Document:

EX-4.4

 Exhibit 4.4 
  

 
 THE VALSPAR CORPORATION 

TENTH 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 
  

 

 TENTH SUPPLEMENTAL INDENTURE (this “Tenth 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 Sixth Supplemental Indenture dated as of July 27, 2015 (the
“Supplemental Indenture” and, collectively with the Existing Indenture and this Tenth Supplemental Indenture, the “Indenture”), providing for the issuance by the Company of its 3.950% Notes due 2026 (the
“Notes”); 
 WHEREAS, $350,000,000 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 Tenth 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 Tenth 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 Tenth Supplemental Indenture an Officers’ Certificate and an Opinion of Counsel relating to this Tenth 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 Tenth Supplemental
Indenture; 
 WHEREAS, the Company has requested that the Trustee enter into this Tenth Supplemental Indenture; and 

WHEREAS, all things necessary to make this Tenth 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 Tenth 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; 

  

	 	(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 

  
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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), (d) (amending Clause (7) of Section 501 of the Existing Indenture) and (e) (amending Clause (8) 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 Tenth 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 Tenth 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 Tenth 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 Tenth 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 Tenth Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be
included in this Tenth Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control. 
 Section 3.04 Governing
Law. 
 THIS TENTH 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 Tenth Supplemental Indenture and the Notes shall bind its successors. All agreements of the Trustee in
this Tenth Supplemental Indenture shall bind its successors. 
 Section 3.06 Multiple Originals. 

The parties may sign any number of copies of this Tenth 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 Tenth Supplemental Indenture. 
 Section 3.07 Headings. 

The headings of the Articles and Sections of this Tenth 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 Tenth Supplemental Indenture, except that the Original Trustee and
the Series Trustee each represents that it is duly authorized to execute and deliver this Tenth Supplemental Indenture and with respect to the Series Trustee to perform its obligations hereunder. 

Section 3.09 Adoption, Ratification and Confirmation. 

  
 4 

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

  
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 IN WITNESS WHEREOF, the parties have caused this Tenth 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 Tenth Supplemental Indenture.Exhibit

Exhibit 10.1

BLUCORA, INC.

NONEMPLOYEE DIRECTOR COMPENSATION POLICY

(effective as of June 1, 2017)

The directors of Blucora, Inc. (the “Company”) who are not employees of the Company or its affiliates (each, an “Eligible Director” and collectively, “Eligible Directors”) shall be entitled to receive the following cash and equity compensation in consideration of the services provided by them as members of the Board of Directors of the Company (the “Board”) and its committees commencing effective as of June 1, 2017.

		
	A.
	CASH COMPENSATION

The following provisions set forth the terms of the Company’s cash compensation program for Eligible Directors (the “Cash Compensation Program”).

1.Retainers

Eligible Directors shall be paid cash retainers as follows (the “Retainers”):

		
	•
	All Eligible Directors shall receive an annual cash retainer of $40,000 (payable in equal quarterly installments of $10,000) for their services on the Board.

		
	•
	The Chairperson of the Board shall receive an additional annual cash retainer of $15,000 (payable in equal quarterly installments of $3,750).

		
	•
	The Chairperson of the Audit Committee shall receive an additional annual cash retainer of $22,500 (payable in equal quarterly installments of $5,625).

		
	•
	Each of the other members of the Audit Committee shall receive an additional annual cash retainer of $10,000 (payable in equal quarterly installments of $2,500).

		
	•
	The Chairperson of the Compensation Committee shall receive an additional annual cash retainer of $15,000 (payable in equal quarterly installments of $3,750).

		
	•
	Each of the other members of the Compensation Committee shall receive an additional annual cash retainer of $7,500 (payable in equal quarterly installments of $1,875).

		
	•
	The Chairperson of the Nominating and Governance Committee shall receive an additional annual cash retainer of $8,000 (payable in equal quarterly installments of $2,000).

		
	•
	Each of the other members of the Nominating and Governance Committee shall receive an additional annual cash retainer of $4,000 (payable in equal quarterly installments of $1,000).

The Retainers shall be paid in advance for services rendered during each quarter of the calendar year and shall be due and payable as soon as practicable after the first day of the quarter in which such services are to be rendered (i.e., as soon as practicable after January 1, April 1, July 1 and October 1).  Eligible Directors shall be entitled to full payment for each quarter of service so long as such Eligible Directors are serving in the capacities for which they receive such payments on the first day of each such quarter.  In the event that new directors or committee chairs or members who are Eligible Directors are appointed or elected during the course of any quarter, payments to any such newly elected Eligible Directors shall be pro-rated to reflect the actual number of days served during the quarter in which they were elected or appointed.

2.Expenses

Eligible Directors shall also be reimbursed, as has been customary, for reasonable expenses incurred in connection with travel to and from Board or committee meetings or other functions for the benefit of the Company, including continuing director education.

		
	B.
	EQUITY COMPENSATION

The following provisions set forth the terms of the Company’s equity compensation program for Eligible Directors (the “Equity Compensation Program”).  The awards set forth below may be granted under the Blucora, Inc. 2015 Incentive Plan as Amended and Restated or any future equity plan that may be adopted by the Company’s stockholders from time to time (the “Plan”). In the event of any inconsistency between the terms of the Equity Compensation Program and the terms of the Plan, the Plan shall govern.  

1.     Initial Awards 

a.On the date of each Eligible Director’s initial election or appointment to the Board (the “Initial Appointment Date”), such Eligible Director shall automatically receive the following initial award:  

		
	•
	restricted stock units (“RSUs”) having an initial value of $150,000 (the “Initial RSUs”).

 
b.On the Initial Appointment Date, the values of the Initial RSUs, as set forth above, shall be converted as follows:

		
	•
	The value of the Initial RSUs shall be converted into the appropriate equivalent number of Initial RSUs, with each unit (a “Unit”) of the Initial RSUs representing the right to receive one share of the Company’s common stock (the “Common Stock”), by dividing the value of the Initial RSUs by the closing selling price of the Common Stock, as reported on the NASDAQ Global Select Market (“NASDAQ”) on the Initial Appointment Date, or if there is no such reported price for the Common Stock on the Initial Appointment Date, then such price on the last preceding date for which such price exists, with any resulting fractional Unit rounded down to the nearest whole Unit.

c.The Initial RSUs shall vest according to the following schedule and be subject to the other terms and conditions described below:

		
	•
	The Initial RSUs shall vest annually over three years on the anniversary of the Initial Appointment Date, provided that the Eligible Director is a member of the Board on such dates.

		
	•
	The Initial RSUs shall be subject to the terms and conditions of the Plan and shall have such other terms as are set forth in the Company’s standard forms of Eligible Director equity agreements in use at such time and as appropriately modified to reflect the Initial RSUs. 

2.     Annual Awards 

a.Each year on the date of the annual meeting (the “Annual Meeting”) of the Company’s stockholders (the “Annual Meeting Date”), each Eligible Director who is a duly elected or appointed member of the Board immediately following the conclusion of the Annual Meeting shall automatically receive the following annual awards (the “Annual Awards”):

i.All Eligible Directors, including any Eligible Director who is Chairperson of the Board and any Eligible Director who may initially have been elected or appointed to the Board on the Annual Meeting Date, shall automatically receive:

		
	•
	RSUs having an initial value of $125,000 (the “Annual Eligible Director RSUs”). 

ii.In addition, any Eligible Director who is also Chairperson of the Board immediately following the conclusion of the Annual Meeting shall also automatically receive:

		
	•
	RSUs having an initial value of $35,000 (the “Annual Chairperson RSUs”). 

b.On the Annual Meeting Date, the values of the Annual Awards, as set forth above, shall be converted as follows:

		
	•
	The values of the Annual Awards shall be converted into the appropriate equivalent number of RSUs, with each Unit of the Annual Awards representing the right to receive one share of Common Stock, by dividing the value of the Annual Awards by the closing selling price of the Common Stock, as reported on NASDAQ on the Annual Meeting Date, or if there is no such reported price for the Common Stock on the Annual Meeting Date, then such price on the last preceding date for which such price exists, with any resulting fractional Unit rounded down to the nearest whole Unit.

c.The Annual Awards shall vest according to the following schedule and be subject to the other terms and conditions described below:

		
	•
	The Annual Awards shall vest in full on the one‐year anniversary of the Annual Meeting Date, provided that, with respect to the Annual Eligible Director RSUs, the Eligible Director is a member of the Board on the date of vesting, and with respect to the Annual Chairperson RSUs, the Eligible Director is Chairperson of the Board on each date of vesting.

		
	•
	The Annual Awards shall be subject to the terms and conditions of the Plan and shall have such other terms as are set forth in the Company’s standard forms of Eligible Director equity agreements in use at such time and as appropriately modified to reflect the Annual Awards. 

d.In the event that an Eligible Director is initially elected or appointed to the Board on any date other than the Annual Meeting Date, such Eligible Director shall, instead, automatically receive the Annual Eligible Director RSUs on the Initial Appointment Date; provided, however, that (i) the values of the Annual Eligible Director RSUs, as set forth above, shall be prorated to reflect the number of days that such Eligible Director will serve on the Board based on a period of time commencing as of the Initial Appointment Date and ending on the one‐year anniversary of the last preceding Annual Meeting Date (the “Prorated Annual Awards”); and (ii) the values of the Prorated Annual Awards shall be converted on the Initial Appointment Date in the same manner as the Initial Awards.  The Prorated Annual Awards shall vest in full on the one-year anniversary of the date of grant.  In all other respects, the terms and conditions of the Prorated Annual Awards shall be the same as the Annual Awards granted on the last preceding Annual Meeting Date.
  

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