Document:

Exhibit

Exhibit 10.10

AGREEMENT FOR POST-TERMINATION BENEFITS

Gap Inc. (“Company”) and Sonia Syngal (referred to below in the second person) hereby enter into this amended and restated Agreement for eligibility for certain post-termination benefits.  Effective July 1, 2017, this Agreement expressly supersedes any and all prior agreements related to such post-termination or severance benefits, including those described in any offer letter under the section entitled “Termination/Severance.”  Company and you hereby agree as follows:

In the event that your employment is involuntarily terminated by the Company for reasons other than (i) For Cause (as defined below) or (ii) for the avoidance of doubt, death or disability, prior to July 1, 2020, the Company will provide you the following after your "separation from service" within the meaning of Internal Revenue Code (“IRC”) Section 409A ("Separation from Service”), provided you sign a general release of claims in the form requested by the Company and it becomes effective within 45 calendar days after such Separation from Service (such 45th day, the “Release Deadline”):  

(1) Your then current salary, at regular pay cycle intervals, for eighteen months commencing in the first regular pay cycle following the Release Deadline (the “severance period”).  Payments will cease if you accept other employment or professional relationship with a competitor of the Company (defined as another company primarily engaged in the apparel design or apparel retail business or any retailer with apparel sales in excess of $500 million annually), or if you breach your remaining obligations to the Company (e.g., your duty to protect confidential information, agreement not to solicit Company employees).  Except for any compensation received from external board memberships in place at the time of your Separation from Service, payments will be reduced by any compensation you receive (as received) during the severance period from other employment or professional relationship with a non-competitor. Each payment will be treated as a separate payment for purposes of IRC Section 409A, to the maximum extent possible.

(2) Through the end of the period in which you are receiving payments under paragraph (1) above or shorter period you are covered by COBRA, if you properly elect and maintain COBRA coverage, payment of a portion of your COBRA premium in a method as determined by the Company. This payment may be taxable income to you and subject to tax withholding.  Notwithstanding the foregoing, the Company’s payment of the monthly COBRA premium shall cease immediately if the Company determines in its discretion that paying such monthly COBRA premium would result in the Company being in violation of, or incurring any fine, penalty, or excise tax under, applicable law (including, without limitation, any penalty imposed for violation of the nondiscrimination requirements under the Patient Protection and Affordable Care Act or guidance issued thereunder, or any similar law or regulation).

(3) Through the end of the period in which you are receiving payments under paragraph (1) above, reimbursement for your costs to maintain the same or comparable financial counseling program the Company provides to senior executives in effect at the time of your Separation from Service.  The amount of expenses eligible for reimbursement during a calendar year shall not affect the expenses eligible for reimbursement in any other calendar year.  Reimbursement shall be made on or before the last day of the calendar year following the calendar year in which the reimbursement is incurred but not later than the end of the second calendar year following the calendar year of your Separation from Service.

(4) Prorated Annual Bonus for the fiscal year in which the termination occurs, on the condition that you have worked at least 3 months of the fiscal year in which you are terminated, based on actual financial results and 100% standard for any non-financial component (other than those intended to comply with IRC Section 162(m)).  Such bonus will be paid in March of the year following termination at the time Annual Bonuses for the year of termination are paid, but in no event later than the 15th day of the third month following the later of the end of the Company’s taxable year or the end of the calendar year in which such termination occurs.  In the event termination occurs after the end of a fiscal year but before the date of bonus payments, such bonus for the preceding fiscal year will be paid pursuant to the terms of this section and the terms of the bonus plan.

Sonia Syngal
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(5) Accelerated vesting (but not settlement) of restricted stock units (“RSUs”) and performance shares that remain subject only to time vesting conditions (excluding any performance shares that remain subject to performance-based vesting conditions) scheduled to vest prior to April 1 following the end of the fiscal year of termination.  Shares of the Company stock in settlement of any vested RSUs and/or performance shares under this section will be delivered on the applicable regularly scheduled vesting dates subject to the terms and conditions of the applicable award agreement including, without limitation, the IRC Section 409A six-month delay language thereunder to the extent necessary to avoid taxation under IRC Section 409A.

The payments in (1), (3), (4) and (5) above are, and the payment described in (2) above may be, taxable income to you and are subject to tax withholding.  If the aggregate amount that would be payable to you under paragraphs (1), (2), (3) and (4) above through the date which is six months after your Separation from Service (excluding amounts exempt from IRC Section 409A under the short-term deferral rule thereunder or Treas. Reg. Section 1.409A-1(b)(9)(v))  exceeds the limit under Treas. Reg. Section 1.409A-1(b)(9)(iii)(A) and you are a “specified employee” under Treas. Reg. Section 1.409A-1(i) on the date of your Separation from Service, then the excess will be paid to you no earlier than the date which is six months after the date of such separation (or such earlier time permitted under IRC Section 409A(a)(2)(B)(i)). This delay will only be imposed to the extent required to avoid the tax for which you would otherwise be liable under IRC Section 409A(a)(1)(B).  Any delayed payment instead will be made on the first business day following the expiration of the six-month period, as applicable (or such earlier time permitted under IRC Section 409A(a)(2)(B)(i)). Payments that are not delayed will be paid in accordance with their terms determined without regard to such delay.  

The term “For Cause” shall mean a good faith determination by the Company that your employment be terminated for any of the following reasons:  (1) indictment, conviction or admission of any crimes involving theft, fraud or moral turpitude; (2) engaging in gross neglect of duties, including willfully failing or refusing to implement or follow direction of the Company; or (3) breaching Gap Inc.’s policies and procedures, including but not limited to the Code of Business Conduct; where applicable, the Company shall provide reasonable notice of any breach and opportunity to remediate.

At any time, if you voluntarily resign your employment from Gap Inc. or your employment is terminated For Cause, you will receive no compensation, payment or benefits after your last day of employment.  If your employment terminates for any reason, you will not be entitled to any payments, benefits or compensation other than as provided in this Agreement.

EXECUTIVE

/s/ Sonia Syngal        
Sonia Syngal

THE GAP, INC.

/s/ Art Peck                     June 2, 2017            
By:  Art Peck                    Date
                      President and CEOEX-4.1

 Exhibit 4.1 
  

 
 THE VALSPAR CORPORATION 

SEVENTH SUPPLEMENTAL INDENTURE 

Dated as of June 2, 2017 
 to

 Indenture Dated as of April 24, 2002 

U.S. BANK NATIONAL ASSOCIATION 

Series Trustee 
 and 

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

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

Original Trustee 
  

 

 SEVENTH SUPPLEMENTAL INDENTURE (this “Seventh Supplemental Indenture”), dated as
of June 2, 2017, among THE VALSPAR CORPORATION, a Delaware corporation (the “Company”), U.S. Bank National Association, (the “Series Trustee”), and The Bank of New York Mellon Trust Company, N.A. (as successor
to Bank One Trust Company, N.A.) (the “Original Trustee” and, together with the Series Trustee, the “Trustee”). 

RECITALS 
 WHEREAS, the Company
has heretofore executed and delivered to the Original Trustee an Indenture dated as of April 24, 2002 (the “Existing Indenture”), as supplemented by the Third Supplemental Indenture dated as of June 19, 2009 (the
“Supplemental Indenture” and, collectively with the Existing Indenture and this Seventh Supplemental Indenture, the “Indenture”), providing for the issuance by the Company of its 7.25% Notes due 2019 (the
“Notes”); 
 WHEREAS, $300,000,000 aggregate principal amount of the Notes is currently outstanding;

 WHEREAS, on March 19, 2016, the Company entered into a merger agreement (as amended or supplemented from time to time, the
“Merger Agreement”), by and among The Sherwin-Williams Company (“Sherwin-Williams”), Viking Merger Sub, Inc., a wholly owned subsidiary of Sherwin-Williams, and the Company, pursuant to which Sherwin-Williams has
acquired the Company (the “Acquisition”); 
 WHEREAS, pursuant to the terms of the Merger Agreement, the Company has agreed
to use its reasonable best efforts to provide all reasonable cooperation reasonably requested by Sherwin-Williams in connection with any offers to purchase or exchange and consent solicitations with respect to any or all of the outstanding series of
senior notes of the Company, on such terms and conditions, including amendments to the terms and provisions of the applicable indentures, that are specified from time to time, by Sherwin-Williams and which are permitted by the terms of such series
of senior notes, the applicable indentures and applicable law; 
 WHEREAS, in connection with the Acquisition, Sherwin-Williams has made
exchange offers (the “Exchange Offers”) to Eligible Holders (as defined in the Offering Memorandum and Consent Solicitation Statement (herein so called) of Sherwin Williams dated May 2, 2017) of the Notes and has been
soliciting consents (the “Consent Solicitation”) to this Seventh Supplemental Indenture, on behalf of the Company, upon the terms and subject to the conditions set forth in the Offering Memorandum and Consent Solicitation Statement
and the related Letter of Transmittal and Consent (which together, including any amendments, modifications or supplements thereto, govern the Consent Solicitation with respect to the Notes); 

WHEREAS, Section 902 of the Existing Indenture provides, among other things, that the Company and the Trustee may, with the consent of
the Holders of not less than a majority in principal amount of the outstanding Notes, enter into one or more indentures supplemental to the Existing Indenture for the purpose of changing in any manner or eliminating any of the

 
provisions of the Existing Indenture or of modifying in any manner the rights of the Holders of the Notes (subject to certain exceptions); 

WHEREAS, the Company, in the exercise of the power and authority conferred upon and reserved to it under the provisions of the Existing
Indenture and pursuant to appropriate resolutions of the Board of Directors, has duly determined to make, execute and deliver to the Trustee this Seventh Supplemental Indenture to the Existing Indenture in order to eliminate certain provisions of
the Existing Indenture and the Supplemental Indenture, as permitted by Section 902 thereof; 
 WHEREAS, (1) the Company has
received the consent of the Holders of at least a majority in principal amount of the outstanding Notes (excluding any Notes owned by the Company or any of its Affiliates), all as certified by a certificate of the information agent with respect to
the Consent Solicitation, as the duly appointed proxy of such Holders, delivered to the Company and the Trustee, (2) the Company has delivered to the Trustee simultaneously with the execution and delivery of this Seventh Supplemental Indenture
an Officers’ Certificate and an Opinion of Counsel relating to this Seventh Supplemental Indenture, as contemplated by Sections 102 and 903 of the Existing Indenture, and (3) the Company has satisfied all other conditions required
under the Existing Indenture to enable the Company and the Trustee to enter into this Seventh Supplemental Indenture; 
 WHEREAS, the
Company has requested that the Trustee enter into this Seventh Supplemental Indenture; and 
 WHEREAS, all things necessary to make this
Seventh Supplemental Indenture a valid, binding and legal agreement of the Company, have been done. 
 NOW, THEREFORE, in consideration of
the premises and for other good and valuable consideration, the sufficiency and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 APPLICATION
OF SUPPLEMENTAL INDENTURE 
 Section 1.01 Effect of this Seventh Supplemental Indenture. 

With respect to the Notes only, the Existing Indenture and the Supplemental Indenture, as applicable, are hereby amended pursuant to
Section 902 of the Existing Indenture by deleting the following Sections or clauses of the Existing Indenture or the Supplemental Indenture, as applicable, and all references and definitions related thereto in their entirety: 

 

	 	(a)	Article IV (“Change of Control”) of the Supplemental Indenture; 

  

	 	(b)	Section 6.01 (“Limitation on Liens”) of the Supplemental Indenture; 

  

	 	(c)	Section 6.02 (“Limitation on Sale and Leaseback Transactions”) of the Supplemental Indenture; 

  
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	 	(d)	Clauses (3) (default under the Existing Indenture), (4) (default in the payment at stated maturity of certain other indebtedness of the Company), (5) (the occurrence of certain events of default under mortgages,
indentures or instruments for borrowed money), (6) (commencement of involuntary bankruptcy case), (7) (commencement of voluntary bankruptcy case), (8) (default in the payment of a final judgment, decree or order) and (9) (other Events of Default
with respect to the Notes) of Section 501 (“Events of Default”) of the Existing Indenture; 

  

	 	(e)	Clauses (c) (amending Clause (6) of Section 501 of the Existing Indenture) and (d) (amending Clause (7) of Section 501 of the Existing Indenture) of Section 5.01 (“Events of Default”)
of the Supplemental Indenture; and 

  

	 	(f)	Section 704 (“Reports by Company”) of the Existing Indenture, except to the extent required by the Trust Indenture Act. 

Section 1.02 Amendments to Notes. 

The Notes are hereby amended by deleting all provisions inconsistent with the amendments to the Existing Indenture and the Supplemental
Indenture effected by this Seventh Supplemental Indenture. 
 ARTICLE II 

WAIVERS 
 Section 2.01 Waiver of
Defaults. 
 As permitted by Section 513 of the Existing Indenture, any and all defaults, Events of Default or other consequences
thereof under the Existing Indenture (other than any default in the payment of the principal of or interest on any Note or in respect of a covenant or provision of the Existing Indenture which under Article Nine of the Existing Indenture cannot be
modified or amended without the consent of the Holder of each Outstanding Note) for failure to comply with the provisions identified in Section 1.01 above that may have resulted in connection with, or may result from and after the consummation
of, the Acquisition or the Exchange Offers, are hereby irrevocably waived. 
 ARTICLE III 

MISCELLANEOUS 
 Section 3.01
Continuing Effect of the Existing Indenture. 
 Except as expressly provided herein, all of the terms, provisions and conditions of
the Existing Indenture, the Supplemental Indenture and the Notes outstanding thereunder shall remain in full force and effect. This Seventh Supplemental Indenture shall form a part of the Existing Indenture for all purposes, and every Holder of the
Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby and all terms and conditions of the Existing Indenture, the Supplemental Indenture and this Seventh Supplemental

  
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Indenture shall be read together as though they constitute a single instrument, except that in the case of conflict the provisions of this Seventh Supplemental Indenture shall control. 

Section 3.02 Definitions. 
 All
capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Existing Indenture or the Supplemental Indenture, as applicable. 

Section 3.03 Trust Indenture Act Controls. 

If any provision of this Seventh Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be
included in this Seventh Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control. 
 Section 3.04
Governing Law. 
 THIS SEVENTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. 
 Section 3.05 Successors. 

All agreements of the Company in this Seventh Supplemental Indenture and the Notes shall bind its successors. All agreements of the Trustee in
this Seventh Supplemental Indenture shall bind its successors. 
 Section 3.06 Multiple Originals. 

The parties may sign any number of copies of this Seventh Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. One signed copy is enough to prove this Seventh Supplemental Indenture. 
 Section 3.07 Headings. 

The headings of the Articles and Sections of this Seventh Supplemental Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 Section 3.08 Trustees Not
Responsible for Recitals 
 The recitals contained herein shall be taken as statements of the Company, and the Original Trustee and the
Series Trustee do not assume any responsibility for their correctness. The Original Trustee and the Series Trustee make no representations as to the validity or sufficiency of this Seventh Supplemental Indenture, except that the Original Trustee and
the Series Trustee each represents that it is duly authorized to execute and deliver this Seventh Supplemental Indenture and with respect to the Series Trustee to perform its obligations hereunder. 

  
 4 

 Section 3.09 Adoption, Ratification and Confirmation. 

The Existing Indenture and the Supplemental Indenture, as amended by this Seventh Supplemental Indenture, are in all respects hereby adopted,
ratified and confirmed. 

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

					
	THE VALSPAR CORPORATION
			
		 	 By:
  
	 	   /s/ Allen J. Mistysyn

		 		 	  Name: Allen J. Mistysyn
		 		 	  Title: Vice President and Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION, as Series Trustee
			
		 	 By:
  
	 	   /s/ Joshua A. Hahn

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

		 		 	  Name: Lawrence M. Kusch
		 		 	  Title: Vice President

 This is a signature page to the Seventh Supplemental Indenture.

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