Document:

EX-4.2

 Exhibit 4.2 

PPG INDUSTRIES, INC. 

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

 
 FOURTH
SUPPLEMENTAL INDENTURE 
 Dated November 12, 2014 

to 
 Indenture 

Dated as of March 18, 2008 
  

 

 FOURTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
November 12, 2014, between PPG INDUSTRIES, INC., a Pennsylvania corporation (the “Company”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”). 

Capitalized terms used herein and not otherwise defined herein have the meanings assigned to those terms in the Indenture unless otherwise
indicated. 
 R E C I T A L S 

WHEREAS, the Company executed and delivered an indenture dated as of March 18, 2008 (the “Indenture”) between the Company and
the Trustee; 
 WHEREAS, the Company executed and delivered a first supplemental indenture dated as of March 18, 2008 between the
Company and the Trustee; 
 WHEREAS, the Company executed and delivered a second supplemental indenture dated as of November 12, 2010
between the Company and the Trustee; 
 WHEREAS, the Company executed and delivered a third supplemental indenture dated as of
August 3, 2012 between the Company and the Trustee; 
 WHEREAS, Section 9.01 of the Indenture provides that the Company and the
Trustee may enter into one or more indentures supplemental to the Indenture, without the consent of any Holders, to add, among other things, covenants and agreements of the Company to be observed thereafter for the protection of the Holders of all
or any series of Securities and to establish the terms of any series of Securities; 
 WHEREAS, the Company desires to issue a series of
Securities, the $300,000,000 2.300% Notes due 2019 (the “Notes; and 
 WHEREAS, all requirements necessary to make this Supplemental
Indenture a valid, binding and enforceable instrument in accordance with its terms have been done and performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein, the parties hereto hereby agree as follows: 

ARTICLE I 
 TERMS
AND CONDITIONS 
 Section 1.01. Terms and Conditions. The terms and characteristics of the Notes
shall be as follows (the numbered clauses set forth below corresponding to 

 
the numbered subsections of Section 3.01 of the Indenture, with terms used and not defined herein having the meanings specified in the Indenture): 

 

	 	(1)	the title of the Notes shall be “$300,000,000 2.300% Notes due 2019” and the CUSIP for the Notes is 693506BH9; 

  

	 	(2)	the aggregate principal amount of the Notes which may be authenticated and delivered under the Indenture shall be limited to $300,000,000; provided, however, that such authorized aggregate principal amount may from time
to time be increased above such amount by a resolution of the Board of Directors to such effect; 

  

	 	(3)	not applicable; 

  

	 	(4)	the date on which the principal of the Notes shall be payable shall be November 15, 2019; 

  

	 	(5)	the Notes shall bear interest at the rate of 2.300% per annum. Interest shall accrue from the original issue date of the Notes. The Interest Payment Dates on which such interest on the Notes will be payable shall
be May 15 and November 15 of each year, commencing on May 15, 2015. The regular record date for the determination of Holders to whom interest is payable on any such Interest Payment Date shall be May 1 and November 1, as the
case may be, (in each case, whether or not a business day) immediately preceding the related Interest Payment Date; 

  

	 	(6)	the principal of and any premium or interest on any Notes shall be payable at the office or agency of the Company maintained for that purpose at the Corporate Trust Office of the Trustee, currently located at The Bank
of New York Mellon Trust Company, N.A., 2 North LaSalle, Suite 1020, Chicago, IL 60602; 

  

	 	(7)	Prior to October 15, 2019 (the date that is one month prior to the scheduled maturity date), the Notes will be redeemable in whole or in part, at the Company’s option, at any time and from time to time at a
redemption price, as determined by the Company, equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest
thereon discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate as defined below, plus 12.5 basis points, plus accrued interest thereon to the date of redemption.

 On or after October 15, 2019 (the date that is one month prior to the scheduled maturity date), the Company may redeem
some or 

 
all of the notes, in whole or in part, at its option, at any time and from time to time at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued
interest thereon to the date of redemption. 
 “Treasury Rate” means, with respect to any redemption date, the rate per annum equal
to the semiannual equivalent yield to a maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount equal to the Comparable Treasury Price for such redemption
date). 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as
having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date,
(i) the average of the Reference Treasury Dealer Quotations, as determined by the Company, for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer
than four such Reference Treasury Dealer Quotations, the average of all such Quotations. 
 “Independent Investment Banker” means
one of the Reference Treasury Dealers that the Company appoints. 
 “Reference Treasury Dealer” means either J.P. Morgan Securities
LLC or Morgan Stanley & Co. LLC and their successors, provided, however, that if any of the foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will
substitute another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by
such Reference Treasury Dealer at 5:00 p.m. on the third business day preceding such redemption date. 

 Notice of any redemption will be mailed (or otherwise transmitted in accordance with The
Depository Trust Company (“DTC”) procedures) at least 30 days but not more than 60 days before the redemption date to each holder of Notes to be redeemed. 

Unless the Company defaults in payment of the applicable redemption price, on and after the redemption date, interest will cease to accrue on
the Notes or portions thereof called for redemption. 
  

	 	(8)	not applicable; 

  

	 	(9)	the Notes shall be issuable in minimum denominations of $2,000, and integral multiples of $1,000 in excess thereof; 

  

	 	(10)	not applicable 

  

	 	(11)	not applicable; 

  

	 	(12)	not applicable; 

  

	 	(13)	not applicable; 

  

	 	(14)	the Notes shall be subject to Sections 13.02 (Defeasance) and 13.03 (Covenant Defeasance) of the Indenture; 

  

	 	(15)	(a) the Notes shall be issued in the form of one or more Global Securities; (b) the Depositary for such Global Securities shall be DTC; and (c) the procedures with respect to transfer and exchange of Global
Securities shall be as set forth in the Indenture; 

  

	 	(16)	not applicable; 

  

	 	(17)	 If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes as described above, the Company shall
be required to make an offer (a “Change of Control Offer”) to each Holder of the Notes to repurchase all or any part (equal to $2,000 or integral multiples of $1,000 in excess thereof) of that Holder’s Notes on the terms set forth in
the Notes. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to the date of
repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that
constitutes or may constitute the Change of Control, a notice shall be mailed (or otherwise transmitted in 

	 	
accordance with DTC procedures) to Holders of the Notes describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Notes
on the date specified in the applicable notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (or otherwise transmitted in accordance with DTC procedures) (a “Change of
Control Payment Date”). The notice shall, if mailed (or otherwise transmitted in accordance with DTC procedures) prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of
Control Triggering Event occurring on or prior to the applicable Change of Control Payment Date. 

 On each Change of Control
Payment Date, the Company shall, to the extent lawful: 
 (A) accept for payment all Notes or portions of Notes properly
tendered pursuant to the applicable Change of Control Offer; 
 (B) deposit with the Paying Agent an amount equal to the
Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and 
 (C) deliver or cause to be
delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. 

The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Notes properly tendered and not withdrawn under its offer. In addition, the
Company shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event.

 The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that 

 
the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations
and shall not be deemed to have breached its obligations under the Change of Control Offer provisions herein by virtue of any such conflict. 

“Change of Control” shall mean the occurrence of any of the following: (i) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the Company’s assets and the assets of the Company’s Subsidiaries, taken as a
whole, to any Person, other than the Company or one of the Company’s Subsidiaries; (ii) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any Person becomes the
beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is
reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (iii) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the
Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such
transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person or any direct or indirect
parent company of the surviving Person immediately after giving effect to such transaction; (iv) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors; or (v) the adoption of
a plan relating to the Company’s liquidation or dissolution. The term “Person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

“Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who (i) was a
member of such Board of Directors on the date the Notes were 

 
issued or (ii) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of
Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to such
nomination). 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB-
(or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement rating agency or Rating Agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service, Inc., and its successors. 

“Rating Agencies” means (i) each of Moody’s and S&P; and (ii) if either Moody’s or S&P ceases to rate the
Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act
selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or S&P, or all of them, as the case may be. 

“Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an Investment
Grade Rating by each of the Rating Agencies on any day during the period (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing
60 days prior to the first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following consummation of such Change of Control. The Trustee shall have no
duty or responsibility to monitor any ratings on the Notes. 
 “S&P” means Standard & Poor’s Rating Services, a
division of The McGraw-Hill Companies, Inc., and its successors. 
 “Voting Stock” means, with respect to any specified
“Person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. 

	 	(18)	Any Add-On Securities to the Notes shall be fungible with the previously outstanding Notes for U.S. federal income tax purposes or be issued under a different CUSIP number. 

ARTICLE II 

MISCELLANEOUS 

Section 2.01. Effect of Supplemental Indenture. Upon the execution and delivery of this Supplemental Indenture by the
Company and the Trustee, the Indenture shall be modified in accordance herewith, and this Supplemental Indenture shall form a part of the Indenture for all purposes; and every Holder of Securities heretofore or hereafter authenticated and delivered
under the Indenture shall be bound thereby.  
 Section 2.02. Indenture Remains in Full Force and Effect. Except
as supplemented and amended hereby, all provisions in the Indenture shall remain in full force and effect. 

Section 2.03. Indenture and Supplemental Indenture Construed Together. This Supplemental Indenture is an indenture
supplemental to and in implementation of the Indenture, and the Indenture and this Supplemental Indenture shall henceforth be read and construed together. 

Section 2.04. Confirmation of Indenture. The Indenture, as supplemented and amended by this Supplemental Indenture, is in
all respects confirmed and ratified. 
 Section 2.05. Conflict with Trust Indenture Act. If any provision of this
Supplemental Indenture limits, qualifies or conflicts with another provision hereof which is required to be included in this Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

 Section 2.06. Separability. In case any one or more of the provisions contained in this Supplemental Indenture
shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired thereby.  

Section 2.07. Successors and Assigns. All agreements in this Supplemental Indenture shall be binding upon and inure to the
benefit of the respective successors and assigns of the Company and the Trustee. 
 Section 2.08. Certain Duties and
Responsibilities of the Trustee. In entering into this Supplemental Indenture, the Trustee 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, whether or not elsewhere herein 

 
so provided. The Trustee, for itself and its successor or successors, accepts the terms of the Indenture as amended by this Supplemental Indenture, and agrees to perform the same, but only
subject to the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, which terms and provisions shall in like manner define and limit its liabilities and responsibilities in the performance of the trust
created by the Indenture. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein are deemed
to be those of the Company and not of the Trustee. 
 Section 2.09. Governing Law. This Supplemental Indenture shall be
governed by, and construed in accordance with, the laws of the State of New York. 
 Section 2.10. Counterparts.
This Supplemental Indenture may be executed in any number of separate counterparts by the parties hereto, each of which, when so executed and delivered, shall be deemed an original, but all such counterparts shall together constitute one and the
same instrument. 
 [Signature Page Follows] 

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

					
	PPG INDUSTRIES, INC.
		
	By:	 	 /s/ Frank S. Sklarsky

		 	Name:	 	Frank S. Sklarsky
		 	 Title:
	 	 Executive Vice President
 and Chief Financial
Officer

	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Michael Countryman

		 	Name:	 	Michael Countryman
		 	Title:	 	Vice PresidentEXH 101 - Mazurek Employment Agreement

		

			Exhibit 10.1

		

		
			FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
		

		
			 
		

		
			This First Amendment to Employment Agreement (this “Amendment”) is made and entered as of this 11th day of November, 2014,  (the “Amendment Effective Date”) by and between Pioneer Power Solutions, Inc., a Delaware corporation (the “Company”), and Nathan J. Mazurek  (the “Executive”) for purposes of amending that certain Employment Agreement, dated as of March 30, 2012, by and between the Company and the Executive (the “Agreement”).  Terms used in this Amendment with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.
		

		
			 
		

		
			WHEREAS,  the Term under the Agreement is scheduled to expire on March 30, 2015 and the Company and the Executive desire to extend the Term to March 30, 2018,  unless terminated earlier in accordance with Article II of the Agreement;
		

		
			 
		

		
			WHEREAS,  in connection with such extension of the Term, the Company and the Executive desire to adjust the Executive’s base salary as set forth in this Amendment;  and 
		

		
			 
		

		
			WHEREAS,  Section 5.08 of the Agreement provides that the parties to the Agreement may amend the Agreement in a writing signed by the parties.
		

		
			    
		

		
			NOW THEREFORE, pursuant to Section 5.08 of the Agreement, and for good and valuable consideration, the sufficiency of which is hereby acknowledged, the Company and the Executive agree as follows:
		

		
			 
		

		
			1.The first sentence of Section 1.04 of the Agreement is hereby amended as of the Amendment Effective Date by deleting said sentence in its entirety and substituting in lieu thereof the following sentence:  
		

		
			 
		

		
			“The term of the Executive’s employment under this Agreement shall begin on April 1, 2012 (the “Effective Date”) and shall continue in effect through March 31, 2018 (the “Term”).”
		

		
			 
		

		
			2.Section 1.05 of the Agreement is hereby amended as of the Amendment Effective Date by deleting said section in its entirety and substituting in lieu thereof the following new Section 1.05:  
		

		
			 
		

		
			“Base Salary.  The Company shall pay the Executive an annual base salary, less applicable payroll deductions and tax withholdings (the “Base Salary”) for all services rendered by the Executive under this Agreement of (i) $410,000, for the period beginning on the Amendment Effective Date and ending on December 31, 2015; (ii) $425,000, for the period beginning on January 1, 2016 and ending on December 31, 2016; and (iii) $440,000, for the period beginning on January 1, 2017 and ending on the last day of the Term.  The Company shall pay the Base Salary in accordance with the normal payroll policies of the Company.”
		

		
			 
		

		
			3.Except as expressly amended by this Amendment, the Agreement shall continue in full force and effect in accordance with the provisions thereof.
		

		
			 
		

		
			4.In the event of a conflict between the Agreement and this Amendment, this Amendment shall govern.
		

		
			 
		

		
			 [Remainder of Page Intentionally Left Blank.  Signature Page Follows.]
		

		

		

		 

		

			 

		

 

		

			 

		

		IN WITNESS WHEREOF, the parties have executed this Amendment as of the Amendment Effective Date.
		

		
			 
		

		
			THE COMPANY:
		

		
			 
		

			
					
						 

					
						 

					
						 

					
						 

				
	
					
						 

					
						PIONEER POWER SOLUTIONS, INC.

					
						 

					
						 

				
	
					
						/s/ Andrew Minkow

				
	
					
						Andrew Minkow

				
	
					
						Chief Financial Officer

				
	
					
						EXECUTIVE:

				
	
					
						 

				
	
					
						/s/ Nathan J. Mazurek

				
	
					
						Nathan J. Mazurek

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