Document:

Exhibit 4.2

 

Execution Version

 

SECOND SUPPLEMENTAL INDENTURE

 

Second Supplemental Indenture (this “Supplemental
Indenture”), dated as of August 19, 2020, among Venator P&A Spain S.L.U. (the “Guaranteeing Subsidiary”),
a subsidiary of Venator Materials PLC (or its permitted successor), Venator Finance S.à r.l., a private limited liability
company (société à responsabilité limitée) incorporated under the laws of the Grand Duchy
of Luxembourg, having its registered office at 8-10 avenue de la Gare, L-1610 Luxembourg, Grand Duchy of Luxembourg, registered
with the Luxembourg Register of Commerce under number B215641, and Venator Materials LLC, a Delaware limited liability company
(together, the “Issuers”), Wilmington Trust, National Association, as trustee (the “Trustee”)
and Wilmington Trust, National Association, as notes collateral agent (the “Notes Collateral Agent”).

 

W I T N E S S E T H

 

WHEREAS, each of the Issuers and the Guarantors
(as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an indenture (as amended to
date, the “Indenture”), dated as of May 22, 2020, providing for the issuance of an unlimited aggregate principal
amount of 9.500% Senior Secured Notes due 2025 (the “Notes”);

 

WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to
which the Guaranteeing Subsidiary shall unconditionally Guarantee all of the Issuers’ Obligations under the Notes and the
Indenture on the terms and conditions set forth herein and under the Indenture; and

 

WHEREAS, pursuant to Section 9.1 of the Indenture,
the Trustee and the Notes Collateral Agent are authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders as follows:

 

1.       Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.       Guarantor.
The Guaranteeing Subsidiary hereby agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable
to Guarantors, including Article XI thereof.

 

3.       Governing
Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

4.       Waiver
of Jury Trial. THE GUARANTEEING SUBSIDIARY, THE TRUSTEE AND THE NOTES COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

     

     

    

 

5.       Counterparts.
The parties may sign any number of copies of this Supplemental Indenture, including through electronic signature. Each signed copy
shall be an original, but all of them together represent the same agreement.

 

6.       Headings.
The headings of the Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

7.       The
Trustee and the Notes Collateral Agent. In entering into this Supplemental Indenture, the Trustee and the Notes Collateral
Agent shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability of
or affording protection to the Trustee or the Notes Collateral Agent, as applicable, whether or not elsewhere herein so provided.
Neither the Trustee nor the Notes Collateral Agent makes any representations as to the validity, execution or sufficiency of this
Supplemental Indenture other than as to the validity of its execution and delivery by the Trustee or the Notes Collateral Agent.
Neither the Trustee nor the Notes Collateral Agent takes any responsibility for the correctness of the recitals contained herein,
which shall be taken as a statement of the Issuers.

 

8.        Spanish
Particularities.

 

(a)        The
Guaranteeing Subsidiary agrees that, at its sole cost and expense, this Supplemental Indenture (which includes as an attachment
the Indenture and any other Supplemental Indentures amending its terms), is formalized by such Guaranteeing Subsidiary, the Trustee
and the Notes Collateral Agent, as a Spanish Public Document (escritura pública or póliza intervenida,
at the choice of the Trustee and Notes Collateral Agent) for the purpose of Article 517 et seq. of the Spanish Law of Civil
Procedure (Law 1/2000 of 7th January) (Ley de Enjuiciamiento Civil).

 

(b)       For
the purpose of Article 571 et seq. of the Spanish Law of Civil Procedure:

 

(i) the amount due and payable under the Indenture
that may be claimed in any executive enforcement proceedings will be contained in the schedule of calculations supplied by the
Issuers to the Trustee in accordance with Section 7.2(n) of the Indenture, and will reflect the amounts owed by the Issuers and/or
the Guarantors, calculated in accordance with the terms and conditions of the Indenture, all in accordance with Section 12.16 (Spanish
Provisions Relating to Executive Proceedings) of the Indenture; and

 

(ii) the Notes Collateral Agent or the Trustee
may (at the cost of the relevant Spanish Guarantor) have the referred schedule of calculations notarized.

 

(c)       In
accordance with Section 12.16 (Spanish Provisions Relating to Executive Proceedings) of the Indenture, the Notes Collateral
Agent and the Trustee may commence executive proceedings in Spain by presenting to the relevant Spanish court:

 

(i) an original copy of the Spanish Public Document
(escritura pública or póliza intervenida, at the choice of the Notes Collateral Agent or the Trustee)
formalizing this Supplemental Indenture;

 

(ii) a notarial document (acta notarial)
incorporating the schedule of calculations referred to in sub-paragraph (c)‎(i) above; and

 

(iii) a notarial document (acta notarial)
providing evidence of the prior notice to the Guaranteeing Subsidiary of the amount owed under the Indenture as per the schedule
of calculations before the start of the executive proceedings.

 

[Signature page follows]

 

     

     

    

 

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

 

	 	VENATOR P&A SPAIN S.L.U.
	 	 
	 	By	/s/Kurt
D. Ogden
	 	 	Name: Kurt D. Ogden
	 	 	Title: Director and Authorized Signatory   

 

[Signature Page
to Supplemental Indenture (Spanish Guarantor)]

 

     

     

    

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee and Notes Collateral Agent
	 	 
	 	By:	/s/Jane
Schweiger
	 	 	Name: Jane Schweiger
	 	 	Title: Vice President

 

[Signature Page
to Supplemental Indenture (Spanish Guarantor)]Products Sales Agreement 

(Translated)

 

World Scan Project Corporation (“WSPJ”)
and Drone Net Co., Ltd. (“Drone Net”) enter into the Products Sales Agreement (the “Agreement”) as follows:

 

		1.	Purposes

WSPJ promises to sell the following
products (the “Products”) and Drone Net promises to purchase the Products.

 

	Product	Small sized drone named “SkyFight-X”
	Number	10,000 drones
	Price	JPY 15,800
	Total amount	JPY 158,000,000

 

		2.	Delivery Date and Place

WSPJ shall deliver the Products
to Drone Net’s designated place by May 31, 2020.

 

		3.	Payment

Drone Net shall make the payment
for the products as follows:

		ž	Drone Net shall pay JPY 47,400,000 (30%,
sales tax excluded) by March 2, 2020

		ž	Drone Net shall pay JPY 110,600,000 (70%,
sales tax excluded) by May 31, 2020

 

		4.	Risk Bearing

WSPJ shall owe the responsibility
for damage before the delivery date described in the Article 2 and Drone net shall owe the responsibility for damage after the
delivery date.

 

		5.	Court of Jurisdiction

When a dispute arises in connection
with the Agreement, the court of jurisdiction shall be the Tokyo District Court in the first instance.

 

IN WITNESS WHEREOF, the Agreement
has been prepared in duplicate, and after they are signed and seals have been affixed thereto, each party shall retain a copy.

 

March 1, 2020

 

WSPJ:

World Scan Project Corporation

2-13-23-2F, Nishiwaseda, Shinjuku-ku, Tokyo,
Japan

/s/ Ryohei Uetaki

Ryohei Uetaki, Representative Director

 

Drone Net:

Drone Net Co., Ltd.

4-3-29-1F, Kojimachi, Chiyoda-ku, Tokyo,
Japan

/s/ Kazuyuki Murakami

Kazuyuki Murakami, Representative DirectorMemorandum of Understanding Regarding Products
Sales Agreement

 

World Scan Project Corporation (“WSPJ”)
and Drone Net Co., Ltd. (“Drone Net”) enter into t the Memorandum of Understanding Regarding Exclusive Supplier (the
“MOU”) as follows:

 

		1.	Purposes

Both parties agreed the following
term and condition:

 

		n	Drone Net shall not develop, manufacture,
purchase or sell similar products of the Product without the WSPJ’s consent. If Drone Net violates this, Drone Net shall
pay JPY 158,000,000 to WSPJ.

 

The similar good is the drone machine
which all of the following conditions are applied:

		ž	The price is within JPY100,000

		ž	The weight is within 50 grams.

		ž	Including LAP sensor or the same function

 

		n	WSPJ shall delivery the Products within
three months.

		n	Drone Net shall pay the advance payment
on the WSPJ’s request.

		n	If WSPJ cannot deliver the Products within
three months, Drone Net may cancel the Agreement.

 

		2.	Valid period

The valid period of the Agreement
shall be from March 1, 2020 to February 28, 2023.

 

IN WITNESS WHEREOF, the Agreement
has been prepared in duplicate, and after they are signed and seals have been affixed thereto, each party shall retain a copy.

 

March 1, 2020

 

WSPJ:

World Scan Project Corporation

2-13-23-2F, Nishiwaseda, Shinjuku-ku, Tokyo,
Japan

/s/ Ryohei Uetaki

Ryohei Uetaki, Representative Director

 

Drone Net:

Drone Net Co., Ltd.

4-3-29-1F, Kojimachi, Chiyoda-ku, Tokyo,
Japan

/s/ Kazuyuki Murakami

Kazuyuki Murakami, Representative Director

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