
July 27, 2015, between THE VALSPAR CORPORATION, a Delaware corporation (the “Company”), U.S. Bank National Association, (the “Series Trustee”), and The Bank of New York Mellon Trust Company, N.A. (as successor
to Bank One Trust Company, N.A.) (the “Original Trustee,” and together with the Series Trustee, the “Trustee”). 

RECITALS 
 WHEREAS, the Company
has heretofore executed and delivered to the Original Trustee an Indenture dated as of April 24, 2002 (the “Existing Indenture” and, together with the First Supplemental Indenture dated as of April 30, 2002, the Second
Supplemental Indenture dated as of April 17, 2007, the Third Supplemental Indenture dated as of June 19, 2009, the Fourth Supplemental Indenture, dated as of January 13, 2012, the Fifth Supplemental Indenture, dated as of
January 21, 2015 and this Sixth Supplemental Indenture, the “Indenture”) providing for the issuance by the Company from time to time of its debt securities to be issued in one or more series; 

WHEREAS, the Company, in the exercise of the power and authority conferred upon and reserved to it under the provisions of the Existing
Indenture and pursuant to appropriate resolutions of the Board of Directors, has duly determined to make, execute and deliver to the Series Trustee this Sixth Supplemental Indenture to the Existing Indenture in order to issue a new series of debt
securities to be designated as the “3.950% Notes due 2026” (the “Notes”), and to set forth the respective terms that will be applicable thereto and the form thereof; 

WHEREAS, the Company has duly determined to appoint U.S. Bank National Association as Series Trustee, Security Registrar and Paying Agent
under the Indenture with respect to the Notes (but only with respect to the Notes) and U.S. Bank National Association is willing to accept such appointment with respect to the Notes; 

WHEREAS, the Company is entering into this Sixth Supplemental Indenture with the Original Trustee and the Series Trustee to evidence and
provide for the acceptance of appointment thereunder by the Series Trustee with respect to the Notes (but only with respect to the Notes), to add to or change any of the provisions of the Existing Indenture as shall be necessary to provide for or
facilitate the administration of the trusts thereunder by more than one Trustee, to make certain amendments to the Existing Indenture pursuant to Section 901(2) of the Existing Indenture to expressly permit the appointment of the Series Trustee
as Trustee for the Notes (but only with respect to the Notes), and to make certain other amendments to the Existing Indenture; 
 WHEREAS,
the Company has requested that the Original Trustee enter into this Sixth Supplemental Indenture in connection with (i) the foregoing amendments and (ii) the Company’s appointment of the Series Trustee with all of the rights, powers,
trusts, duties and obligations of Trustee, Security Registrar and Paying Agent with respect to the Notes (but only with respect to the Notes); 

WHEREAS, Sections 201, 301 and 901 of the Existing Indenture provide, among other things, that the Company and the Trustee may, without the
consent of Holders, enter into indentures supplemental to the Existing Indenture to provide for specific terms applicable to any 

  
 2 

 
series of notes and to add to the covenants of the Company for the benefit of the Holders of each series of notes (and if such covenants are to be for the benefit of less than all series of
notes, stating that such covenants are expressly being included solely for the benefit of such series); and 
 WHEREAS, all things necessary
to make the Notes, when executed by the Company and authenticated and delivered by the Series Trustee or any Authenticating Agent and issued upon the terms and subject to the conditions set forth hereinafter and in the Indenture against payment
therefor, the valid, binding and legal obligations of the Company and to make this Sixth Supplemental Indenture a valid, binding and legal agreement of the Company, have been done; 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

APPLICATION OF SUPPLEMENTAL INDENTURE 

AND CREATION OF NOTES 
 Section 1.01
Application of this Sixth Supplemental Indenture. 
 Notwithstanding any other provision of this Sixth Supplemental Indenture, the
provisions of this Sixth Supplemental Indenture, including the covenants and Events of Default set forth herein, are expressly and solely for the benefit of the Notes. The Notes constitute a separate series of notes as provided in Section 301
of the Existing Indenture. 
 Section 1.02 Effect of this Sixth Supplemental Indenture. 

With respect to the Notes only, the Existing Indenture shall be supplemented pursuant to Sections 201, 301 and 901 thereof to establish the
terms of the Notes as set forth in this Sixth Supplemental Indenture, including as follows: 
  

	 	(a)	The definitions set forth in Article One of the Existing Indenture shall be modified to the extent provided in Article II of this Sixth Supplemental Indenture; 

 

	 	(b)	The form and terms of the securities representing the Notes required to be established pursuant to Sections 201 and 301 of the Existing Indenture shall be established in accordance with Sections 1.03, 1.04, 1.05, 1.06
and 1.07 of this Sixth Supplemental Indenture; 

  

	 	(c)	Sections 501(1), (6) and (7) of the Existing Indenture regarding certain events of default are deleted as contemplated by Section 301(12) of the Existing Indenture and replaced in their entirety by
Section 5.01 of this Sixth Supplemental Indenture. 

  

	 	(d)	The provisions of Article Ten of the Existing Indenture regarding certain covenants of the Company shall be supplemented and amended by the provisions of Article VI of this Sixth Supplemental Indenture.

  
 3 

	 	(e)	Section 901 of the Existing Indenture regarding the entering into of supplemental indentures without the consent of Holders shall be amended by inserting therein a new Section 901(8) of the Existing Indenture (as
set forth in Section 8.01 of this Sixth Supplemental Indenture). 

  

	 	(f)	Section 901(6) of the Existing Indenture regarding the appointment of a successor Trustee by entering into of supplemental indentures without the consent of Holders shall be amended and replaced in its entirety by
Section 8.02 of this Sixth Supplemental Indenture. 

 Section 1.03 Designation and Amount of Notes. 

The Notes shall be known and designated as the “3.950% Notes due 2026.” The initial maximum aggregate principal amount of the Notes
that may be authenticated and delivered under this Sixth Supplemental Indenture shall not exceed $350,000,000, except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, Notes pursuant to
Sections 202, 304, 305, 306 or 905 of the Existing Indenture (unless the Notes are “reopened” pursuant to Section 901(8) of the Existing Indenture (as set forth in Section 8.01 of this Sixth Supplemental Indenture) by issuing
additional Notes of such series (the “Additional Notes”), in an amount or amounts and registered in the names of such Persons as shall be set forth in any written order of the Company for the authentication and delivery of the Notes
pursuant to Section 303 of the Existing Indenture). 
 Section 1.04 Terms; Form of Security. 

The Notes and the Additional Notes shall constitute one series for purposes of the Existing Indenture and this Sixth Supplemental Indenture,
including, without limitation, waivers, amendments, redemptions and offers to purchase. The Company shall issue any additional notes of a series by adopting a Board Resolution in the manner set forth in Section 301 of the Existing Indenture
providing for the terms of such issuance. Notwithstanding the foregoing, the Notes are issuable in fully registered form as Global Notes (unless otherwise permitted by Section 202 of the Existing Indenture) without coupons and shall be in
substantially the form of Exhibit A. The Notes are not issuable in bearer form. The terms and provisions contained in the form of Note shall constitute, and are hereby expressly made, a part of this Sixth Supplemental Indenture and the Company, by
its execution and delivery of this Sixth Supplemental Indenture, expressly agrees to such terms and provisions and to be bound thereto. Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends and
endorsements as the officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and are not inconsistent with the provisions of the Indenture (and which do not affect the rights, duties or immunities of the
Series Trustee), or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed. 

Section 1.05 Payment of Principal and Interest. 

(a) The Notes shall mature, and the principal of the Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all
accrued and unpaid interest thereon, on January 15, 2026 (the Stated Maturity of principal of the Notes). 

  
 4 

 (b) The Notes shall bear interest at 3.950% per annum from and including July 27, 2015,
or from the most recent Interest Payment Date (defined below) on which interest has been paid or provided for until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is
enforceable under applicable law) on any overdue installment of interest at the same rate per annum. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. Interest on
the Notes shall be payable semi-annually in arrears in U.S. Dollars on January 15 and July 15 of each year, commencing on January 15, 2016 (each such date, an “Interest Payment Date” for the purposes of the Notes
under this Sixth Supplemental Indenture). Payments of interest shall be made to the Person in whose name a Note (or predecessor Note) is registered (which shall initially be the Depositary) at the close of business on the January 1 or
July 1, as the case may be, next preceding such Interest Payment Date (each such date, a “Regular Record Date” for the purposes of the Notes under this Sixth Supplemental Indenture). 

(c) For so long as the Notes are represented by one or more Global Notes, all payments of principal and interest shall be made by the
Company by wire transfer of immediately available funds in U.S. Dollars to the Depositary or its nominee, as the case may be, as the registered owner of the Global Notes representing such Notes. In the event that definitive Notes shall have been
issued, all payments of principal and interest shall be made by the Company by wire transfer of immediately available funds in U.S. Dollars to the accounts of the registered Holders thereof; provided, that the Company may elect to make such
payments at the office of the Paying Agent in The City of New York; and provided further, that the Company may at its option pay interest by check to the registered address of each Holder of a definitive Note. 

(d) The Notes shall trade in the Depositary’s Same-Day Funds Settlement System until Stated Maturity (or until they are subject to
acceleration pursuant to Article V of the Existing Indenture) and secondary market trading activity in the Notes may be required by the Depositary to settle in immediately available funds. 

(e) The Notes are subject to redemption by the Company in whole or in part in the manner described herein. 

Section 1.06 Ranking. 
 The Notes
shall be general unsecured obligations of the Company. The Notes shall rank pari passu in right of payment with all unsecured and unsubordinated indebtedness of the Company and senior in right of payment to all subordinated indebtedness of
the Company. 
 Section 1.07 Sinking Fund 

The Notes are not subject to any sinking fund. 

ARTICLE II 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 

  
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 Section 2.01 Definitions. 

(a) All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Existing Indenture. 

(b) The following are definitions used in this Sixth Supplemental Indenture and to the extent that a term is defined both herein and in the
Existing Indenture, the definition in this Sixth Supplemental Indenture shall govern with respect to the Notes. 
 “Attributable
Debt” for a lease means, as of the date of determination, the present value of net rent for the remaining term of the lease. Rent shall be discounted to present value at a discount rate that is compounded semi-annually. The discount rate
shall be 10% per annum or, if the Company elects, the discount rate shall be equal to the weighted average Yield to Maturity of the Notes. Such average shall be weighted by the principal amount of the Notes then outstanding. Rent is the lesser
of (a) rent for the remaining term of the lease assuming it is not terminated, or (b) rent from the date of determination until the first possible termination date plus the termination payment then due, if any. The remaining term of a
lease includes any period for which the lease has been extended. Rent does not include (1) amounts due for maintenance, repairs, utilities, insurance, taxes, assessments and similar charges, or (2) contingent rent, such as that based on
sales. Rent may be reduced by the discounted present value of the rent that any sublessee must pay from the date of determination for all or part of the same property. If the net rent on a lease is not definitely determinable, the Company may
estimate it in any reasonable manner. 
 “Below Investment Grade Rating Event” means the Notes are rated below Investment
Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period
shall be extended so long as the rating of such Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular
reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event) if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Series Trustee in writing at the request of the Company that the reduction was the result, in whole or in
part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating
Event). 
 “Change of Control” means the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of the Company, measured
by voting power rather than number of shares. Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Company becomes a wholly owned subsidiary of a holding company and (2) the holders of
the Voting Stock of such holding company immediately following that 

  
 6 

 
transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a
maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date, (i) the
average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Series Trustee obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Consolidated Total Assets” means total consolidated assets as reflected in the Company’s most recent consolidated
balance sheet preceding the date of a determination under Section 6.01(i) of this Sixth Supplemental Indenture. 

“Control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by”
and “under common control with” have correlative meanings. 
 “Debt” means any debt for borrowed money or
any guarantee of such debt. 
 “Government Securities” means direct obligations of the United States for the payment of
which its full faith and credit is pledged, or obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the timely payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent
under any successor rating categories of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); or the equivalent investment grade credit rating from any additional Rating Agency or
Rating Agencies selected by the Company. 
 “Lien” means any mortgage, pledge, security interest or lien to secure or
assure payment of Debt. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Long-Term Debt” means Debt that by its terms matures on a date more than 12 months after the date it was created or Debt
that the obligor may extend or renew without the obligee’s consent to a date more than 12 months after the date the Debt was created. 

  
 7 

 “Officer” means the Chief Executive Officer, the President, the Chief Financial
Officer, any Executive or Senior Vice President or the Principal Accounting Officer (so long as such Principal Accounting Officer is at least a Vice President) of the Company. 

“Principal Property” means (i) any manufacturing facility, whether now or hereafter owned, located in the United States
(excluding territories and possessions other than Puerto Rico), except any such facility that in the opinion of the board of directors of the Company or any authorized committee of such board is not of material importance to the total business
conducted by the Company and its consolidated Subsidiaries, and (ii) any shares of stock of a Restricted Subsidiary. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 

“Reference Treasury Dealer” means (i) Merrill Lynch Pierce, Fenner & Smith Incorporated and HSBC Securities
(USA) Inc. and their respective successors (provided, however, that if any such firm or successor, as the case may be, ceases to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the
Company shall substitute therefor another Primary Treasury Dealer), (ii) one Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc. or its successor, (iii) one Primary Treasury Dealer selected by Wells Fargo Securities, LLC or
its successor, and (iv) any other Primary Treasury Dealers selected by the Company. 
 “Rating Agency” means
(1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or
S&P, or both, as the case may be. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any redemption date, the average, as determined by the Series Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Series
Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Restricted Subsidiary” means a Wholly-Owned Subsidiary that has substantially all of its assets located in the United States
(excluding territories or possessions other than Puerto Rico) and owns a Principal Property. 
 “S&P” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 
 “Sale-Leaseback
Transaction” means an arrangement pursuant to which the Company or a Restricted Subsidiary now owns or hereafter acquires a Principal Property, transfers it to a person, and leases it back from the person. 

  
 8 

 “Treasury Rate” means, with respect to any redemption date, the rate per annum
equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date. 
 “Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange
Act) as of any date means the capital stock or other equity interest of such person that is at the time entitled to vote generally in the election of the board of directors or equivalent body of such person. 

“Wholly-Owned Subsidiary” of any specified Person means a corporation all of whose Voting Stock is owned by the Company or a
Wholly-Owned Subsidiary, the accounts of which are consolidated with those of the Company in its consolidated financial statements. 

“Yield to Maturity” means the yield to maturity on a security at the time of its issuance or at the most recent determination
of interest on the security. 
 Section 2.02 Other Definitions. 
  

					
	 Term
	 	 	  	 Defined in Section

			
	“Additional Notes”	 		  	1.03

 Section 2.03 Incorporation by Reference of Trust Indenture Act. 

The Indenture is subject to the mandatory provisions of the Trust Indenture Act, which are incorporated by reference in and made a part of the
Indenture. The following Trust Indenture Act terms have the following meanings: 
 “indenture securities” means the Notes. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Sixth Supplemental Indenture. 

“indenture trustee” or “institutional trustee” means the Series Trustee. 

“obligor” on the indenture securities means the Company and any other obligor on the indenture securities. 

All other Trust Indenture Act terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act
reference to another statute or defined by Commission rule have the meanings assigned to them by such definitions. 
 ARTICLE III 

REDEMPTION 

  
 9 

 Section 3.01 Optional Redemption. 

The Notes are subject to redemption, in whole or in part, on any date prior to October 15, 2025, at the Company’s option at a
Redemption Price equal to the greater of: 
  

	 	(i)	100% of the principal amount of the Notes to be redeemed, and 

  

	 	(ii)	as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest in respect of the Notes to be redeemed (not including any portion of those payments of
interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, 

plus accrued and unpaid interest to the redemption date. 

In addition, at any time on or after October 15, 2025, (three months prior to the stated maturity), the Company may also redeem some or
all of the Notes at its option, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to the redemption date. 

The Company may provide in the redemption notice described in Section 3.04 herein that payment of such Redemption Price and performance
of the Company’s obligations with respect to such redemption or purchase may be performed by another Person. Any such notice may, at the Company’s discretion, be subject to the satisfaction of one or more conditions precedent. 

Section 3.02 Notices to Series Trustee. 

If the Company elects to redeem the Notes pursuant to this Article, it shall notify the Series Trustee in writing of the redemption date and
the principal amount of the Notes to be redeemed. 
 The Company shall give each notice to the Series Trustee provided for in this Section
at least 35 days but not more than 60 days before the redemption date unless the Series Trustee consents to a shorter period. Such notice shall be accompanied by an Officers’ Certificate and an Opinion of Counsel from the Company to the effect
that such redemption will comply with the conditions herein. If fewer than all the Notes are to be redeemed, the record date relating to such redemption shall be selected by the Company and given to the Series Trustee, which record date shall be not
fewer than 15 days after the date of notice to the Series Trustee. Any such notice may be canceled at any time prior to notice of such redemption being mailed to any Holder and shall thereby be void and of no effect. 

Section 3.03 Selection of Notes To Be Redeemed. 

If fewer than all the Notes are to be redeemed, the Series Trustee shall select the Notes to be redeemed pro rata or by lot or by a method that
complies with applicable legal and securities exchange requirements, if any, and that the Series Trustee in its sole discretion shall deem to be fair and appropriate and in accordance with methods generally used at the time of selection by
fiduciaries in similar circumstances. The Series Trustee shall make the selection from outstanding 

  
 10 

 
Notes not previously called for redemption. The Series Trustee may select for redemption portions of the principal of the Notes that have denominations equal to $2,000 or an integral multiple of
$1,000 in excess thereof. The Notes and portions of them the Series Trustee selects shall be in amounts of $2,000 or an integral multiple of $1,000 in excess therof. Provisions of this Sixth Supplemental Indenture that apply to the Notes called for
redemption also apply to portions of the Notes called for redemption. The Series Trustee shall notify the Company promptly of the Notes or portions of the Notes to be redeemed. 

Section 3.04 Notice of Redemption. 

At least 30 days but not more than 60 days before a date for redemption of Notes, the Company shall mail a notice of redemption by first-class
mail to each Holder of the Notes to be redeemed at such Holder’s registered address. 
 The notice shall identify the Notes to be
redeemed and shall state: 
 (a) the redemption date; 

(b) the calculation of the redemption price and the amount of accrued interest to the redemption date; 

(c) the name and address of the Paying Agent; 

(d) that the Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(e) if fewer than all the outstanding the Notes are to be redeemed, the certificate numbers and principal amounts of the
particular the Notes to be redeemed; 
 (f) that, unless the Company defaults in making such redemption payment or the Paying
Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on the Notes (or portion thereof) called for redemption ceases to accrue on and after the Redemption Date; 

(g) the CUSIP number, if any, printed on the Notes being redeemed; and 

(h) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or
printed on the Notes. 
 At the Company’s request, the Series Trustee shall give the notice of redemption in the Company’s name
and at the Company’s expense. In such event, the Company shall provide the Series Trustee with the information required by this Section. 

Section 3.05 Effect of Notice of Redemption. 

Once notice of redemption is mailed, the Notes called for redemption become due and payable on the Redemption Date and at the redemption price
stated in the notice. Upon surrender to the Paying Agent, such Notes shall be paid at the redemption price stated in the notice, plus 

  
 11 

 
accrued and unpaid interest, if any, to the redemption date; provided, however, that if the redemption date is after a Regular Record Date and on or prior to the Interest Payment
Date, the accrued interest shall be payable to the holder of the Notes registered on the relevant Regular Record Date. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder.

 Section 3.06 Deposit of Redemption Price. 

Prior to 11:00 a.m. New York City time on the redemption date, the Company shall deposit with the Paying Agent (or, if the Company or a
Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Notes to be redeemed on that date other than the Notes or portions of the Notes called for redemption that
have been delivered by the Company to the Series Trustee for cancellation. 
 Section 3.07 Notes Redeemed in Part. 

Upon surrender of a Note that is redeemed in part, the Company shall execute and the Series Trustee shall authenticate for the Holder (at the
Company’s expense) a new Note equal in principal amount to the unredeemed portion of the Notes surrendered. 
 ARTICLE IV 

CHANGE OF CONTROL 
 Section 4.01
Change of Control. 
 (a) Upon the occurrence of a Change of Control Repurchase Event, unless all Notes have been called for
redemption pursuant to Section 3.01 hereof, each Holder of Notes of such series shall have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such
Holder’s Notes at an offer price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to the date of purchase (the “Change of Control Payment”).

 (b) Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any proposed Change of
Control, but after the public announcement of the proposed Change of Control, the Company shall mail, or cause to be mailed, a notice (a “Change in Control Offer”) to each Holder, with a copy to the Series Trustee, describing the
transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and specifying: 
 (i)
that the Change of Control Offer is being made pursuant to this Section 4.01 and that all Notes tendered will be accepted for payment; 

(ii) the Change of Control Payment and the purchase date, which shall be a Business Day no earlier than 30 days and no later
than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 

  
 12 

 (iii) the CUSIP numbers for the Notes; 

(iv) that any Note not tendered will continue to accrue interest; 

(v) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 
 (vi) that Holders
electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the
Change of Control Payment Date; 
 (vii) that Holders will be entitled to withdraw their election referred to in clause
(vi) if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of
Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; 

(viii) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered, which unpurchased portion will be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof; and 

(ix) if the notice is mailed prior to the date of consummation of the Change of Control, that the Change of Control Offer is
conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 
 (c) The Company
shall cause the Change of Control Offer to remain open for at least 20 Business Days or such longer period as is required by applicable law. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities
laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change in Control Repurchase Event. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Section 4.01, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.01 by virtue of such
conflict. 
 (d) On the Change of Control Payment Date, the Company will, to the extent lawful: 

(i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 

  
 13 

 (ii) deposit with the Paying Agent an amount equal to the Change of Control
Payment in respect of all Notes or portions of Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the
Series Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

(e) The Paying Agent will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Series
Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will be in a
principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

(f) The Company shall not be required to make a Change of Control Offer upon a Change of Control Repurchase Event if a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.01 applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not
withdrawn under such Change of Control Offer. 
 ARTICLE V 

REMEDIES 
 Section 5.01 Events of
Default. 
 (a) For purposes of the Notes, the following events of default shall replace the events of default in Section 501(1),
(6), (7) and (8) of the Existing Indenture in its entirety and shall be in addition to the other events of default in Section 501 of the Existing Indenture, which shall in all respects be applicable in respect of the Notes. 

(b) For purposes of the Notes, Section 501(1) of the Existing Indenture is replaced in its entirety by inserting therein a new
Section 501(1) to read as follows: 
 “(1) default in the payment of any interest on any Note of such series when such interest
becomes due and payable, and continuance of such default for a period of 30 days;”. 
 (c) For purposes of the Notes,
Section 501(6) of the Existing Indenture is replaced in its entirety by inserting the word “Restricted” before each reference to “Subsidiary” therein, such that Section 501(6) shall read as follows: 

“(6) the entry by a court or agency or supervisory authority having competent jurisdiction of: 

  
 14 

 (a) a decree or order for relief in respect of the Company or any Restricted
Subsidiary in an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(b) a decree or order adjudging the Company or any Restricted Subsidiary to be insolvent, or approving a petition seeking
reorganization, arrangement, adjustment or composition of the Company or any Restricted Subsidiary and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(c) a decree or order appointing any Person to act as a custodian, receiver, liquidator, assignee, trustee or other similar
official of the Company or any Restricted Subsidiary or of any substantial part of the property of the Company or any Restricted Subsidiary, as the case may be, or ordering the winding up or liquidation of the affairs of the Company or any
Restricted Subsidiary and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or”. 
 (d) For
purposes of the Notes, Section 501(7) of the Existing Indenture is replaced in its entirety by inserting the word “Restricted” before each reference to “Subsidiary” therein, such that Section 501(7) shall read as
follows: 
 “(7) the commencement by the Company or any Restricted Subsidiary of a voluntary proceeding under any
applicable bankruptcy, insolvency, reorganization or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by the Company or any Restricted Subsidiary to the entry of a decree or order for relief in an
involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceeding against it, or the filing by the Company or any Restricted Subsidiary of a petition or answer
or consent seeking reorganization or relief under any applicable law, or the consent by the Company or any Restricted Subsidiary to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee or similar official of the Company or any Restricted Subsidiary or any substantial part of the property of the Company or any Restricted Subsidiary or the making by the Company or any Restricted Subsidiary of an assignment for the
benefit of creditors, or the taking of corporate action by the Company or any Restricted Subsidiary in furtherance of any such action; or”. 

(e) For purposes of the Notes, Section 501(8) of the Existing Indenture is replaced in its entirety by inserting after the number
“$10,000,000” the words “(that is not covered by independent third party insurance as to which the insurer does not dispute coverage)” therein, such that Section 501(8) shall read as follows: 

“(8) a final judgment, judicial decree or order for the payment of money in excess of $10,000,000 (that is not covered by
independent third party insurance as 

  
 15 

 
to which the insurer does not dispute coverage) shall be rendered against the Company or any Subsidiary and such judgment, decree or order shall continue unsatisfied for a period of 60 days
without a stay of execution;”. 
 ARTICLE VI 

COVENANTS 
 The covenants
set forth in this Article VI shall be applicable to the Company in addition to the covenants in Article Ten of the Existing Indenture, which shall in all respects be applicable in respect of the Notes. 

Section 6.01 Limitation on Liens. 

The Company shall not, and shall not permit any Restricted Subsidiary to, create, incur, assume or otherwise cause or suffer to exist or become
effective any Lien of any kind on a Principal Property securing Debt unless one or more of the following exceptions apply: 
 (a) the Lien
equally and ratably secures the Notes and the Debt or any other obligation of the Company or a Subsidiary; provided that any obligation secured by a Lien is not subordinated to the Notes; 

(b) the Lien secures Debt incurred to finance all or part of the purchase price or the cost of construction or improvement of property of the
Company or a Restricted Subsidiary; provided that (i) such Lien shall not extend to any other Principal Property owned by the Company or a Restricted Subsidiary at the time the Lien is incurred, except for unimproved real property used
for such construction or improvement, and (ii) such Debt shall not be incurred more than 18 months after the later of the acquisition, completion of construction or improvement, or commencement of full operation of the property subject to the
Lien; 
 (c) the Lien is on property of an entity at the time the entity merges into or consolidates with the Company or a Restricted
Subsidiary; 
 (d) the Lien is on property at the time such property is acquired by the Company or a Restricted Subsidiary; 

(e) the Lien is on property of a Person at the time such Person becomes a Restricted Subsidiary; 

(f) the Lien secures Debt of a Restricted Subsidiary owing to the Company or another Restricted Subsidiary; 

(g) the Lien is in favor of a government or governmental entity and secures (i) payments pursuant to a contract or statute, or
(ii) Debt incurred to finance all or part of the purchase price or cost of construction or improvement of the property subject to the Lien; 

(h) the Lien extends, renews or replaces in whole or in part a Lien (“existing Lien”) permitted by any of clauses
(a) through (g) or extends to property that at the time is not a Principal 

  
 16 

 
Property; provided that (i) such Lien does not extend beyond the property subject to the existing Lien and improvements and construction on such property, and (ii) the amount of
the Debt secured by such Lien does not exceed the amount of the Debt secured at the time by the existing Lien unless the existing Lien or a predecessor Lien was incurred under clause (a) or (f); or 

(i) the Debt plus all other Debt secured by Liens on Principal Property at the time does not exceed 10% of Consolidated Total Assets,
excluding (i) Debt secured by a Lien permitted by any of clauses (a) through (h) of this Section and (ii) Debt secured by a Lien incurred prior to the date of the Existing Indenture that would have been permitted by any of those
clauses if the Existing Indenture had been in effect at the time the Lien was incurred, and including Attributable Debt for any lease permitted by Section 6.02(d) of this Sixth Supplemental Indenture not otherwise permitted by any of clauses
(a) through (h) of this Section. 
 Section 6.02 Limitation on Sale and Leaseback Transactions. 

The Company shall not, and shall not permit any Restricted Subsidiary to, enter into a Sale-Leaseback Transaction for a Principal Property,
unless one or more of the following exceptions apply: 
 (a) the lease has a term of three years or less; 

(b) the lease is between the Company and a Restricted Subsidiary or between Restricted Subsidiaries; 

(c) the Company or a Restricted Subsidiary under Sections 6.01(b) through (h) of this Sixth Supplemental Indenture may create a Lien on
the property to secure Debt in an amount at least equal to the Attributable Debt for the lease; 
 (d) the Company or a Restricted
Subsidiary under Section 6.01(i) of this Sixth Supplemental Indenture could create a Lien on the Principal Property to secure Debt in an amount at least equal to the Attributable Debt for the lease; or 

(e) the Company or a Restricted Subsidiary, within 180 days of the effective date of the lease, retires Long-Term Debt of the Company or a
Restricted Subsidiary in an amount at least equal to the Attributable Debt for the lease, excluding Debt of the Company that is subordinated to the Notes and Debt, if paid in cash, that is owned by the Company or a Restricted Subsidiary. 

ARTICLE VII 
 SERIES
TRUSTEE, SECURITY REGISTRAR AND PAYING AGENT WITH RESPECT TO THE NOTES 
 Section 7.01 Appointment by the Company of U.S. Bank National
Association as Series Trustee etc. 
 Pursuant to the Existing Indenture as amended by this Sixth Supplemental Indenture, the Company
hereby appoints U.S. Bank National Association as Series Trustee, Security Registrar and Paying Agent under the Indenture with respect to the Notes (but only with respect to the 

  
 17 

 
Notes) with all of the rights, powers, trusts, duties and obligations of Trustee, Security Registrar and Paying Agent under the Indenture with respect to the Notes (but only with respect to the
Notes) with like effect as if originally named as such in the Indenture. 
 Section 7.02 Acceptance by U.S. Bank National Association of Appointment
as Series Trustee etc. 
 U.S. Bank National Association hereby accepts its appointment as Series Trustee, Security Registrar and Paying
Agent under the Indenture with respect to the Notes (but only with respect to the Notes) and accepts all of the rights, powers, trusts, duties and obligations of Trustee, Security Registrar and Paying Agent under the Indenture with respect to the
Notes (but only with respect to the Notes), upon the terms and conditions set forth herein and therein, with like effect as if originally named as such in the Indenture. Pursuant to the Existing Indenture, there shall continue to be vested in the
Original Trustee all of its rights, powers, trusts, duties and obligations as Trustee under the Existing Indenture with respect to all of the series of securities as to which it has served and continues to serve as Trustee, and the Original Trustee
shall have no rights, powers, trusts, duties and obligations with respect to the Notes. 
 Section 7.03 Eligibility of Series Trustee. 

The Series Trustee hereby represents that it is qualified and eligible under the provisions of the Trust Indenture Act and Section 610 of
the Existing Indenture to accept its appointment as Series Trustee with respect to the Notes. 
 Section 7.04 Concerning the Series Trustee.

 Neither the Original Trustee nor the Series Trustee assumes any duties, responsibilities or liabilities by reason of this Sixth
Supplemental Indenture other than as set forth in the Existing Indenture and, in carrying out its responsibilities hereunder, each shall have all of the rights, powers, privileges, protections, duties and immunities which it possesses under the
Existing Indenture. The Original Trustee and the Series Trustee shall not constitute co-trustees of the same trust, and each of the Original Trustee and the Series Trustee shall be trustee of a trust or trusts under the Indenture separate and apart
from any trust or trusts under the Indenture administered by the other trustee. The Original Trustee shall have no liability for any acts or omissions of the Series Trustee and the Series Trustee shall have no liability for any acts or omissions of
the Original Trustee. 
 References in this Sixth Supplemental Indenture to sections of the Existing Indenture that require or permit
actions by the Original Trustee with respect to the Notes shall be deemed to require or permit actions only by the Series Trustee and the Original Trustee shall have no responsibility therefor. 

ARTICLE VIII 

MISCELLANEOUS 

  
 18 

 Section 8.01 Issuance of Additional Notes. 

For purposes of the Notes, Section 901 of the Existing Indenture is hereby amended by inserting therein a new Section 901(8) to read
as follows: 
 “(8) to issue additional Notes of any series in the future pursuant to Section 303 of this
Indenture; provided that such additional Notes have the same terms as, and be deemed part of the same series as, the Notes issued hereunder.” 

Section 8.02 Amendment to Section 901(6) 

For purposes of the Notes, Section 901(6) of the Existing Indenture is hereby amended to read as follows: 

“(6) to evidence and provide acceptance of the appointment of a successor Trustee hereunder or if other than the Person named as the
“Trustee” in the first paragraph of this Indenture (or a successor to such Person pursuant to the applicable provisions of this Indenture) (for purposes of this Section 901(6), herein called the “Original Trustee”), the
identity of a Trustee for such Notes, and, at the election of the Company, other Notes of any series to be issued thereafter pursuant to this Indenture (a “Series Trustee”), and if not the Series Trustee, the identity of each Security
Registrar, Paying Agent or Authenticating Agent with respect to such Notes, and such additions or changes to any provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than
one Trustee, it being understood that, anything contained herein or in any Board Resolution, Officer’s Certificate or supplemental indenture to the contrary notwithstanding, that (i) nothing herein shall constitute such Trustees
co-trustees of the same trust, (ii) each such Trustee shall be a trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee, (iii) the Series Trustee shall have all
the rights, powers, trusts, duties and obligations of the Original Trustee with respect to, and only with respect to, such Notes, (iv) the Original Trustee shall have no rights, powers, trusts, duties or obligations with respect to such Notes,
(v) no Trustee hereunder shall have any liability for any acts or omissions of any other Trustee hereunder and (vi) no appointment of a Series Trustee shall become effective until the acceptance of the appointment by the Series Trustee in
writing; or” 
 Section 8.03 Trust Indenture Act Controls. 

If any provision of this Sixth Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be
included in this Sixth Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control. 
 Section 8.04
Notices. 
 Any notice or communication shall be in writing and delivered in person or mailed by first-class mail or sent by facsimile
(with a hard copy delivered in person or by mail promptly thereafter) and addressed as follows: 
 if to the Company: 

  
 19 

 The Valspar Corporation 

901 – Third Avenue South 

Minneapolis, Minnesota 55402 

Attention: Rolf Engh 

Facsimile: (612) 375-7313 

with a copy to: 

Lindquist & Vennum LLP 

4200 IDS Center 

80 South 8th Street 

Minneapolis, Minnesota 55402 

Attention: Richard D. McNeil 

Facsimile: (612) 371-3207 

if to the Series Trustee: 

U.S. Bank National Association 

60 Livingston Avenue 

EP-MN-WS3C 

St. Paul, MN 55107-2292 

Attn: Corporate Trust Administration 

Fax (651) 466-7430 
 The
Company or the Series Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

Section 8.05 When Notes Disregarded. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by
the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be Outstanding, except that, for the purpose of determining whether
the Series Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Series Trustee actually knows are so owned shall be so disregarded. Also, subject to the foregoing, only Notes
Outstanding at the time shall be considered in any such determination. 
 Section 8.06 Rules by Series Trustee, Paying Agent and Security
Registrar. 
 The Series Trustee may make reasonable rules for action by or a meeting of Holders. The Security Registrar and the Paying
Agent or co-registrar may make reasonable rules for their functions. 

  
 20 

 Section 8.07 Payment on Business Days. 

If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue
for the intervening period. If a Regular Record Date is not a Business Day, the Regular Record Date shall not be affected. 
 Section 8.08 Governing
Law. 
 THIS SIXTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK. 
 Section 8.09 No Personal Liability of Directors, etc. 

None of the Company’s directors, officers, employees, incorporators or stockholders, as such, shall have any liability for any of the
Company’s obligations under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes. 
 Section 8.10 Successors. 

All agreements of the Company in the Indenture and the Notes shall bind its successors. All agreements of the Series Trustee in the Indenture
shall bind its successors. 
 Section 8.11 Multiple Originals. 

The parties may sign any number of copies of this Sixth Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. One signed copy is enough to prove this Sixth Supplemental Indenture. 
 Section 8.12 Table of Contents; Headings.

 The table of contents and headings of the Articles and Sections of this Sixth Supplemental Indenture have been inserted for convenience of
reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 Section 8.13
Trustees Not Responsible for Recitals 
 The recitals contained herein shall be taken as statements of the Company, and the Original
Trustee and the Series Trustee do not assume any responsibility for their correctness. The Original Trustee and the Series Trustee make no representations as to the validity or sufficiency of this Sixth Supplemental Indenture, except that the
Original Trustee and the Series Trustee each represents that it is duly authorized to execute and deliver this Sixth Supplemental Indenture and with respect to the Series Trustee to perform its obligations hereunder. 

  
 21 

 Section 8.14 Adoption, Ratification and Confirmation. 

The Existing Indenture, as supplemented and amended by this Sixth Supplemental Indenture, is in all respects hereby adopted, ratified and
confirmed. 

  
 22 

 IN WITNESS WHEREOF, the parties have caused this Sixth Supplemental Indenture to be duly executed
as of the date first written above. 
  

							
	THE VALSPAR CORPORATION
			
		 	By:	 	 /s/ Tyler N. Treat

		 		 	Name:	 	Tyler N. Treat
		 		 	Title:	 	VP Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION, as Series Trustee
			
		 	By:	 	 /s/ Joshua A. Hahn

		 		 	Name:	 	Joshua A. Hahn
		 		 	Title:	 	Vice President
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Original Trustee
			
		 	By:	 	 /s/ Jonathan Glover

		 		 	Name:	 	Jonathan Glover
		 		 	Title:	 	Vice President

 This is a signature page to the Sixth Supplemental Indenture. 

  
 23 

 EXHIBIT A 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF.
THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND
ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

CUSIP No. 920355 AK0 
 ISIN No. US920355AK06 

THE VALSPAR CORPORATION 

$350,000,000 3.950% NOTE DUE 2026 
  

			
	$350,000,000	  	No.: R-        

 The Valspar Corporation, a Delaware corporation (herein called the “Company”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THREE HUNDRED FIFTY MILLION DOLLARS or such other Principal Amount as shall be set forth on Schedule I hereto on January 15, 2026 and to pay interest
thereon at the rate of 3.950% per annum from the Initial Interest Accrual Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for, on January 15 and July 15 of each year, commencing
January 15, 2016 (each an “Interest Payment Date”), until the principal hereof is paid or made available for payment. 
 The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, except as provided in the Indenture hereinafter referred to, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is
registered at the close of business on the Regular Record Date for such interest, which will be the January 1 and July 1, as the case may be, immediately preceding each Interest Payment Date. Any such interest not so punctually paid or
duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and either may be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a Special
Record Date for the payment of such defaulted interest to be fixed by the Series Trustee, notice whereof shall be given to the Holders not less than 

  
 A-1 

 
ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. Payment of the principal of and interest on this
Note will be made at the office or agency of the Company maintained for that purpose in Minneapolis, Minnesota, or in such other office or agency as may be established by the Company pursuant to the Indenture (initially the principal corporate trust
office of the Series Trustee in New York, New York (the “Corporate Trust Office”)), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that payment of interest may be made at the option of the Company (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Note Register or (ii) by wire transfer to an account
maintained by the Person entitled thereto as specified in the Note Register. Payments of principal and interest at maturity will be made against presentation of this Note at the Corporate Trust Office (or such other office as may be established
pursuant to the Indenture), by check or wire transfer. 
 Reference is hereby made to the further provisions of this Note set forth on the
reverse side hereof, which further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 Unless
the Certificate of Authentication hereon has been executed by the Series Trustee or an Authenticating Agent under the Indenture referred to on the reverse hereof by the manual signature of one of its authorized officers, this Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed in its name by the manual or
facsimile signature of its Chief Executive Officer, its President or one of its Vice Presidents and attested by the manual or facsimile signature of its Secretary or one of its Assistant Secretaries. 

Date: 
  

			
	THE VALSPAR CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  

	
	ATTEST:
	
	  

	Secretary

  
 A-3 

 Series Trustee’s Certificate of Authentication 

This is one of the Notes described in the Indenture. 

Dated: 
  

			
	U.S. Bank National Association, as Series Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-4 

 (Reverse of Note) 

THE VALSPAR CORPORATION 
 3.950%
NOTE DUE 2026 
 1. This Note is one of a duly authorized issue of securities of the Company designated as its 3.950% Notes due 2026 (the
“Notes”), issued under an Indenture dated as of April 24, 2002 (herein called, together with the First Supplemental Indenture dated as of April 30, 2002, the Second Supplemental Indenture dated as of April 17, 2007, the
Third Supplemental Indenture dated as of June 19, 2009, the Fourth Supplemental Indenture dated as of January 13, 2012, the Fifth Supplemental Indenture dated as of January 21, 2015 and the Sixth Supplemental Indenture referred to
below and all other indentures supplemental thereto, the “Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A. (successor to Bank One Trust Company, N.A.), as trustee, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Company, the Original Trustee (as defined below), the Series Trustee (as defined below) and the Holders of the Notes, and the terms upon which
the Notes are, and are to be, authenticated and delivered. 
 2. This Note is one of the series designated on the face hereof, limited to an
aggregate principal amount not to exceed $350,000,000, which amount may be increased at the option of the Company if in the future it determines that it may wish to sell additional Notes of this series, as specified in the Sixth Supplemental
Indenture among the Company, The Bank of New York Mellon Trust Company, N.A., as original trustee (herein called the “Original Trustee,” which term includes any successor trustee thereto under the Indenture) and U.S. Bank National
Association, as series trustee for the Notes (herein called the “Series Trustee,” which term includes any successor trustee thereto with respect to the Notes under the Indenture) and as Security Registrar and Paying Agent with respect to
the Notes, dated as of July 27, 2015, establishing the form and certain terms of the Notes pursuant to the Indenture (the “Sixth Supplemental Indenture”). References herein to “this series” mean the series of Notes
designated on the face hereof. 
 3. The Notes are subject to redemption, in whole or in part, on any date prior to October 15, 2025,
(three months prior to the stated maturity date), at the Company’s option at a Redemption Price equal to the greater of: 

(i) 100% of the principal amount of the Notes to be redeemed, and 

(ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and
interest in respect of the Notes to be redeemed (not including any portion of those payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 25 basis points 
 plus accrued and unpaid interest to the redemption date. 

  
 A-5 

 In addition, at any time on or after October 15, 2025 (three months prior to the stated
maturity of the Notes), the Company may also redeem some or all of the Notes at its option, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to the redemption date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date, (i) the average of
four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Series Trustee obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 

“Reference Treasury Dealer” means (i) Merrill Lynch Pierce, Fenner & Smith Incorporated and HSBC Securities (USA) Inc.
and their respective successors (provided, however, that if any such firm or successor, as the case may be, ceases to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company shall
substitute therefor another Primary Treasury Dealer), (ii) one Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc. or its successor, (iii) one Primary Treasury Dealer selected by Wells Fargo Securities, LLC or its successor,
and (iv) any other Primary Treasury Dealers selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Series Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Series Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

Any notice to holders of Notes of a redemption pursuant to this paragraph 3 hereof will include the appropriate calculation of the redemption
price, but does not need to include the redemption price itself. The actual redemption price, calculated as described above, will be set forth in an Officers’ Certificate of the Company delivered to the Series Trustee no later than two Business
Days prior to the redemption date. 
 4. Upon the occurrence of a Change of Control Repurchase Event, unless all Notes

  
 A-6 

 
have been called for redemption pursuant to paragraph 3 of this Note, each Holder of the Notes shall have the right to require the Company to repurchase all or any part (equal to $2,000 or an
integral multiple of $1,000 in excess thereof) of such Notes at an offer price in cash equal to 101% of the aggregate principal amount of such Notes plus accrued and unpaid interest thereon, if any, to the date of repurchase. “Change of Control
Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event, as such terms are defined in the Indenture. The Change of Control Offer will be made in accordance with the terms specified in the
Indenture. 
 5. If an Acceleration Event with respect to the Notes shall occur and be continuing, the Series Trustee or the Holders of not
less than 25% in principal amount of the Outstanding Notes may declare the principal of all Notes due and payable in the manner and with the effect provided in the Indenture. An “Acceleration Event” is an Event of Default relating to
bankruptcy, insolvency, or reorganization of the Company as more specifically defined by the Indenture. The Indenture provides that such declaration and its consequences may, in certain events, be annulled by the Holders of a majority in principal
amount of the Outstanding Notes. 
 6. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of Notes under the Indenture at any time by the Company and the Series Trustee with the consent of the Holders of a majority in aggregate principal amount of
Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

7. No reference herein to the Indenture and no provisions of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

8. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the Note
Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company to be maintained for that purpose in New York, New York, or at such other office or agency as may be established by the Company
for such purpose pursuant to the Indenture (initially the principal corporate trust office of the Series Trustee in New York, New York), duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, and
duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees. 

  
 A-7 

 9. The Notes are issuable only in fully registered form, without coupons, in denominations of
$2,000 or any amount in excess thereof which is an integral multiple of $1,000. As provided in the Indenture, and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes in
authorized denominations, as requested by the Holder surrendering the same. 
 10. No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

11. Prior to the due presentment of this Note for registration of transfer or exchange, the Company, the Series Trustee and any agent of the
Company or the Series Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Series Trustee, nor any such agent shall be affected by
notice to the contrary. 
 12. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30- day months. Interest
shall be payable to and excluding any Interest Payment Date. 
 13. The Series Trustee, in its individual or any other capacity, may make
loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Series Trustee. 

14. This Note shall not be valid until authenticated by the manual signature of the Series Trustee or an Authenticating Agent. 

15. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUT (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

16. Each Holder of this Note covenants and agrees by such Holder’s acceptance thereof to comply with and be bound by the foregoing
provisions. 
 17. All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

  
 A-8 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
  

					
	PLEASE INSERT SOCIAL SECURITY OR
	OTHER IDENTIFYING NUMBER OF ASSIGNEE
	
	    

	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE
			
	  
	 		 	
			
	  
	 		 	
			
	  
	 		 	

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing
            
                                         attorney
to transfer said Security on the books of the Company, with full power of substitution in the premises. 
  

			
	Dated:	 	  

		
	Signature:	 	  

  

			
	NOTICE:	 	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 Signature Guarantee: 

SIGNATURE GUARANTEE 
 Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-9 

 Schedule I 

SCHEDULE OF TRANSFERS AND EXCHANGES 

The following increases or decreases in Principal Amount of this Global Security have been made: 

 

									
	 Date of
Exchange
	  	 Amount of Decrease in
Principal Amount
of
this Global Security
	  	 Amount of Increase in
Principal Amount
of
this Global Security
	  	 Principal Amount of this
Global
Security
following such Decrease
or Increase
	  	 Signature
of
Authorized
Signatory of Series
trustee or
Custodian

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

  
 A-10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]