Document:

Exhibit
    4.3

  

   

  

  
    	 	 	 	 	 	 	 
	 	
            COMMON STOCK

               PAR VALUE $.01

          	 	 	 	
            COMMON STOCK

          	 
	
            Certificate Number

          	 	 	 	 	 	
            Shares

          
	 	 	 	
            Valhi, Inc.

          	 	 	 
	 	 	 	 	 	 	 
	 	 	
            [Valhi, Inc. Logo]

          	 	 
	 	 	
            INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

          	
            THIS CERTIFICATE IS TRANSFERABLE IN CITIES DESIGNATED BY THE TRANSFER AGENT, AVAILABLE ONLINE AT

            www.computershare.com

          	 
	 	 	 	 	 	 	 
	 	 	 	 	
            SEE REVERSE FOR CERTAIN DEFINITIONS

          
	
            THIS CERTIFIES THAT

          	 	 	 	
            CUSIP 918905 10 0

          
	 	 	 	 	 
	
            is the owner of

          	 	 	 	 
	 	 	 	 	 	 
	
            FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF

          
	
             

            Valhi, Inc. (hereinafter called the “Corporation”), transferable on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon surrender of this certificate properly
              endorsed.  This certificate is not valid unless countersigned by the Transfer Agent and Registrar.

             

            Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.

          
	 	 	 	 	 
	 	 	
            [Valhi, Inc.

          	
            Dated 

          	 
	
            [Facsimile Signature]

            Chief Executive Officer

          	
            Corporate Seal

          	
            COUNTERSIGNED AND REGISTERED

            COMPUTERSHARE TRUST COMPANY, N.A.

            TRANSFER AGENT AND REGISTRAR

          	 
	 	
            Delaware]

          	 	 
	 	 	 	 	 	 
	
            [Facsimile Signature]

          	 	 	 
	
            Secretary

          	 	
            BY:  [Facsimile Signature]

          	 
	 	 	 	
            AUTHORIZED SIGNATURE

          	 
	 	 	 	 	 
	 	 	
            SECURITY INSTRUCTIONS ON REVERSE

          	 	 	 

    

    

    
      
        

    

    VALHI, INC.

    THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR
      OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE CORPORATION AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED
      BY THE CERTIFICATE OF INCORPORATION OF THE CORPORATION, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE CORPORATION, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO
      THE OFFICE OF THE SECRETARY OF THE CORPORATION OR TO THE TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE CORPORATION A BOND TO INDEMNIFY IT AND ITS
      TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE.

    

    

    

    

    The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

    	
            TEN COM

          	
            —

          	
            as tenants in common

          	 	
            UNIF GIFT MIN ACT

          	
            —

          	
            Custodian 

          
	
            TEN ENT

          	
            —

          	
            as tenants by the entireties

          	 	 	 	
            (Cust) (Minor)

          
	
            JT TEN

          	
            —

          	
            as joint tenants with right of survivorship and not as tenants in common

          	 	 	 	
            under Uniform Gifts to Minors Act

            
               

               

            

            (State)

          
	 	 	 	 	
            UNIF TRF MIN ACT

          	
            —

          	
            Custodian 

          
	 	 	 	 	 	 	
            (Cust) (Minor)

          
	 	 	 	 	 	 	
            under Uniform Gifts to Minors Act

            
               

               

            

            (State)

          
	 	 	
            Additional abbreviations may also be used though not in the above list.

          	 	 

    

    

    For value received, hereby sell, assign and transfer unto [PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]

    

    

    

    

     _

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

     _

    

    

     _

    

    

    Shares of the common stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

     

    

    Attorney to transfer the said stock on the books of the within-named Company with full power of substitution in the premises.

    

    

    Dated: 20  

    

    

    Signature:  

    

    

    

    

    Signature:

    Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change whatever.

    

    

    

    

    Signature(s) Guaranteed: Medallion Guarantee Stamp

    THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,
      PURSUANT TO S.E.C. RULE 17Ad-15.

    The IRS requires that the named transfer agent (“we”) report the cost basis of certain shares or units acquired after January 1, 2011. If your shares or
      units are covered by the legislation, and you requested to sell or transfer the shares or units using a specific cost basis calculation method, then we have processed as you requested. If you did not specify a cost basis calculation method, then we
      have defaulted to the first in, first out (FIFO) method. Please consult your tax advisor if you need additional information about cost basis.

    If you do not keep in contact with the issuer or do not have any activity in your account for the time period specified
        by state law, your property may become subject to state unclaimed property laws and transferred to the appropriate state.Valhi, Inc.

    

    

    2021 Non-Employee Director Stock Plan

    

    

    Section 1.  Purpose.  The purpose of this Plan is to advance the interests of Valhi and its
      stockholders by providing incentives to its non-employee directors to contribute to the strategic and long-term performance objectives and growth of Valhi.

    

    

    Section 2.  Definitions.  The following terms shall have the meanings indicated:

    

    

    (a) “Affiliate” shall mean any corporation or other entity that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, Valhi, where “control” for
      purposes of this definition means owning a majority of the outstanding voting stock or voting power.

    

    

    (b) “Board” shall mean the board of directors of Valhi.

    

    

    (c) “Committee” shall mean a committee of the Board, if any, designated by the Board to administer this Plan that is comprised of not fewer than two directors and shall initially mean the management, development and
      compensation committee of the Board.  The membership of the Committee or any successor committee (i) shall consist of “nonemployee directors” (as defined in Rule 16b-3) and meet any other applicable requirements so as to comply at all times with the
      applicable requirements of Rule 16b‐3 and (ii) shall meet any applicable requirements of any stock exchange or other market quotation system on which Common Shares are listed or traded.  References to the Committee hereunder shall include the Board
      where appropriate.

    

    

    (d) “Company” shall mean Valhi and any parent or privately held subsidiary of Valhi.

    

    

    (e) “Common Shares” shall mean shares of common stock, par value $0.01 per share, of Valhi and stock of any other class into which such shares may thereafter be changed.

    

    

    (f) “Effective Date” shall mean May 27, 2021.

    

    

    (g) “Exchange Act” shall mean the Securities Exchange Act of 1934, as it now exists or may be amended from time to
      time, and the rules promulgated thereunder, as they may exist or may be amended from time to time.

    

    

    (h) “Grant” shall mean a grant of Common Shares to a Non-Employee Director under this Plan.

    

    

    (i) “Non-Employee Director” shall mean a member of the board of directors of Valhi who is not an employee of Valhi or of any Affiliate of Valhi.

    

    

    (j) “Plan” shall mean this Valhi, Inc. 2021 Non-Employee Director Stock Plan, as it may be amended from time to time.

    

    

    (k) “Rule 16b-3” shall mean Rule 16b-3 promulgated by the U.S. Securities and Exchange Commission under the Exchange Act and any successor rule.

    

    

    (l) “Valhi” shall mean Valhi, Inc., a Delaware corporation.

    

    

    Section 3.  Administration.  Unless the Board shall
      designate itself, this Plan shall be administered by the Committee.

    
      Page 1 of 4

      
        

    

    

    

    The Committee has all the powers vested in it by the terms of this Plan.  Such powers shall include the exclusive authority to select the Non-Employee Directors to receive Grants under this Plan, and
      to determine the number of Common Shares granted, the time of the Grants to be made to each Non-Employee Director selected and the terms and conditions (if any) associated with the Grants.  The Committee is authorized to interpret this Plan and to
      make any other determinations that it deems necessary or desirable for the administration of this Plan.  The Committee may correct any defect or supply any omission or reconcile any inconsistency in this Plan or in any Grant in the manner and to the
      extent the Committee deems necessary or desirable to carry it into effect.  Any decision of the Committee in the interpretation and administration of this Plan, as described herein, shall lie within its sole and absolute discretion and shall be
      final, conclusive and binding on all parties concerned.  The Committee may act only by a majority of its members, except that the members thereof may authorize any one or more of their members or any officer
      of Valhi to execute and deliver documents or to take any other ministerial action on behalf of the Committee with respect to Grants.

    

    

    No member of the Committee and no officer of the Company shall be liable for anything done or omitted to be done by him or her, by any other member of the Committee or by any officer of the Company
      in connection with the performance of duties under this Plan, except for his or her own willful misconduct or as expressly provided by statute.  In addition to all other rights of indemnification and
      reimbursement to which a member of the Committee and an officer of the Company may be entitled, the Company shall indemnify and hold harmless each such member or officer who was or is a party or is threatened to be made a party to any threatened,
      pending or completed proceeding or suit in connection with the performance of duties under this Plan against expenses (including reasonable attorneys’ fees), judgments, fines, liabilities, losses and amounts paid in settlement actually and reasonably
      incurred by him or her in connection with such proceeding or suit, except for his or her own willful misconduct or as expressly provided otherwise by statute.  Expenses (including reasonable attorneys’ fees)
      incurred by such a member or officer in defending any such proceeding or suit shall be paid by the Company in advance of the final disposition of such proceeding or suit upon receipt of a written affirmation by such member or officer of his or her
      good faith belief that he or she has met the standard of conduct necessary for indemnification and a written undertaking by or on behalf of such member or officer to repay such amount if it shall ultimately be determined that he or she is not
      entitled to be indemnified by the Company as authorized in this Section.

    

    

    Section 4.  Grants of Common Shares under this Plan.

    

    

    (a) Maximum Number of Shares that May be Issued.  There may be issued under this Plan an aggregate of not more than 100,000 Common Shares, subject to adjustment as provided in Section 5.  Common
      Shares issued pursuant to this Plan may be either authorized but unissued shares, treasury shares or any combination thereof.  The number of Common Shares that may be issued to a Non-Employee Director under this Plan may not exceed 5,000 shares in
      any calendar year.

    

    

    (b) Rights with Respect to Common Shares and Other Securities.  Except as provided in Section 5, no adjustment shall be made for dividends, distributions or other rights (whether ordinary or
      extraordinary, and whether in cash, securities, other property or other forms of consideration, or any combination thereof) for which the record date is prior to the date such stock certificate or other instrument of ownership, if any, is issued.  In
      all events, a Non-Employee Director who receives a Grant shall have no rights as a stockholder with respect to such Common Shares represented by such Grant until the issuance to him or her of a stock certificate representing such shares (or, in the
      case of uncertificated shares, the book-entry registration of such Common Shares in the name of the applicable Non-Employee Director).

    

    

    Section 5.  Dilution and Other Adjustments.  In the event
      of any change in the outstanding Common Shares by reason of any stock split, stock dividend, reverse stock split or other extraordinary or unusual event which the Committee, in its discretion, determines has a similar effect, then the Committee shall
      make an equitable adjustment to the maximum number of Common Shares available for issuance (i) under this Plan and (ii) to any Non-Employee Director under this Plan in any one calendar year, in each case to reflect the effect of such event, with
      determinations made by the Committee to be final, conclusive and binding for all purposes of this Plan.

    

    

    Section 6.  Miscellaneous Provisions.

    
      Page 2 of 4

      
        

    

    

    

    (a) No fractional shares may
      be delivered under a Grant, but in lieu thereof a cash or other adjustment shall be made as determined by the Committee in its discretion.

    

    

    (b) Determinations made by
      the Committee under this Plan need not be uniform and may be made selectively among Non-Employee Directors, whether or not such Non-Employee Directors are similarly situated.  Such determinations shall include the right to exercise discretion to
      reduce prior to its grant date the amount of a Grant made to any Non-Employee Director; provided, however, the exercise of discretion shall not have the effect of increasing any Grant that is payable to any
      Non-Employee Director.

    

    

    (c) No Non-Employee Director
      or other person shall have any claim or right with respect to this Plan, the Common Shares reserved for issuance under this Plan or in any Grant, contingent or otherwise, until the Common Shares represented by such Grant shall have been delivered to
      the recipient and all the terms, conditions and provisions of this Plan and the Grant applicable to such recipient (and each person claiming under or through him or her) have been met.

    

    

    (d) No Common Shares shall
      be issued hereunder with respect to any Grant unless counsel for Valhi shall be satisfied that such issuance will be in compliance with applicable law and any applicable rules of any stock exchange or other market quotation system on which Common
      Shares are listed or traded.

    

    

    (e) It is the intent of
      Valhi that this Plan comply in all respects with Rule 16b‐3 with respect to Grants, that any ambiguities or inconsistencies in construction of this Plan be interpreted to give effect to such intention and that if any provision of this Plan is found
      not to be in compliance with Rule 16b‐3, such provision shall be deemed null and void with respect to Grants granted to executive officers of Valhi to the extent required to permit such Grants to comply with Rule 16b‐3.

    

    

    (f) The expenses of this
      Plan shall be borne by Valhi; provided, however, Valhi may recover from a Non-Employee Director or his or her heirs or assigns any and all damages, fees, expenses and costs incurred by Valhi arising out of
      any actions taken by a Non-Employee Director in breach of this Plan.

    

    

    (g) By accepting any Grant
      or other benefit under this Plan, each Non-Employee Director and each person claiming under or through him or her shall be conclusively deemed to have indicated his or her acceptance and ratification of, and consent to, any action taken under this
      Plan by Valhi, the Board or the Committee.

    

    

    (h) The appropriate officers
      of Valhi shall cause to be filed any reports, returns or other information regarding Grants hereunder of any Common Shares issued pursuant hereto as may be required by applicable law and any applicable rules of any stock exchange or other market
      quotation system on which Common Shares are listed or traded.

    

    

    (i) The validity,
      construction, interpretation, administration and effect of this Plan, and of its rules and regulations, and rights relating to this Plan and to Grants under this Plan, shall be governed by the substantive laws, but not the choice of law rules, of the
      state of Delaware.

    

    

    (j) Records of Valhi shall
      be conclusive for all purposes under this Plan or any Grant, unless determined by the Committee to be incorrect.

    

    

    (k) If any provision of this
      Plan or any specific Grant is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of this Plan, the specific Grant or any other Grant, but such provision shall be fully severable, and
      this Plan, such specific Grant and any other Grant, as applicable, shall be construed and enforced as if the illegal or invalid provision had never been included in this Plan, the specific Grant or any other Grant, as applicable.

    
      Page 3 of 4

      
        

    

    

    

    (l) The terms of this Plan
      shall govern all Grants under this Plan and in no event shall the Committee have the power to authorize a Grant under this Plan that is contrary to any of the provisions of this Plan.

    

    

    Section 7.  Plan Amendment or Suspension.  This Plan may be
      amended or suspended in whole or in part at any time from time to time by the Board.  No amendment of this Plan shall adversely affect in a material manner any right of any person with respect to any Grant previously granted without such person’s
      written consent.

    

    

    Section 8.  Plan Termination.  This Plan shall terminate
      upon the earlier of the following dates or events to occur:

    

    

    (a) upon the adoption of a
      resolution of the Board terminating this Plan; or

    

    

    (b) when no more Common
      Shares are authorized to be issued under this Plan.

    

    

    No termination of this Plan shall materially alter or impair any of the rights or obligations of any person, without his or her consent, under any Grant previously granted under this Plan.

    

    

    Section 9.  Effective Date.  This Plan shall be effective,
      and Grants awarded under this Plan, on or after the Effective Date.

    

    

    

    

    	
            ADOPTED BY THE BOARD:

          	
            March 4, 2021

          
	
            APPROVED BY THE STOCKHOLDERS:

          	
            May 27, 2021

          
	
            EFFECTIVE DATE: 

          	
            May 27, 2021

          

    

    

    EXECUTED to evidence this Valhi, Inc. 2021 Non-Employee Director Stock Plan adopted by the Board on March 4, 2021 and the stockholders of Valhi on May 27, 2021.

    

    

    

    

    Valhi, Inc.

    

    

    

    

    

    

    

    

    
      
        	

              	By: 	/s/ Jane R. Grimm	

              

      

    

    Jane R. Grimm, Vice President and Secretary

    

    

    

    

  

  Page 4 of 4

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