Document:

Amendment No. 4 to the Second Lien Secured Credit Agreement

 Exhibit 10.2 
 EXECUTION COPY 
 AMENDMENT NO. 4 
 THIS AMENDMENT NO. 4 TO SECOND LIEN SENIOR SECURED CREDIT AGREEMENT (this “Amendment”) is made and entered into as of February 15,
2008 by and between TRIPLE CROWN MEDIA, LLC, a Delaware limited liability company (the “Borrower”), TRIPLE CROWN MEDIA, INC., a Delaware corporation (the “Parent”), the subsidiary guarantors identified on the
signature pages hereto (the “Subsidiary Guarantors” and collectively, with the Parent, the “Guarantors”) and WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent and Collateral Agent (the
“Administrative Agent”) on behalf of itself and the other lenders party to the Credit Agreement referred to below (the “Lenders”). 
 STATEMENT OF PURPOSE 
 The Lenders have extended certain credit facilities to the Borrower pursuant
to the Second Lien Senior Secured Credit Agreement dated as of December 30, 2005 by and among the Borrower, the Parent, the Subsidiary Guarantors, the Lenders and the Administrative Agent (as amended by Amendment No. 1 dated as of
May 19, 2006, Consent and Amendment No. 2 dated as of September 14, 2006, Amendment No. 3 dated as of November 7, 2007, and as further amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”). 
 The Borrower has requested that the Lenders amend certain of the financial covenants contained in
the Credit Agreement pursuant to the terms of this Amendment. Subject to the terms and conditions set forth herein, the Lenders party hereto are willing to agree to such modifications. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 1. Capitalized Terms. All capitalized terms used and not defined herein shall have the meanings assigned thereto in the Credit
Agreement. 
 2. Amendments. Pursuant to Section 9.01 of the Credit Agreement and effective in accordance with
Section 4 hereof, the Lenders hereby agree and are deemed to consent to the following amendments: 
 (a)
Section 1.01 of the Credit Agreement shall be amended by adding in alphabetical order the following defined terms and the corresponding definitions thereof: 
 “Deferred Interest Amount” has the meaning assigned to that term in subsection 2.07(a). 
 “Fourth Amendment” means that certain Fourth Amendment to this Agreement, dated as of February 15, 2008. 
 “Fourth Amendment Effective Date” has the meaning ascribed to such term in the Fourth Amendment. 
  

 “Interest Expense” means, with respect to the Parent and its
Subsidiaries on a Consolidated basis, for any period, all cash interest expense payable on outstanding Debt, in accordance with GAAP. 
 “Interest Payment Date” means, (i) with respect to any Base Rate Advances, each March 31, June 30, September 30 and December 31 of each year and on the date such Base Rate Advance shall be
converted or paid in full, and (ii) with respect to any Eurodollar Rate Advances, the last day of each Interest Period applicable to such Loan and, if such Interest Period has a duration of more than three months, on each last day of a calendar
quarter that occurs during such Interest Period and on the date such Eurodollar Rate Advance shall be Converted or paid in full, in each case, as further set forth in Section 2.07(a)(i) and (ii). 
 (b) Section 1.01 of the Credit Agreement shall be amended by deleting the definition of “Applicable Margin” in its entirety and
substituting, in lieu thereof, the following: 
 “Applicable Margin” means, for the period beginning as of the Fourth
Amendment Effective Date and thereafter (subject to the Deferred Interest Amounts set forth in Section 2.07(a)), 11.00% per annum for Base Rate Advances, and 12.00% per annum for Eurodollar Rate Advances.” 
 (c) The definition of “Base Rate” in Section 1.01 of the Credit Agreement shall be amended by adding the following proviso at the end of
such definition to read as follows: “; provided, however, at any time the Base Rate equals an interest rate less than 4.00% per annum, the Base Rate applied during such time period for all Base Rate determinations shall be deemed to
be 4.00% per annum (for clarification purposes, the “floor” Base Rate for this Agreement shall be 4.00% per annum).” 
 (d) The definition of “EBITDA” in Section 1.01 of the Credit Agreement shall be amended by (i) deleting the words “; provided that, for the fiscal quarters ended December, 31, 2004, March 31,
2005, June 30, 2005 and September 30, 2005, EBITDA shall be as set forth on Schedule 1.1 hereto.” and (ii) substituting, in lieu thereof, the following: “provided that, (a) for the fiscal quarter ending
June 30, 2007, EBITDA shall be $3,330,000, (b) for the fiscal quarter ending September 30, 2007, EBITDA shall be $2,947,000, and (c) for the fiscal quarter ending December 31, 2007, EBITDA shall be $3,568,000. For purposes
of this Agreement, EBITDA shall be adjusted on a pro forma basis, in a manner reasonably acceptable to the Administrative Agent, to include, as of the first day of any applicable period, any permitted acquisitions under
Section 5.02(f)(vii), any Permitted Assets Exchange consummated during such period and any sales or transfers of assets permitted under this Agreement during such period (including, without limitation, any asset sales permitted under
Section 5.02(e) and the sale of all the outstanding capital stock of Host Communications, Inc. by B.R. Holding, Inc.).” 
 (e) The
definition of “Eurodollar Rate” in Section 1.01 of the Credit Agreement is hereby amended by adding the following proviso at the end of such definition to read as follows: “; provided, further, at any time the Eurodollar
Rate equals an interest rate less than 3.00% per annum, the Eurodollar Rate applied during such time period for all Eurodollar Rate determinations shall be deemed to be 3.00% per annum (for clarification purposes, the “floor”
Eurodollar Rate for this Agreement shall be 3.00% per annum).” 
  

 (f) Section 2.06(c) of the Credit Agreement is hereby amended by deleting such subsection in its
entirety and substituting, in lieu thereof, the following new subsection (c): 
 “(c) Prepayment Premium. Any prepayment of
Advances pursuant to Sections 2.06(a) (other than prepayments resulting from Excess Cash Flow pursuant to Section 2.06(b)(i)) shall be accompanied by a premium such that the aggregate amount of such prepayment shall equal 105% of the principal
amount prepaid; provided, however, (i) if such prepayment is made from the date of the Fourth Amendment Effective Date to the date of the first anniversary of the Fourth Amendment Effective Date, such prepayment shall
automatically be reduced to 101% of the principal amount prepaid, and (ii) if such prepayment is made at any time after the date of the first anniversary of the Fourth Amendment Effective Date, there shall be no reduction and such prepayment
shall equal 105% of the principal amount prepaid.” 
 (g) Section 2.07(a) of the Credit Agreement (“Interest”) is hereby
amended by adding the following text at the end of such section: 
 “provided however, that, in connection with any
Interest Payment Date occurring after the Fourth Amendment Effective Date, a portion of the interest owing on such Interest Payment Date shall be deferred as follows: (i) for Eurodollar Rate Advances, 2.00% of the aggregate Applicable Margin
for Eurodollar Rate Advances shall be deferred or (b) for Base Rate Advances, 2.00% of the aggregate Applicable Margin for Base Rate Advances shall be deferred (in either case, the “Deferred Interest Amount”) and (ii) the
aggregate principal amount of the Loans shall be deemed to be automatically increased by an amount equal to the Deferred Interest Amount owing on such Interest Payment Date.” 
 (h) Section 5.03(e) of the Credit Agreement (“Annual Forecasts”) is hereby amended by deleting such subsection in its entirety and
substituting, in lieu thereof, the following new subsection (e): 
 “(e) Forecasts. 
 As soon as available and in any event no later than (A) 60 days after the end of each Fiscal Year, forecasts prepared by management of the Borrower,
in form satisfactory to the Administrative Agent, of (i) balance sheets, income statements and cash flow statements on a quarterly basis for the Fiscal Year following such Fiscal Year and (ii) quarterly calculations of the financial
covenant set forth in Section 5.04 for the Fiscal Year following such Fiscal Year, (B) 45 days after the end of each of the first three fiscal quarters of each Fiscal Year, forecasts prepared by management of the Borrower, in form
satisfactory to the Administrative Agent, of (i) balance sheets, income statements and cash flow statements on a quarterly basis for the fiscal quarter following such fiscal quarter and (ii) quarterly calculations of the financial covenant
set forth in Section 5.04 for the fiscal quarter following such fiscal quarter and (C) 15 days after the end of each calendar month, the projected cash flows and ending cash balance on a weekly basis for the 13 weeks following such date,
prepared by management of the Borrower, in form and substance satisfactory to the Administrative Agent.” 
  

 (i) Section 5.04 (“Leverage Ratio”) of the Credit Agreement is hereby amended by:

 (i) deleting the chart appearing therein in its entirety and substituting, in lieu thereof, the following chart:

  

									
	 Fiscal Quarter
	  	March 31	  	June 30	  	September 30	  	December 31
	 2008
	  	7.00:1.00	  	7.00:1.00	  	7.00:1.00	  	7.00:1.00
	 2009
	  	7.00:1.00	  	7.00:1.00	  	7.00:1.00	  	4.50:1.00
	 2010
	  	4.50:1.00	  	4.50:1.00	  	4.50:1.00	  	4.50:1.00

 and 
 (ii) deleting the last paragraph thereof in its entirety and substituting, in lieu thereof, the following new paragraph: 
 “For purposes of calculating the financial covenant set forth in this Section 5.04, the components of each financial ratio shall be adjusted on a pro forma Consolidated basis, in a manner reasonably
acceptable to the Administrative Agent, to include, as of the first day of any applicable period, any permitted acquisition under Section 5.02(f)(vii), any Permitted Assets Exchange consummated during such period and any sales or transfers of
assets permitted under this Agreement during such period (including, without limitation, assets sales permitted under Section 5.02(e) and the sale of all the outstanding capital stock of Host Communications, Inc. by B.R. Holding, Inc.).”

 3. Amendment Fee. In order to induce the Lenders to approve and execute the Fourth Amendment, the Borrower hereby agrees to pay to
the Administrative Agent, for the account of each of the Lenders (including Wachovia Bank, National Association) who has timely consented to the Fourth Amendment, an amendment fee (collectively, the “Amendment Fee”) in the amount of
25.0 basis points times the sum of such Lender’s outstanding Commitments under the Credit Agreement as of the Fourth Amendment Effective Date (as defined below). The Amendment Fee shall be earned, due and payable on the Fourth Amendment
Effective Date. 
 4. Conditions to Effectiveness. Upon satisfaction of each of the following conditions, this Amendment shall be
deemed to be effective as of the date above stated (the “Fourth Amendment Effective Date”): 
 (a) Executed Amendment.
The Administrative Agent shall have received a duly executed counterpart of this Amendment from each Loan Party and the Lenders. 
 (b)
Executed Fourth Amendment to the First Lien Facilities. Prior to or contemporaneous with the execution of this Amendment, the lenders party to the First Lien Facilities shall have executed a Fourth Amendment to the First Lien Facilities in
form and substance satisfactory to the Administrative Agent. 

 (c) Amendment Fee. The Borrower shall have paid to the Administrative Agent in immediately
available funds, the Amendment Fee for the account of each Lender (including the Administrative Agent) that executes and delivers this Amendment. 
 (d) Fees and Expenses. The Administrative Agent shall have received all other applicable fees and reimbursement for all out of pocket charges and other expenses incurred in connection with this Amendment and the administration of the
Loan Documents, including, without limitation, the fees, disbursements and other charges of counsel for the Administrative Agent. 
 (e)
Forecasts. The Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, forecasts prepared by management of balance sheets, income statements and cash flow statements of the Parent
and its Subsidiaries, which shall be quarterly for Fiscal Year 2008 and annual thereafter for the term of the Credit Agreement and the First Lien Facilities. 
 (f) Other Documents. The receipt by the Administrative Agent of any other documents or instruments reasonably requested by the Administrative Agent in connection with the execution of this Agreement.

 5. Limited Effect of Amendment. Except as expressly modified herein, the Credit Agreement and the Loan Documents shall continue to
be, and shall remain, in full force and effect. This Amendment shall not be deemed (a) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of the Credit Agreement or any other Loan Document or
(b) to prejudice any other right or remedies which the Administrative Agent or the Lenders may now have or may have in the future under or in connection with the Credit Agreement or the other Loan Documents or any of the instruments or
agreements referred to therein, as the same may be amended, restated or otherwise modified from time to time. On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder,” “hereof” or words of like import referring to the Credit Agreement, and each reference in the Credit Agreement, the Notes and each of the other Loan Documents to “the Credit Agreement”,
“thereunder”, “thereof” or words of lie import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment. This Amendment constitutes a “Loan Document” as
defined in the Credit Agreement. 
 6. Representations and Warranties. After giving effect to the amendments set forth herein, each
Loan Party hereby certifies that (a) each of the representations and warranties set forth in the Credit Agreement and the other Loan Documents is true and correct in all material respects as of the Fourth Amendment Effective Date as if fully
set forth herein (except for any representation and warranty made as of an earlier date, which representation and warranty shall remain true and correct as of such earlier date), (b) no Default or Event of Default has occurred and is continuing
as of the Fourth Amendment Effective Date and (c) in connection with the forecasts delivered pursuant to Section 4 of this Amendment, such forecasts were prepared in good faith on the basis of the assumptions stated therein, which
assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, and represented, at the time of delivery, the Borrower’s best estimate of its future financial performance. It is acknowledged and 

 
understood that the forecasts as they relate to future events are not to be reviewed as representations and warranties that such events will occur and that
actual results may differ significantly from the projected results. 
 7. Acknowledgement by Guarantors. By their execution hereof,
each of the Guarantors hereby expressly (a) consents to the modifications and amendments set forth in this Amendment, (b) reaffirms all of its respective covenants, representations, warranties and other obligations set forth in each of the
Loan Documents to which it is a party and (c) acknowledges, represents and agrees that its respective covenants, representations, warranties and other obligations set forth in each of the Loan Documents to which it is a party remain in full
force and effect. 
 8. Release. For and in consideration of the agreements of the Administrative Agent and the other Lenders
contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrower and each of the other Loan Parties hereby forever release and discharge the Administrative Agent and the
Lenders, each of their respective officers, directors, employees, agents, affiliates, representatives, successors and assigns (collectively, the “Released Parties”) from any and all claims, causes of actions, damages and liabilities
of any nature whatsoever, known or unknown, which the Borrower or any Loan Party ever had, now has or might hereafter have against one or more of the Released Parties which relates, directly or indirectly, to the Loan Documents or the transactions
relating thereto (collectively “Claim”), to the extent that any such Claim shall be based in whole or in part upon facts, circumstances, actions or events existing on or prior to the date hereof. 
 9. Covenant Not to Sue. The Borrower and each of the Loan Parties, on behalf of itself and its successors, assigns, and other legal
representatives, hereby absolutely, unconditionally and irrevocably, covenant and agree with and in favor of each Released Party that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Released Party on the basis of
any Claim released, remised and discharged by the Borrower and each Loan Party pursuant to Section 8 above. If the Borrower or any of its respective successors, assigns or other legal representatives, or any Loan Party, or its respective
successors, assigns, and other legal representatives violates the foregoing covenant, each of the Borrower, for itself and its respective successors, assigns and legal representatives, and each Loan Party for itself and its respective successors,
assigns and legal representatives, agrees to pay, in addition to such other damages as any Released Party may sustain as a result of such violation, all reasonable attorneys’ fees and costs incurred by any Released Party as a result of such
violation. 
 10. Miscellaneous. 
 (a) Governing Law. This Amendment shall be governed by, construed and enforced in accordance with the laws of the State of New York. 
 (b) Entire Agreement. This Amendment is the entire agreement, and supersedes any prior agreements and contemporaneous oral agreements, of the parties concerning its subject matter. In the event there is a
conflict or inconsistency between this Amendment and the Credit Agreement, the terms of this Amendment shall control. 

 (c) Successors and Assigns. This Amendment shall be binding on and inure to the benefit of the
parties and their beneficiaries, successors and assigns. 
 (d) Further Assurances. The parties hereto shall execute and deliver such
additional documents and take such additional action as may be necessary or desirable to effectuate the provisions and purposes of this Amendment. 
 (e) Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and shall be binding upon all
parties, their successors and assigns, and all of which taken together constitute one and the same agreement. 
 (f) Facsimile
Transmission. A facsimile, telecopy or other reproduction of this Amendment may be executed by one or more parties hereto, and an executed copy of this Amendment may be delivered by one or more parties hereto by facsimile or similar
instantaneous electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party
hereto, all parties hereto agree to execute an original of this Amendment as well as any facsimile, telecopy or other reproduction hereof. 
 [Signature Pages To Follow] 

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

			
	TRIPLE CROWN MEDIA, LLC, as Borrower
		
	By:	 	 /s/ Mark G. Meikle

	Name:	 	Mark G. Meikle
	Title:	 	VP & CFO
	
	 TRIPLE CROWN MEDIA, INC., as Parent and a Guarantor

		
	By:	 	 /s/ Mark G. Meikle

	Name:	 	Mark G. Meikle
	Title:	 	VP & CFO
	
	BR ACQUISITION CORP., as a Guarantor
		
	By:	 	 /s/ Mark G. Meikle

	Name:	 	Mark G. Meikle
	Title:	 	VP & CFO
	
	BR HOLDING, INC., as a Guarantor
		
	By:	 	 /s/ Mark G. Meikle

	Name:	 	Mark G. Meikle
	Title:	 	VP & CFO
	
	 DATASOUTH COMPUTER CORPORATION, as a Guarantor

		
	By:	 	 /s/ Mark G. Meikle

	Name:	 	Mark G. Meikle
	Title:	 	VP & CFO
	
	GRAY PUBLISHING, LLC, as a Guarantor
		
	By:	 	 /s/ Mark G. Meikle

	Name:	 	Mark G. Meikle
	Title:	 	VP & CFO

 [Amendment No. 4 to Second Lien Credit Agreement – Triple Crown Media] 

			
	CAPITAL SPORTS PROPERTIES, INC. as a Guarantor
		
	By:	 	 /s/ Mark G. Meikle

	Name:	 	Mark G. Meikle
	Title:	 	VP & CFO

 [Amendment No. 4 to Second Lien Credit Agreement – Triple Crown Media] 

			
	WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent and on behalf of the Lenders
		
	By:	 	 /s/ Jeffrey R. Gignac

	Name:	 	Jeffrey R. Gignac
	Title:	 	Vice President

 [Amendment No. 4 to Second Lien Credit Agreement – Triple Crown Media] 

			
	CONSENTED AND AGREED BY:
	
	WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent for the lenders party to the First Lien Facilities
		
	By:	 	 /s/ Jeffrey R. Gignac

	Name:	 	Jeffrey R. Gignac
	Title:	 	Vice President

 [Amendment No. 4 to Second Lien Credit Agreement – Triple Crown Media] 

			
	LENDERS:
	
	Global Leveraged Capital Credit Opportunity Fund I
		
	By:	 	 Global Leveraged Capital Management, LLC,
 as a Lender

		
	By:	 	 /s/ Alissa Glauda

	Name:	 	Alissa Glauda
	Title:	 	Senior Analyst

 [Amendment No. 4 to Credit Agreement – Triple Crown Media] 

			
	LENDERS:
	
	GoldenTree Credit Opportunities Financing I, Ltd.
		
	By:	 	GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

	Name:	 	Karen Weber
	Title:	 	Director - Bank Debt

 [Amendment No. 4 to Credit Agreement – Triple Crown Media] 

			
	REQUIRED LENDERS:
	
	GoldenTree Capital Opportunities, LP
		
	By:	 	GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

	Name:	 	Karen Weber
	Title:	 	Director - Bank Debt

 [Amendment No. 4 to Second Lien Credit Agreement – Triple Crown Media] 

			
	REQUIRED LENDERS:
	
	GoldenTree Capital Solutions Fund Financing
		
	 By:
	 	 GoldenTree Asset Management, LP

		
	 By:
	 	 /s/ Karen Weber

	 Name:
	 	Karen Weber
	 Title:
	 	Director - Bank Debt

 [Amendment No. 4 to Second Lien Credit Agreement – Triple Crown Media] 

			
	REQUIRED LENDERS:
	
	GoldenTree Capital Solutions Offshore Fund Financing
		
	By:	 	GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

	Name:	 	Karen Weber
	Title:	 	Director - Bank Debt

 [Amendment No. 4 to Second Lien Credit Agreement – Triple Crown Media] 

			
	REQUIRED LENDERS:
	
	GoldenTree 2004 Trust
		
	By:	 	GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

	Name:	 	Karen Weber
	Title:	 	Director - Bank Debt

 [Amendment No. 4 to Second Lien Credit Agreement – Triple Crown Media] 

			
	REQUIRED LENDERS:
	
	GoldenTree MultiStrategy Financing, Ltd.
		
	By:	 	GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

	Name:	 	Karen Weber
	Title:	 	Director - Bank Debt

 [Amendment No. 4 to Second Lien Credit Agreement – Triple Crown Media] 

			
	LENDERS:
	
	Greyrock CDO LTD
		
	By:	 	Aladdin Capital Management LLC as Manager, as a Lender
		 	(Please print or type legal name)
		
	By:	 	 /s/ Alyse Kelly

	Name:	 	Alyse Kelly
	Title:	 	Authorized Signatory

 [Amendment No. 4 to Credit Agreement – Triple Crown Media] 

			
	LENDERS:
	
	Landmark III CDO LIMITED
		
	By:	 	Aladdin Capital Management LLC as Manager, as a Lender
		 	(Please print or type legal name)
		
	By:	 	 /s/ Alyse Kelly

	Name:	 	Alyse Kelly
	Title:	 	Authorized Signatory

 [Amendment No. 4 to Credit Agreement – Triple Crown Media] 

			
	LENDERS:
	
	Landmark IV CDO LIMITED
		
	By:	 	Aladdin Capital Management LLC as Manager, as a Lender
		 	(Please print or type legal name)
		
	By:	 	 /s/ Alyse Kelly

	Name:	 	Alyse Kelly
	Title:	 	Authorized Signatory

 [Amendment No. 4 to Credit Agreement – Triple Crown Media] 

			
	LENDERS:
	
	Landmark V CDO LIMITED
		
	By:	 	Aladdin Capital Management LLC as Manager, as a Lender
		 	(Please print or type legal name)
		
	By:	 	 /s/ Alyse Kelly

	Name:	 	Alyse Kelly
	Title:	 	Authorized Signatory

 [Amendment No. 4 to Credit Agreement – Triple Crown Media] 

			
	LENDERS:
	
	Landmark VI CDO LTD
		
	By:	 	Aladdin Capital Management LLC as Manager, as a Lender
		 	(Please print or type legal name)
		
	By:	 	 /s/ Alyse Kelly

	Name:	 	Alyse Kelly
	Title:	 	Authorized Signatory

 [Amendment No. 4 to Credit Agreement – Triple Crown Media] 

			
	LENDERS:
	
	Landmark VII CDO LTD
		
	By:	 	Aladdin Capital Management LLC as Manager, as a Lender
		 	(Please print or type legal name)
		
	By:	 	 /s/ Alyse Kelly

	Name:	 	Alyse Kelly
	Title:	 	Authorized Signatory

 [Amendment No. 4 to Credit Agreement – Triple Crown Media]Form of Change in Control Employment Agreement

 Exhibit 10.2 
 CHANGE IN CONTROL 
 EMPLOYMENT AGREEMENT 
 (for current executives) 
 AGREEMENT by and between PPG Industries, Inc., a
Pennsylvania corporation (the “Company”), and                      (the “Executive”), dated as of
                    ,             . 
 The Board of Directors of the Company (the “Board”), has determined that it is in the best interests of the Company and its shareholders to assure that the
Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change in Control (as defined below) of the Company. The Board believes it is imperative to diminish the inevitable distraction
of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change in Control and to encourage the Executive’s full attention and dedication to the Company currently and in the event of any threatened
or pending Change in Control, and to provide the Executive with compensation and benefits arrangements upon a Change in Control which ensure that the compensation and benefits expectations of the Executive will be satisfied and which are competitive
with those of other corporations. Therefore, in order to accomplish these objectives, the Board has caused the Company to enter into this Agreement. 
 NOW,
THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 
 1. Certain Definitions. (a) The “Effective Date” shall mean the first date during
the Change in Control Period (as defined in Section l(b)) while the Executive is an employee of the Company on which a Change in Control (as defined in Section 2) occurs. Anything in this Agreement to the contrary notwithstanding, if a Change
in Control 

 
occurs and if the Executive’s employment with the Company is terminated prior to the date on which the Change in Control occurs, and if it is reasonably
demonstrated by the Executive that such termination of employment (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with or anticipation of
a Change in Control, then for all purposes of this Agreement the “Effective Date” shall mean the date immediately prior to the date of such termination of employment. 
 (b) The “Change in Control Period” shall mean the period commencing on the date hereof and ending on the earlier of (i) the
Executive’s date of Retirement, or (ii) the third anniversary of the date hereof; provided, however, that commencing on the date one year after the date hereof, and on each annual anniversary of such date (such date and each annual
anniversary thereof shall be hereinafter referred to as the “Renewal Date”), unless previously terminated, the Change in Control Period shall be automatically extended so as to terminate the earlier of (i) the Executive’s date of
Retirement, or (ii) three years from such Renewal Date, unless at least 60 days prior to the Renewal Date the Company shall give notice to the Executive that the Change in Control Period shall not be so extended. 
 (c) “Retirement” shall mean termination of employment on or after (i) an Executive’s “normal retirement date” as defined in
the PPG Industries, Inc. Retirement Income Plan, provided such termination is voluntary, or (ii) with respect to any Executive that the Company may subject to compulsory retirement under the Age Discrimination in Employment Act (29 U.S.C.
Section 621 et. seq.) (ADEA) as a “bona fide executive or a high policy maker”, such Executive’s “normal retirement date”. 
 (d) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  

 - 2 - 

 (e) The “Compensation Multiplier” shall mean: (i) if the Executive is subject to
compulsory retirement, then the number of years and fractions of years remaining (such fractions to be expressed as the number of whole months and any partial month, divided by 12) from the Executive’s Date of Termination (as defined in
Section 5(e)) to his normal retirement date, not to exceed three (unless such Executive’s termination of employment is a Window Period Termination, as defined in Section 5(c), in which case the multiplier shall not exceed two) or,
(ii) if the Executive is not subject to compulsory retirement, then the multiplier shall be three, or if the Executive’s termination of employment is a Window Period Termination, then two. 
 (f) “Specified Employee” shall mean a key employee (as defined in Section 416(i) of the Code without regard to
Section 416(i)(5) of the Code) of the Company, determined in accordance with Section 409A of the Code and any regulations or other guidance thereunder. 
 2. Change in Control. For the purpose of this Agreement, a “Change in Control” shall mean: 
 (a)
The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a), the following
acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained
by the Company or 

  

 - 3 - 

 
any corporation controlled by the Company or (iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (i),
(ii) and (iii) of subsection (c) of this Section 2; or 
 (b) Individuals who, as of the date hereof, constitute the
Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the
Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any
such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf
of a Person other than the Board; or 
 (c) Approval by the shareholders of the Company of a reorganization, merger or consolidation or sale
or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were
the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination
(including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions
as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and 

  

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Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any employee benefit plan (or related trust) of the Company or such
corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined
voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (iii) at least a majority of the members of the board of directors of the
corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; 
 (d) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company; or 
 (e) A majority of the Board otherwise determines that a Change in Control shall have occurred. 
 3. Employment Period. The Company hereby agrees to continue the Executive in its employ, and the Executive hereby agrees to remain in the employ of the
Company subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on the earlier of (i) the Executive’s date of Retirement and (ii) the third anniversary of the Effective Date,
(the “Employment Period”). 
 4. Terms of Employment. (a) Position and Duties. (i) During the Employment Period,
(A) the Executive’s position (including status, offices, titles and reporting requirements), authority, duties and responsibilities shall be at least commensurate in all material respects with the most significant of those held, exercised
and assigned at any time during the 120-day period immediately preceding the Effective Date and (B) the Executive’s services shall be performed at the location where the Executive was employed immediately preceding the Effective Date or
any office or location less than 35 miles from such location. 
  

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 (ii) During the Employment Period, and excluding any periods of vacation and sick leave to which the
Executive is entitled, the Executive agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive
hereunder, to use the Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period it shall not be a violation of this Agreement for the Executive to (A) serve on corporate,
civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions and (C) manage personal investments, so long as such activities do not significantly interfere with the
performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement. It is expressly understood and agreed that to the extent that any such activities have been conducted by the Executive prior to the
Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Executive’s
responsibilities to the Company. 
 (b) Compensation. (i) Base Salary. During the Employment Period, the Executive shall receive an
annual base salary (“Annual Base Salary”), which shall be paid at a monthly rate, at least equal to twelve times the highest monthly base salary paid or payable, including any base salary which has been earned but deferred, to the
Executive by the Company and its affiliated companies in respect of the twelve-month period immediately preceding the month in which the Effective Date occurs. During the Employment Period, the Annual Base Salary shall be reviewed no more than 12
months after the last salary increase awarded to the Executive prior to the Effective Date and 

  

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thereafter at least annually. Any increase in Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this
Agreement. Annual Base Salary shall not be reduced after any such increase and the term Annual Base Salary as utilized in this Agreement shall refer to Annual Base Salary as so increased. As used in this Agreement, the term “affiliated
companies” shall include any company controlled by, controlling or under common control with the Company. 
 (ii) Annual Bonus. In
addition to Annual Base Salary during the Employment Period, the Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to the Executive’s
highest bonus under the Company’s Incentive Compensation and Deferred Income Plan for Key Employees, or any comparable bonus under any predecessor or successor plan, for the last three full fiscal years prior to the Effective Date (annualized
in the event that the Executive was not employed by the Company for the whole of such fiscal year) (the “Recent Annual Bonus”). Each such Annual Bonus shall be paid no later than the fifteenth day of the third month of the fiscal year next
following the fiscal year for which the Annual Bonus is awarded, unless the Executive shall elect to defer the receipt of such Annual Bonus. 
 (iii) Incentive, Savings and Retirement Plans. During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer
executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities,
to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated
companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period 

  

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immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer
executives of the Company and its affiliated companies. 
 (iv) Welfare Benefit Plans. During the Employment Period, the Executive and/or the
Executive’s family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and its affiliated companies (including, without
limitation, medical, prescription, dental, disability, salary continuance, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of the Company and
its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in
effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and
its affiliated companies. 
 (v) Expenses. During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for
all reasonable expenses incurred by the Executive in accordance with the most favorable policies, practices and procedures of the Company and its affiliated companies in effect for the Executive at any time during the 120-day period immediately
preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies. 
 (vi) Fringe Benefits. During the Employment Period, the Executive shall be entitled to fringe benefits, including, without limitation, tax and financial
planning services, payment of club dues, and, if applicable, use of an automobile and payment of 

  

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related expenses, in accordance with the most favorable plans, practices, programs and policies of the Company and its affiliated companies in effect for the
Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated
companies. 
 (vii) Office and Support Staff. During the Employment Period, the Executive shall be entitled to an office or offices of a size
and with furnishings and other appointments, and to exclusive personal secretarial and other assistance, at least equal to the most favorable of the foregoing provided to the Executive by the Company and its affiliated companies at any time during
the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as provided generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies. 
 (viii) Vacation. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the most favorable plans, policies,
programs and practices of the Company and its affiliated companies as in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any
time thereafter with respect to other peer executives of the Company and its affiliated companies. 
 5. Termination of Employment.
(a) Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred
during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 12(b) of this Agreement of its intention to terminate the Executive’s
employment. In such event, the Executive’s employment with the Company shall terminate effective 

  

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on the 90th day after receipt of such notice by the Executive (the “Disability Effective Date”), provided that, within the 90 days after such
receipt, the Executive shall not have returned to full-time performance of the Executive’s duties. For purposes of this Agreement, “Disability” shall mean disability which, after the expiration of more than 52 weeks after its
commencement, is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative (such agreement to acceptability not to be withheld
unreasonably). 
 (b) Cause. The Company may terminate the Executive’s employment during the Employment Period for Cause. For purposes
of this Agreement, “Cause” shall mean: 
 (i) the willful and continued failure of the Executive to perform substantially the
Executive’s duties with the Company or one of its affiliates (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Executive by the
Board or the Chief Executive Officer of the Company which specifically identifies the manner in which the Board or Chief Executive Officer believes that the Executive has not substantially performed the Executive’s duties, or 
 (ii) the willful engaging by the Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company.

 For purposes of this provision, no act or failure to act, on the part of the Executive, shall be considered “willful” unless it is done, or
omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution
duly adopted by the Board or upon the instructions of the Chief Executive Officer or a senior officer of the Company or based upon the advice of counsel for the 

  

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Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. The
cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire
membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board), finding that,
in the good faith opinion of the Board, the Executive is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail. 
 (c) Good Reason. The Executive’s employment may be terminated by the Executive for Good Reason. For purposes of this Agreement, “Good
Reason” shall mean: 
 (i) the assignment to the Executive of any duties inconsistent in any respect with the Executive’s position
(including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 4(a) of this Agreement, or any other action by the Company which results in a diminution in such position,
authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive;

 (ii) any failure by the Company to comply with any of the provisions of Section 4(b) of this Agreement, other than an isolated,
insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive; 
  

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 (iii) the Company’s requiring the Executive to be based at any office or location other than as
provided in Section 4(a)(i)(B) hereof; 
 (iv) any purported termination by the Company of the Executive’s employment otherwise
than as expressly permitted by this Agreement; or 
 (v) any failure by the Company to comply with and satisfy Section 11(c) of this
Agreement. 
 In order to qualify as a termination for “Good Reason” all of the following conditions must occur: (1) the Executive must
terminate employment with the Company within a period of two (2) years following the initial existence of circumstances constituting “Good Reason” under (i) through (v) above, (2) the Executive must give notice of the
circumstances constituting “Good Reason” under (i) through (v) above within ninety (90) days of the initial existence of such circumstances, and (3) the Company must have a period of thirty (30) days following
receipt of the Executive’s notice to remedy such circumstances. Anything in this Agreement to the contrary notwithstanding, a termination by the Executive for any reason during the 30-day period immediately following the first anniversary of
the Effective Date (herein referred to as a “Window Period Termination”) shall be deemed to be a termination for Good Reason for all purposes of this Agreement. 
 (d) Notice of Termination. Any termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with
Section 12(b) of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent
applicable, sets forth in reasonable detail the facts and circumstances claimed to 

  

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provide a basis for termination of the Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined
below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than thirty days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of
Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting
such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 
 (e) Date of Termination. “Date of
Termination” means (i) if the Executive’s employment is terminated by the Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may
be, (ii) if the Executive’s employment is terminated by the Company other than for Cause or Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such termination and (iii) if the
Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be. 
 6. Obligations of the Company upon Termination. (a) Good Reason; Other Than for Cause, Death or Disability. If, during the Employment Period, the
Company shall terminate the Executive’s employment other than for Cause or Disability or the Executive shall terminate employment for Good Reason: 
 (i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the aggregate of the following amounts: 
 A. the sum of (1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid,
(2) the product of (x) the higher 

  

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of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and
annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than twelve full months), for the most recently completed fiscal year during the Employment Period, if any (such higher
amount being referred to as the “Highest Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365 and (3) any
accrued vacation pay, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1), (2), and (3) shall be hereinafter referred to as the “Accrued Obligations”); and 
 B. the amount equal to the product of (1) the Executive’s Compensation Multiplier and (2) the sum of (x) the
Executive’s Annual Base Salary and (y) the Highest Annual Bonus; and 
 C. an amount equal to the difference between
(a) the actuarial equivalent of the benefit under the Company’s qualified defined benefit retirement plan (the “Retirement Plan”) (utilizing actuarial assumptions no less favorable to the Executive than those in effect
immediately prior to the Effective Date) and under any excess or supplemental retirement plan or plans in which the Executive participates (together, the “SERP”) which the Executive would receive if the Executive’s employment
continued for a number of years (including fractional parts, if any) equal to the Executive’s Compensation Multiplier after the Date of Termination assuming for this purpose that all accrued benefits are fully vested, and, assuming that the
Executive’s compensation in each of such years (and fraction of years, if any) is that required by Section 4(b)(i) and Section 4(b)(ii), and (b) the actuarial equivalent of the Executive’s actual benefit (paid or payable),
if any, under the Retirement Plan and the SERP as of the Date of Termination; 
  

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 (ii) for a number of years (including fractional parts, if any) equal to the Executive’s
Compensation Multiplier after the Executive’s Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the
Executive’s family at least equal to those which would have been provided to them in accordance with the Company’s life insurance, medical and dental plans if the Executive’s employment had not been terminated or, if more favorable to
the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and
is eligible to receive life insurance, medical or dental benefits under another employer provided plan, the life insurance, medical and dental benefits described herein shall be secondary to those provided under such other plan during such
applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be
considered to have remained employed for the number of years (including fractional parts, if any) after the Date of Termination equal to the Executive’s Compensation Multiplier and to have retired on the last day of such period; 
 (iii) if, on the Date of Termination, the Company was paying the expense of providing financial counseling for the Executive, the Company shall, continue
to pay the expense of comparable financial counseling services for a number of years (including fractional parts, if any) equal to the Executive’s Compensation Multiplier. The scope and provider of such counseling shall be selected by the
Executive in his sole discretion; and 
  

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 (iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the
Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies in accordance with
the terms and conditions of such applicable plan, program, policy or practice or contract or agreement (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”). 
 (b) Death. If the Executive’s employment is terminated by reason of the Executive’s death during the Employment Period, this Agreement shall
terminate without further obligations to the Executive’s legal representatives under this Agreement, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to the
Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination. With respect to the provision of Other Benefits, the term Other Benefits as utilized in this Section 6(b) shall include,
without limitation, and the Executive’s estate and/or beneficiaries shall be entitled to receive, benefits at least equal to the most favorable benefits provided by the Company and affiliated companies to the estates and beneficiaries of peer
executives of the Company and such affiliated companies under such plans, programs, practices and policies relating to death benefits, if any, as in effect with respect to other peer executives and their beneficiaries at any time during the 120-day
period immediately preceding the Effective Date or, if more favorable to the Executive’s estate and/or the Executive’s beneficiaries, as in effect on the date of the Executive’s death with respect to other peer executives of the
Company and its affiliated companies and their beneficiaries. 
 (c) Disability. If the Executive’s employment is terminated by reason
of the Executive’s Disability during the Employment Period, this Agreement shall terminate without further obligations to the Executive, other than for payment of Accrued 

  

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Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of
the Date of Termination. With respect to the provision of Other Benefits, the term Other Benefits as utilized in this Section 6(c) shall include, and the Executive shall be entitled after the Disability Effective Date to receive, disability and
other benefits at least equal to the most favorable of those generally provided by the Company and its affiliated companies to disabled executives and/or their families in accordance with such plans, programs, practices and policies relating to
disability, if any, as in effect generally with respect to other peer executives and their families at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive and/or the Executive’s
family, as in effect at any time thereafter generally with respect to other peer executives of the Company and its affiliated companies and their families. 
 (d) Cause; Other than for Good Reason. If the Executive’s employment shall be terminated for Cause during the Employment Period, this Agreement shall terminate without further obligations to the Executive other
than the obligation to pay to the Executive (x) his Annual Base Salary through the Date of Termination, (y) the amount of any compensation previously deferred by the Executive, and (z) Other Benefits, in each case to the extent
theretofore unpaid. If the Executive voluntarily terminates employment during the Employment Period, excluding a termination for Good Reason, this Agreement shall terminate without further obligations to the Executive, other than for Accrued
Obligations and the timely payment or provision of Other Benefits. In such case, all Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination. 
 (e) Compliance with Section 409A. Notwithstanding the foregoing, and solely to the extent required by Section 409A of the Code and not
otherwise eligible for exclusion from the requirements of Section 409A, if the Executive is deemed to be a Specified Employee as of the date of the Executive’s “separation from service” (within 

  

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the meaning of Section 409A of the Code and the regulations ) from the Company, no payment or other distribution required to be made to the Executive
hereunder (including any payment of cash, any transfer of property and any provision of taxable benefits) as a result of the Executive’s separation from service shall be made earlier than the date that is six (6) months and one day
following the date on which the Employee separates from service with the Company. 
 7. Non-exclusivity of Rights. Nothing in this Agreement
shall prevent or limit the Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies and for which the Executive may qualify, nor, subject to
Section 12(f), shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its affiliated companies. Amounts which are vested benefits or which the Executive
is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its affiliated companies at or subsequent to the Date of Termination shall be payable in accordance with such
plan, policy, practice or program or contract or agreement except as explicitly modified by this agreement. 
 8. Full Settlement; Legal
Fees. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which
the Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this
Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment. The Company agrees to pay as incurred, to the full extent permitted by law, all legal fees and expenses which the Executive may reasonably incur
as a result of any contest (regardless of the outcome thereof) by the Company, the 

  

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Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof
(including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus in each case interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the
Code. 
 9. Certain Additional Payments by the Company. 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of the Executive (whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 9) (a “Payment”) would be subject to the excise tax imposed by
Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise
Tax”), then unless the Executive’s termination was a Window Period Termination, the Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by the Executive of all
taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the
Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. 
 (b) Subject to the provisions of
Section 9(c), all determinations required to be made under this Section 9, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such
determination, shall be made by Deloitte & Touche LLP or such other certified public accounting firm as may be designated by the Executive (the “Accounting Firm”) 

  

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which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice from the
Executive that there has been a Payment, or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the
Executive shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm
shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 9, shall be paid by the Company to the Executive within five days of the receipt of the Accounting Firm’s determination. Any determination
by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible
that Gross-Up Payments which will not have been made by the Company should have been made (“Underpayment”), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to
Section 9(c) and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to
or for the benefit of the Executive. 
 (c) The Executive shall notify the Company in writing of any claim by the Internal Revenue Service
that, if successful, would, pursuant to this Section 9, require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days after the Executive is informed in
writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which
it gives such notice to the Company (or such shorter period ending on the date that any payment of 

  

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taxes with respect to such claim is due). If the Company notifies the Executive in writing prior to the expiration of such period that it desires to contest
such claim, the Executive shall: 
 (i) give the Company any information reasonably requested by the Company relating to such claim,

 (ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company, 
 (iii) cooperate with the Company in good faith in order effectively to contest such claim, and 
 (iv) permit the Company to
participate in any proceedings relating to such claim; 
 provided, however, that the Company shall bear and pay directly all costs and expenses (including
additional interest and penalties) incurred in connection with such contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed
as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 9(c), the Company shall control all proceedings taken in connection with such contest and, at its sole option,
may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or
contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any 

  

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administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if
the Company directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive, on an interest-free basis and shall indemnify and hold the Executive harmless, on an after-tax basis,
from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute
of limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest
shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing
authority. 
 (d) If, after the receipt by the Executive of an amount advanced by the Company pursuant to Section 9(c), the Executive
becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company’s complying with the requirements of Section 9(c)) promptly pay to the Company the amount of such refund (together with any
interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Executive of an amount advanced by the Company pursuant to Section 9(c), a determination is made that the Executive shall not be entitled to any
refund with respect to such claim and the Company does not notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be forgiven and shall not
be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
  

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 (e) For purposes of Section 409A of the Code and not by way of limitation of any of the foregoing
provisions, in no event shall the Gross-Up Payment be made later than the last day of the calendar year next following the calendar year in which the Executive pays any related taxes. 
 10. Other Employment. (a) The Executive shall have no obligation to seek or accept other employment after termination of employment with the Company
in mitigation of the amount of payment received from the Company pursuant to this Agreement. However, in the event that the Executive does accept other employment, he shall be required to return to the Company such part (if any) of the payment
received from the Company pursuant to this Agreement as may be required by the provisions of Section 10(b). 
 (b) If the Executive
obtains employment with another employer within the period of time after his Termination Date that is equal in years (and fractions thereof, if any) to such Executive’s Compensation Multiplier (the “Mitigation Period”), then the
Executive shall remit to the Company such portion of the Executive’s lump sum payment from the Company (without interest) which is equal to the cash value of any salary and bonus payments received (or earned but deferred) from his new employer
during the Mitigation Period. 
 11. Confidential Information. The Executive shall hold in a fiduciary capacity for the benefit of the
Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies, and their respective businesses, which shall have been obtained by the Executive during the Executive’s employment by
the Company or any of its affiliated companies and which shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). After termination of the Executive’s
employment with the Company, the Executive shall not, without the prior written consent 

  

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of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than
the Company and those designated by it. In no event shall an asserted violation of the provisions of this Section 10 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement.

 12. Successors. (a) This Agreement is personal to the Executive and without the prior written consent of the Company shall not be
assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 
 (b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 
 (c) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this
Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 
 13. Miscellaneous. (a) This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without
reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the
parties hereto or their respective successors and legal representatives. 
  

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 (b) All notices and other communications hereunder shall be in writing and shall be given by hand
delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the
Executive: 
  

					
	  
	 		 	
			
	  
	 		 	
			
	  
	 		 	

 If to the Company: 
 PPG Industries, Inc. 
 One PPG Place 
 Pittsburgh, Pennsylvania 15272 
 Attention:
General Counsel 
 or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications
shall be effective when actually received by the addressee. 
 (c) The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement. 
 (d) The Company may withhold from any amounts
payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 (e) The Executive’s or the Company’s failure to insist upon strict compliance with any provision hereof or any other provision of this Agreement or the failure to assert any right the Executive or the
Company may have hereunder, including, without 

  

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limitation, the right of the Executive to terminate employment for Good Reason pursuant to Section 5(c)(i)-(v) of this Agreement, shall not be
deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 
 (f) The Executive and the Company
acknowledge that, except as may otherwise be provided under any other written agreement between the Executive and the Company, the employment of the Executive by the Company is “at will” and, prior to the Effective Date, the
Executive’s employment may be terminated by either the Executive or the Company at any time prior to the Effective Date, in which case the Executive shall have no further rights under this Agreement. From and after the Effective Date this
Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof and any such other agreement shall be null and void in its entirety and of no effect. 
  

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 IN WITNESS WHEREOF and intending to be legally bound hereby, the Executive has hereunto set the
Executive’s hand and, pursuant to the authorization from its Board of Directors, the Company has caused this Agreement to be executed in its name on its behalf, all as of the date first written above. 
  

			
	  

	[Typed name of Executive]
	
	PPG INDUSTRIES, INC.
		
	By:	 	  

	Name:	 	Charles W. Wise
	Title:	 	Vice President, Human Resources

  

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