Document:

EX-4.3

 Exhibit 4.3 

PPG INDUSTRIES, INC. 

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

 
 EIGHTH
SUPPLEMENTAL INDENTURE 
 Dated August 15, 2019 

to 
 Indenture 

Dated as of March 18, 2008 
  

 
  

 EIGHTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of August
15, 2018, between PPG INDUSTRIES, INC., a Pennsylvania corporation (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”). 

Capitalized terms used herein and not otherwise defined herein have the meanings assigned to those terms in the Indenture unless otherwise
indicated. 
 R E C I T A L S 

WHEREAS, the Company executed and delivered an indenture dated as of March 18, 2008 (the “Indenture”) between the Company and
the Trustee (formerly known as The Bank of New York Trust Company, N.A.); 
 WHEREAS, the Company executed and delivered a first
supplemental indenture dated as of March 18, 2008 between the Company and the Trustee; 
 WHEREAS, the Company executed and delivered a
second supplemental indenture dated as of November 12, 2010 between the Company and the Trustee; 
 WHEREAS, the Company executed and
delivered a third supplemental indenture dated as of August 3, 2012 between the Company and the Trustee; 
 WHEREAS, the Company
executed and delivered a fourth supplemental indenture dated as of November 12, 2014 between the Company and the Trustee; 
 WHEREAS,
the Company executed and delivered a fifth supplemental indenture dated as of March 13, 2015 between the Company and the Trustee; 

WHEREAS, the Company executed and delivered a sixth supplemental indenture dated as of November 3, 2016 between the Company and the
Trustee; 
 WHEREAS, the Company executed and delivered a seventh supplemental indenture dated as of February 27, 2018 between the
Company and the Trustee; 
 WHEREAS, Section 9.01 of the Indenture provides that the Company and the Trustee may enter into one or more
indentures supplemental to the Indenture, without the consent of any Holders, to add, among other things, covenants and agreements of the Company to be observed thereafter for the protection of the Holders of all or any series of Securities and to
establish the terms of any series of Securities; 
 WHEREAS, the Company desires to issue two series of Securities, the $300,000,000 2.400%
Notes due 2024 (the “2024 Notes”) and the $300,000,000 2.800% Notes due 2029 (the “2029 Notes” and together with the 2024 Notes, the “Notes”); and 

 WHEREAS, all requirements necessary to make this Supplemental Indenture a valid, binding and
enforceable instrument in accordance with its terms have been done and performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein, the parties hereto hereby agree as follows: 

ARTICLE I 
 TERMS
AND CONDITIONS 
 Section 1.01. Terms and Conditions. The terms and characteristics of the 2024
Notes and the 2029 Notes shall be as follows (the numbered clauses set forth below corresponding to the numbered subsections of Section 3.01 of the Indenture, with terms used and not defined herein having the meanings specified in the
Indenture): 
  

	 	(1)	 the titles of the 2024 Notes and the 2029 Notes shall be “$300,000,000 2.400% Notes due 2024,” and
“$300,000,000 2.800% Notes due 2029,” respectively; the CUSIP number and ISIN number for the 2024 Notes are 693506BQ9 and US693506BQ91, respectively; and the CUSIP number and ISIN number for the 2029 Notes are 693506BR7 and US693506BR74,
respectively; 

  

	 	(2)	 the aggregate principal amount of the Notes which may be authenticated and delivered under the Indenture shall
be limited to $300,000,000 for the 2024 Notes and $300,000,000 for the 2029 Notes; provided, however, that such authorized aggregate principal amount may from time to time be increased above such amount by an Establishment Action to such effect;

  

	 	(3)	 not applicable; 

  

	 	(4)	 the dates on which the principal shall be payable on the 2024 Notes and the 2029 Notes shall be August 15,
2024 and August 15, 2029, respectively; 

  

	 	(5)	 the 2024 Notes and the 2029 Notes shall bear interest at the rates of 2.400% and 2.800% per annum,
respectively. Interest shall accrue from the original issue date of the Notes. The Interest Payment Dates on which such interest on the Notes will be payable shall be February 15 and August 15 of each year, commencing on February 15,
2020. The regular record date for the determination of Holders to whom interest is payable on any such Interest 

	 	
Payment Date shall be February 1 and August 1, as the case may be (in each case whether or not a business day) immediately preceding the related Interest Payment Date;

  

	 	(6)	 the principal of and any premium or interest on any Notes shall be payable at the office or agency of the
Company maintained for that purpose at the Corporate Trust Office of the Trustee, currently located at The Bank of New York Mellon Trust Company, N.A., 2 North LaSalle Street, 7th Floor, Chicago, IL 60602; 

 

	 	(7)	 Prior to July 15, 2024 (the date that is one month prior to the scheduled maturity date of the 2024
Notes), the 2024 Notes will be redeemable in whole or in part, at the Company’s option, at any time and from time to time at a redemption price, as determined by the Company, equal to the greater of (i) 100% of the principal amount of the 2024
Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 15 basis points, plus accrued interest thereon to the date of redemption.

 On or after July 15, 2024 (the date that is one month prior to the scheduled maturity date of the 2024 Notes), the
Company may redeem some or all of the 2024 Notes, in whole or in part, at the Company’s option, at any time and from time to time at a redemption price equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued
interest thereon to the date of redemption. The Company shall calculate the redemption price. 
 Prior to May 15, 2029 (the date that is
three months prior to the scheduled maturity date of the 2029 Notes), the 2029 Notes will be redeemable in whole or in part, at the Company’s option, at any time and from time to time at a redemption price, as determined by the Company, equal
to the greater of (i) 100% of the principal amount of the 2029 Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semiannual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 20 basis points, plus accrued interest thereon to the
date of redemption. 

 On or after May 15, 2029 (the date that is three months prior to the scheduled maturity
date of the 2029 Notes), the Company may redeem some or all of the 2029 Notes, in whole or in part, at the Company’s option, at any time and from time to time at a redemption price equal to 100% of the principal amount of the 2029 Notes to be
redeemed, plus accrued interest thereon to the date of redemption. The Company shall calculate the redemption price. 
 “Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual 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). 
 “Comparable Treasury Issue” means the United
States Treasury security selected by an Independent Investment Banker 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 the Reference Treasury Dealer Quotations, as determined by the Company, for such redemption date, after excluding the highest and lowest such Reference Treasury
Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers that the Company appoints. 

“Reference Treasury Dealer” means J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and a Primary Treasury Dealer selected by
PNC Capital Markets LLC, and their respective successors, and two other nationally recognized investment banking firms selected by the Company that are primary U.S. Government securities dealers; provided, however, that if any of the foregoing
ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute another Primary Treasury Dealer. 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any redemption date, the average, as determined by the Company, 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 Company by
such Reference Treasury Dealer at 5:00 p.m. on the third business day preceding such redemption date. 
 Notice of any redemption will be
mailed (or otherwise transmitted in accordance with The Depository Trust Company (“DTC”) procedures) at least 30 days but not more than 60 days before the redemption date to each Holder of the series of Notes to be redeemed. 

Unless the Company defaults in payment of the applicable redemption price, on and after the redemption date, interest will cease to accrue on
the Notes or portions thereof called for redemption. 
  

	 	(8)	 not applicable; 

  

	 	(9)	 the Notes shall be issuable in minimum denominations of $2,000, and integral multiples of $1,000 in excess
thereof; 

  

	 	(10)	 not applicable; 

  

	 	(11)	 not applicable; 

  

	 	(12)	 not applicable; 

  

	 	(13)	 not applicable; 

  

	 	(14)	 the Notes shall be subject to Sections 13.02 (Defeasance) and 13.03 (Covenant Defeasance) of the Indenture;

  

	 	(15)	 (a) the Notes shall be issued in the form of one or more Global Securities; (b) the Depositary for such
Global Securities shall be DTC; and (c) the procedures with respect to transfer and exchange of Global Securities shall be as set forth in the Indenture; 

 

	 	(16)	 not applicable; 

  

	 	(17)	 If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes
as described above, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Notes to repurchase all or any part (equal to $2,000 or integral multiples of $1,000 in excess thereof) of that
Holder’s Notes on the terms set forth in the Notes. In a Change of Control Offer, the Company shall be required to 

 
offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to the date of repurchase (a
“Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may
constitute the Change of Control, a notice shall be mailed (or otherwise transmitted in accordance with DTC procedures) to Holders of the Notes describing the transaction that constitutes or may constitute the Change of Control Triggering Event and
offering to repurchase such Notes on the date specified in the applicable notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (or otherwise transmitted in accordance with DTC procedures)
(a “Change of Control Payment Date”). The notice shall, if mailed (or otherwise transmitted in accordance with DTC procedures) prior to the date of consummation of the Change of Control, state that the Change of Control Offer is
conditioned on the Change of Control Triggering Event occurring on or prior to the applicable Change of Control Payment Date. 
 On each
Change of Control Payment Date, the Company shall, to the extent lawful: 
 (A)    accept for payment all
Notes or portions of Notes properly tendered pursuant to the applicable Change of Control Offer; 

(B)    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 
 (C)    deliver or cause to be delivered to the
Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. 

The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Notes properly tendered and not withdrawn under its offer. In addition, the
Company shall not repurchase any Notes if there has occurred 

 
and is continuing on the Change of Control Payment Date an Event of Default, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 

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 of Control Triggering Event. To the extent that the provisions of any such
securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of
Control Offer provisions herein by virtue of any such conflict. 
 “Change of Control” shall mean the occurrence of any of the
following: (i) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the Company’s assets
and the assets of the Company’s subsidiaries, taken as a whole, to any Person, other than the Company or one of the Company’s subsidiaries; (ii) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any Person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares;
(iii) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting
Stock or the Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such
transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person or any direct or indirect parent company of the surviving Person immediately after giving effect to such transaction;
(iv) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors; or (v) the adoption of a plan relating to the Company’s liquidation or dissolution. The term
“Person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 

 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Rating Event. 
 “Continuing Directors” means, as of any date of determination, any member of the Company’s
Board of Directors who (i) was a member of such Board of Directors on the date the Notes were issued or (ii) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing
Directors who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as
a director, without objection to such nomination). 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement rating agency or Rating Agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service, Inc., and its successors. 

“Rating Agencies” means (i) each of Moody’s and S&P; and (ii) if either 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” within the meaning of Section 3(a)(62) of the Exchange Act
selected by the Company (as certified by a resolution of the Company’s Board of Directors delivered to the Trustee) as a replacement agency for Moody’s or S&P, or all of them, as the case may be. 

“Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an Investment
Grade Rating by each of the Rating Agencies on any day during the period (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing
60 days prior to the first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following consummation of such Change of Control. The Trustee shall have no duty or
responsibility to monitor any ratings on the Notes. 

 “S&P” means S&P Global Ratings, a division of S&P Global Inc., and its
successors. 
 “Voting Stock” means, with respect to any specified “Person” (as that term is used in
Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person; 

 

	 	(18)	 Any Add On Securities to the Notes shall be fungible with the previously outstanding Notes for U.S. federal
income tax purposes or be issued under a different CUSIP number. 

 ARTICLE II 

AMENDMENTS TO THE INDENTURE APPLICABLE ONLY
TO THE NOTES 
 Section 2.01. Section 1.05 of the Indenture.
Section 1.05 of the Indenture is hereby amended with respect to the Notes by adding the following at the end of the Section: 

“The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such
instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the
Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such
instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions
conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk
of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 
 Notwithstanding any other
provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event or any other communication (including any notice of redemption or repurchase) to a holder of

 
a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or
its designee, including by electronic mail in accordance with accepted practices at the Depositary.” 

Section 2.02    Section 1.14 of the Indenture. Section 1.14 of the Indenture is hereby amended in its
entirety with respect to the Notes to state: 
 “Section 1.14 Waiver of Jury Trial. 

EACH OF THE COMPANY, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.” 

Section 2.03    Section 1.16 of the Indenture. Section 1.16 of the Indenture is hereby added to the
Indenture with respect to the Notes to state: 
 “Section 1.16 Submission to Jurisdiction. 

The Company hereby irrevocably submits to the jurisdiction of any New York State court sitting in the Borough of Manhattan in the City of New
York or any federal court sitting in the Southern District in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this Indenture and the Notes, and irrevocably accepts for
itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts.” 
 Section 2.04
Section 6.02 of the Indenture. Section 6.02(i) and (j) of the Indenture are hereby amended in their entirety with respect to the Notes to state: 

“(i) The Trustee shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of the Trustee has
received written notice of any event which is in fact such a default at the Corporate Trust Office of the Trustee, and such notice references the particular Securities and this Indenture. 

(j) In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.” 

 Section 2.05    Section 11.03 of the Indenture. The first
paragraph of Section 11.03 of the Indenture is hereby amended in its entirety with respect to the Notes to state: 
 “If less than
all the Securities of any series are to be redeemed (unless all of the Securities of such series and of a specified tenor are to be redeemed), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption
Date, from the Outstanding Securities of such series not previously called for redemption, in accordance with applicable Depositary procedures and which may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. If less than all of
the Securities of such series and of a specified tenor are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date from the Outstanding Securities of such series and specified
tenor not previously called for redemption in accordance with the preceding sentence.” 
 ARTICLE III 

MISCELLANEOUS 

Section 3.01. Effect of Supplemental Indenture. Upon the execution and delivery of this Supplemental Indenture by the Company and
the Trustee, the Indenture shall be modified in accordance herewith, and this Supplemental Indenture shall form a part of the Indenture for all purposes; and every Holder of Securities heretofore or hereafter authenticated and delivered under the
Indenture shall be bound thereby. 
 Section 3.02. Indenture Remains in Full Force and Effect. Except as supplemented and
amended hereby, all provisions in the Indenture shall remain in full force and effect. 
 Section 3.03. Indenture and Supplemental
Indenture Construed Together. This Supplemental Indenture is an indenture supplemental to and in implementation of the Indenture, and the Indenture and this Supplemental Indenture shall henceforth be read and construed together. 

Section 3.04. Confirmation of Indenture. The Indenture, as supplemented and amended by this Supplemental Indenture, is in all
respects confirmed and ratified. 
 Section 3.05. Conflict with Trust Indenture Act. If any provision of this Supplemental
Indenture limits, qualifies or conflicts with another provision hereof 

 
which is required to be included in this Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

Section 3.06. Separability. In case any one or more of the provisions contained in this Supplemental Indenture shall be invalid,
illegal or unenforceable, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 3.07. Successors and Assigns. All agreements in this Supplemental Indenture shall be binding upon and inure to the benefit
of the respective successors and assigns of the Company and the Trustee. 
 Section 3.08. Certain Duties and Responsibilities of the
Trustee. In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee, whether or not
elsewhere herein so provided. The Trustee, for itself and its successor or successors, accepts the terms of the Indenture as amended by this Supplemental Indenture, and agrees to perform the same, but only subject to the terms and provisions
defining and limiting the liabilities and responsibilities of the Trustee, which terms and provisions shall in like manner define and limit its liabilities and responsibilities in the performance of the trust created by the Indenture. The Trustee
makes no representations as to the validity or sufficiency of this Supplemental Indenture other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein are deemed to be those of the Company and not of
the Trustee. 
 Section 3.09. Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with,
the laws of the State of New York. 
 Section 3.10. Counterparts. This Supplemental Indenture may be executed in any number of
separate counterparts by the parties hereto, each of which, when so executed and delivered, shall be deemed an original, but all such counterparts shall together constitute one and the same instrument. 

Section 3.11. FATCA. In order to comply with applicable tax laws (inclusive of rules, regulations and interpretations promulgated
by competent authorities) related to the Indenture and Notes in effect from time to time (“Applicable Law”) that a non-U.S. financial institution, issuer, trustee, paying agent or other party is or
has agreed to be subject to, the Issuer agrees (i) to provide to the Trustee and any paying agent sufficient information about the parties and/or transactions (including any modification to the terms of such transactions) so the Trustee and any
paying agent can determine whether any of them has tax related obligations under Applicable Law, (ii) that the Trustee and 

 
any paying agent shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with Applicable Law for which the Trustee and any paying agent shall not
have any liability and (iii) to indemnify and hold harmless the Trustee and any paying agent for any losses any of them may suffer due to the actions it takes to comply with Applicable Law. Subsection (iii) shall survive the termination of
the Indenture, payment in full of the Notes, and the resignation or removal of the Trustee and any paying agent. 
 [Signature Page Follows]

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

			
	PPG INDUSTRIES, INC.
		
	By:	 	 /s/ John A. Jankowski

	Name:	 	 John A. Jankowski 

	Title:	 	Vice President and Treasurer

  

			
	 THE BANK OF NEW YORK MELLON TRUST

     COMPANY, N.A., as Trustee

 
			
		
	By:	 	 /s/ Karen Yu

	Name:	 	Karen Yu
	Title:	 	Vice PresidentExhibit 10.9

 

SHARE PURCHASE AGREEMENT

 

This Share Purchase
Agreement (“Agreement”), dated August 5, 2019, among Simon Equity Development, LLC (the “Purchaser”), Black
Ridge Acquisition Corp. (the “Company”), Black Ridge Oil & Gas, Inc. (“BROG”) and Allied Esports Media,
Inc. (“Allied”).

 

RECITALS:

 

A.                 
The Company intends to hold a special meeting of its stockholders (“Meeting”) to consider and act upon, among
other things, a proposal to adopt and approve an Agreement and Plan of Merger, dated as of December 19, 2018 (the “Merger
Agreement”), by and among the Company, Black Ridge Merger Sub Corp., Allied Esports Media, Inc. (f/k/a Allied Esports Entertainment,
Inc.), Noble Link Global Limited, Ourgame International Holdings Ltd. and Primo Vital Ltd.

 

B.                 
The Purchaser is willing to purchase shares of common stock of the Company, based on the terms and conditions contained
in this Agreement.

 

NOW THEREFORE IT IS
AGREED:

 

1.                   Purchase
of Shares. The Company hereby agrees that it shall sell to Purchaser at the Closing (defined
below) $5,000,000 of newly issued shares of common stock of the Company (“New Shares”),
valued at the price per share in the Company’s trust account established in connection with its initial public offering
(“IPO”) after giving effect to the repayment of the $30,000 loan to the Company (the proceeds of which were
placed into the trust account) described in the Company’s proxy statement dated June 28, 2019. Provided, however, that
the dollar amount of New Shares which will be sold to Purchaser at Closing shall be reduced by the aggregate dollar amount
Purchaser spends, at Purchaser’s sole option, purchasing shares of common stock of the Company in open market or
privately negotiated transactions (“Public Shares”).  The purchase price for the New Shares, less $50,000 as
payment of the Purchaser’s fees and expenses in connection with the transactions contemplated by this Agreement, shall
be delivered by the Purchaser one day prior to the Closing to Continental Stock Transfer and Trust Company, as escrow agent,
(the “Escrow Agent”) pursuant to an escrow agreement by and between the Purchaser, an entity formed by the
Company solely for purposes of entering into the Escrow Agreement “(NewCo”) and the Escrow Agent in the form
attached hereto. If the Closing does not occur or this Agreement is otherwise terminated, the Escrow Agent shall promptly
return any such purchase price without interest or deduction in accordance with the terms of the Escrow Agreement. All shares
purchased hereunder pursuant to this Section 1, whether Public Shares or New Shares, shall hereafter be
referred to as the “Purchased Shares.” Purchaser agrees that it will not seek conversion of any of
the shares purchased hereunder at the Meeting.

 

2.                  
Share Issuance/Transfer. In consideration of the agreements set forth in Section 1 hereof, upon consummation of the
transactions contemplated by the Merger Agreement (the “Closing”), the Company will issue to the Purchaser one and
one-half (1.5) additional share of common stock, par value $0.0001 per share (“Common Stock”), of the Company for every
ten (10) Purchased Shares that are purchased by the Purchaser. Additionally, as an inducement for the Purchaser to enter into this
Agreement, BROG shall transfer to the Purchaser for no consideration 200,000 shares of Common Stock it currently owns (the “BROG
Shares”). The shares of Common Stock issued to the Purchaser by the Company pursuant to this Section 2 and the BROG
Shares shall hereafter be collectively referred to as the “Additional Securities.”

 

3.                  
Registration Rights. The Company shall, within thirty (30) calendar days after the Closing (the “Filing Deadline”),
file with the Securities and Exchange Commission (the “Commission”) a registration statement registering the resale
of the Purchased Shares and Additional Securities (as amended from time to time, the “Registration Statement”), and
use its best efforts to have the Registration Statement declared effective within the earlier of (i) sixty (60) days of the filing
of the Registration Statement and (ii) five (5) business days after being advised by the Commission that the Commission is not
reviewing the Registration Statement or has no further comments to the Registration Statement (the “Effectiveness Deadline”).
The Company shall file a post-effective amendment to the registration statement on Form S-3 covering all of the Purchased Shares
and Additional Securities as soon as practical upon the Company becoming eligible to use Form S-3 for such purpose. The Company
will use its reasonable best efforts to maintain the continuous effectiveness of the Registration Statement until the earlier of
(a) the date on which such securities may be resold without volume or manner of sale limitations pursuant to Rule 144 promulgated
under the Securities Act and (b) the date on which the Purchaser has notified the Company that all of such registrable securities
have actually been sold. Upon the Registration Statement becoming declared effective by the Commission, (i) the Company will promptly
notify the Purchaser of the effectiveness of the Registration Statements, and (ii) if after the date the Registration Statement
is declared effective, the Purchaser seeks to sell the Purchased Share and/or Additional Securities, the Company shall take all
actions reasonably necessary to allow, and shall use reasonable best efforts to ensure that the Company’s transfer agent
and counsel facilitate, the sale or transfer of the Purchased Shares and Additional Shares pursuant to the Registration Statement.

 

 

 

    	 	1	 

     

    

 

The Company shall:

 

	 	(a)	advise the Purchaser within one (1) Business Day:

 

	 	(1)	when the Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement
or any post-effective amendment thereto has become effective;
	 	 	 
	 	(2)	of any request by the Commission for amendments or supplements to the Registration Statement or the prospectus included therein
or for additional information with respect thereto;
	 	 	 
	 	(3)	of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation
of any proceedings for such purpose;
	 	 	 
	 	(4)	of the receipt by the Company of any notification with respect to the suspension of the qualification of the Purchased Shares
or Additional Securities included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for
such purpose; and
	 	 	 
	 	(5)	if it learns that any statement included in the Registration Statement or related prospectus is misleading and omits to state
a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the
light of the circumstances under which they were made) not misleading.

 

Notwithstanding anything to the contrary
set forth herein, the Company shall not, when so advising the Purchaser of such events, provide the Purchaser with any material,
nonpublic information regarding the Company;

 

(b)           
use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of the Registration
Statement as soon as reasonably practicable;

 

(c)           
upon the occurrence of any event contemplated above, except for such times as the Company is permitted hereunder to suspend,
and has suspended, the use of a prospectus forming part of the Registration Statement, the Company shall use its best efforts to
as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related
prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Purchased Shares and Additional
Securities included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(d)           
use its commercially reasonable efforts to cause all the Purchased Shares and Additional Securities to be listed on each
securities exchange or market, if any, on which equity securities issued by the Company have been listed; and

 

(e)           
use its reasonable best efforts to take all other steps necessary to effect the registration of the Purchased Shares and
Additional Securities contemplated hereby.

 

The Company shall,
notwithstanding any termination of this Agreement, indemnify, defend and hold harmless the Purchaser (to the extent a seller under
any Registration Statement), the officers, directors, agents, partners, members, managers, stockholders, affiliates, employees
and investment advisers of each of them, each person who controls the Purchaser (within the meaning of Section 15 of the Securities
Act of 1933, as amended (the “Securities Act”) or Section 20 of the Securities Exchange Act of 1934, as amended,
the “Securities Exchange Act”)) and the officers, directors, partners, members, managers, stockholders, agents, affiliates,
employees and investment advisers of each such controlling person, to the fullest extent permitted by applicable law, from and
against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees)
and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue
or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus included in any Registration
Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out
of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make
the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act,
Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations
under Section 3, except to the extent, but only to the extent, that such untrue statements, untrue statements, omissions
or omissions are based upon information regarding the Purchaser furnished in writing to the Company by the Purchaser expressly
for use therein. The Company shall notify the Purchaser promptly of the institution, threat or assertion of any proceeding arising
from or in connection with the transactions contemplated by Section 3 of which the Company is aware. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive
the transfer of the Purchased Shares and Additional Securities by the Purchaser.

 

 

 

    	 	2	 

     

    

 

4.                  
Representations of Purchaser. Purchaser hereby represents and warrants to the Company that:

 

(a)        
This Agreement has been validly authorized, executed and delivered by the Purchaser and, assuming the due authorization,
execution and delivery thereof by the other party hereto, is a valid and binding agreement enforceable in accordance with its terms,
subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights
generally. The execution, delivery and performance of this Agreement by the Purchaser does not and will not conflict with, violate
or cause a breach of, constitute a default under, or result in a violation of (i) any agreement, contract or instrument to which
the Purchaser is a party which would prevent the Purchaser from performing its obligations hereunder or (ii) any law, statute,
rule or regulation to which the Purchaser is subject.

 

(b)        
Purchaser is an “accredited investor” as defined by Rule 501 under the Securities Act.

 

(c)        
Purchaser acknowledges that it has had the opportunity to review this Agreement and the transactions contemplated by this
Agreement with the Purchaser’s own legal counsel and investment and tax advisors. Purchaser is familiar with the business,
management, financial condition and affairs of the Company.

 

(d)        
Purchaser has reviewed the documents of the Company filed with the Commission (the “Company Filings”), including
the definitive proxy statement relating to the Meeting and any supplement thereto (collectively, the “Proxy Statement”),
and Purchaser understands the content of the Company Filings and the risks described about an investment in the Company.

 

(e)        
Purchaser has been advised that the New Shares, if any, and the Additional Securities have not been registered under the
Securities Act.

 

5.                  
Company, BROG and Allied Representations and Covenants. Each of the Company, BROG and Allied, jointly and severally,
hereby represents, warrants and covenants to the Purchaser that:

 

(a)      
The Company is duly organized and is validly existing in good standing under the laws of the jurisdiction of its organization
as the type of entity that it purports to be.

 

(b)      
This Agreement has been validly authorized, executed and delivered by it and, assuming the due authorization, execution
and delivery thereof by the other party hereto, is a valid and binding agreement enforceable in accordance with its terms, subject
to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights generally.
The execution, delivery and performance of this Agreement by each of the Company and Allied does not and will not conflict with,
violate or cause a breach of, constitute a default under, or result in a violation of (i) any agreement, contract or instrument
to which the Company or Allied is a party which would prevent the Company or Allied from performing its obligations hereunder or
(ii) any law, statute, rule or regulation to which the Company or Allied is subject.

 

(c)      
Each of the Company, BROG and Allied has the requisite corporate power and authority to enter into and to perform its obligations
under this Agreement; and the execution, delivery and performance by the Company of this Agreement has been duly authorized by
all necessary action on the part of the Company.

 

(d)      
None of the Company Filings, as of their respective dates (or, if amended or superseded by a filing prior to the date of
this Agreement, then on the date of such filing), contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading and the Proxy Statement as of the date hereof contains and at the Closing date will not contain any untrue
statement of a material fact or omit statement of a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading.

 

(e)      
The representations and warranties the Company, Allied and their representative affiliates contained in their Merger Agreement
are true, correct and complete and the Purchaser may rely on such representations and warranties as if such representations and
warranties had been made directly to the Purchaser.

 

(f)       
The Company shall use the $5,000,000 of proceeds from the purchase price of the Purchased Shares as set forth in the letter
agreement by and among the Company, Allied and the Purchaser dated as of June 26, 2019 (the “Letter Agreement”).

 

 

 

    	 	3	 

     

    

 

(g)      
BROG is the sole record and beneficial owner of the BROG Shares. None of the BROG Shares is subject to any lien, claim,
restriction, security interest or encumbrance or to any option, warrant or agreement (collectively, “Encumbrances”)
that restricts BROG from transferring good and marketable title to the BROG Shares to the Purchaser free and clear of any Encumbrances
except for the restrictions on transferability set forth in that certain Stock Escrow Agreement, dated as of October 4, 2017, between
the Company and BROG which restrictions will be released with respect to the BROG Shares on the Closing. BROG acknowledges and
agrees that the Purchaser’s entering into this Agreement constitutes good and valuable consideration for BROG transferring
the BROG Shares to the Purchaser as an inducement to enter into this Agreement, by virtue of the benefits BROG is receiving and
a stockholder of the Company.

 

6.                  
Conditions to Closing. The Purchaser shall not be required to purchase the New Shares or otherwise consummate the
transactions contemplated hereby unless (i) the Company shall have formed NewCo and (ii) NewCo shall have entered into an escrow
agreement with the Purchaser and the Escrow Agent in the form attached as Exhibit A hereto.

 

7.                  
Disclosure; Exchange Act Filings. Promptly after execution of this Agreement, the Company will file a Current Report
on Form 8-K (“Signing Form 8-K”) under the Exchange Act reporting it. The parties to this Agreement shall reasonably
cooperate with one another to cause the Signing Form 8-K to be filed with the Commission.

 

8.                  
Entire Agreement; Amendment. This Agreement, together with the Letter Agreement, (except to the extent the Letter
Agreement is superseded hereby), constitute the entire agreement among the parties with respect to the subject matter hereof
and may be amended or modified only by written instrument signed by all parties. The headings in this Agreement are for convenience
of reference only and shall not alter or otherwise affect the meaning hereof.

 

9.                  
Governing Law. This Agreement shall be governed by and construed in accordance with the law of the State of New York,
including the conflicts of law provisions and interpretations thereof. 

 

10.               
Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute
one and the same agreement. Delivery of an executed signature page by facsimile or other electronic transmission shall be effective
as delivery of a manually signed counterpart of this Agreement.

 

11.               
Termination. Notwithstanding any provision in this Agreement to the contrary, this Agreement shall become null and
void and of no force and effect (i) upon the termination of the Merger Agreement prior to the Closing, (ii) if the Purchaser fails
to purchase the $5 million of Purchased Shares by the Closing, (iii) if the Merger shall not have been completed by August 10,
2019, (iv) if any condition or covenant set forth in the Merger Agreement has been amended, modified, deleted or otherwise changed
or waived by any party to the Merger Agreement without the written consent of Purchaser, (v) if TV AZTECA S.A.B. DE C.V., a Grupo
Salinas company, shall have not purchased $5 million of shares of Common Stock of BRAC on the same terms as the Purchaser’s
purchase of Purchased Shares pursuant to this Agreement (vi) upon a breach by any party hereto of their respective representations,
warranties or covenants set forth in this Agreement or (vii) the conditions set forth in Section 6 are not satisfied. Notwithstanding
any provision in this Agreement to the contrary, the Company’s obligation to issue the shares of Common Stock to the Purchaser
pursuant to Section 2 hereof and BROG’s obligation to transfer the BROG Shares to the Purchaser pursuant to Section 2 hereof
shall be conditioned on the Closing occurring and the Purchaser purchasing the $5 million of Purchased Shares.

 

12.               
Remedies. Each of the parties hereto acknowledges and agrees that, in the event of any breach of any covenant or
agreement contained in this Agreement by the other party, money damages may be inadequate with respect to any such breach and the
non-breaching party may have no adequate remedy at law. It is accordingly agreed that each of the parties hereto shall be entitled,
in addition to any other remedy to which they may be entitled at law or in equity, to seek injunctive relief and/or to compel specific
performance to prevent breaches by the other party hereto of any covenant or agreement of such other party contained in this Agreement.

 

13.               
Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective legal representatives, successors and permitted assigns. This Agreement shall not be assigned by either party
without the prior written consent of the other party hereto.

 

[Signature Page Follows]

 

 

 

 

 

    	 	4	 

     

    

 

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

 

 

 

	 	 	PURCHASER:
	 	 	 
	 	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 

 

 

	 	 	COMPANY:
	 	 	 
	 	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 	 	 	 

 

 

 

 

	 	 	ALLIED:
	 	 	 
	 	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 	 	 	 

 

 

 

 

 

 

 

 

    	 	5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}]]