Document:

Filed by Bowne Pure Compliance

Exhibit 10.3

MONSTER WORLDWIDE, INC.

RESTRICTED STOCK UNIT AGREEMENT

This RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) is made, effective as of
[                    ], 20[_____]
(the “Grant Date”), by and between MONSTER WORLDWIDE, INC., a Delaware
corporation (hereinafter called the “Company”), and [                    ] (hereinafter called the
“Participant”).

W I T N E S S E T H:

WHEREAS, the Committee desires to award to the Participant pursuant to the Company’s 2008
Equity Incentive Plan (the “Plan”) a grant of Restricted Stock Units (referred to herein as “RSUs”)
upon the terms and conditions set forth in this Agreement.

NOW, THEREFORE, the parties hereto agree as follows:

1. Grant of RSUs. Subject to the terms and conditions of the Plan and this Agreement,
the Committee hereby grants to the Participant [                    ] RSUs as of the date of this
agreement. The RSUs shall vest and payment in respect of such RSUs shall be made, if at all, in
accordance with Section 2 hereof.

2. Vesting.

(a) Subject to the Participant’s continuous employment by the Company and its Affiliates in
the position of [                    ] (or in an alternative position with the Company, as
determined by the Chief Executive Officer in his or her sole discretion and subject to approval by
the Compensation Committee (an “Alternative Position”)) and compliance with Non-Compete Agreement
(as defined below), the RSUs granted to the Participant shall vest as to the percentage of the RSUs
indicated below on the dates specified below (each a “RSU Vesting Date”). The unvested RSUs
granted pursuant to this Agreement shall automatically terminate and be forfeited (without any
action by any party hereto) on the sooner of (x) the date on which the Participant’s employment is
terminated and (y) the date on which the Participant ceases to serve in the position of
[                    ] or in an Alternative Position.

	 	 	 
	 	 	Percentage of RSUs
	Date	 	Becoming Vested
	[                    ]
	 	[                    ]%
	[                    ]
	 	[                    ]%
	 
	 	 
	[                    ]
	 	[                    ]%

 

 

 

To the extent that the RSUs have not vested prior to the date that is the five-year anniversary of
the Grant Date, the unvested RSUs shall terminate and be forfeited as of such date, without any
further consideration to the Participant.

Any fractional RSUs resulting from the strict application of the incremental percentages set forth
above will be disregarded and the actual number of RSUs becoming vested on any specific RSU Vesting
Date will cover only the full number of RSUs determined by applying the relevant incremental
percentage.

(b) Notwithstanding the foregoing, if because of the Participant’s death or Disability the
Participant’s employment terminates or the Participant ceases to serve in the position of
[                                        ] or an Alternative Position, then the unvested RSUs, to the extent not
previously forfeited, shall immediately become fully vested, subject to Section 2(d) below.

(c) In the event that during the period of the Participant’s employment with the Company or
one of its Affiliates after the Grant Date a Change in Control shall occur, then all outstanding
unvested RSUs that have not been forfeited prior to the date of such Change in Control shall vest
on the date of such Change in Control. In the event that the Change in Control occurs on a date
prior to the date that a Participant is determined to be Disabled for purposes of the Plan and this
Agreement, but the Committee, in its sole determination expects the Participant to be Disabled at
the end of the 9-month period referred to in Section 4 of this Agreement, then all of the unvested
RSUs of such Participant, to the extent not previously forfeited, shall vest upon the date of the
Change in Control.

(d) In the event that any calendar date on which vesting is purportedly scheduled pursuant to
the terms of Sections 2(a),  2(b) or 2(c) above is not a Business Day (as defined below), the
vesting shall automatically be delayed until the first Business Day following that calendar date.
“Business Day” means a date on which commercial banks in New York, New York are open for general
business.

(e) As a condition to the receipt of the RSUs, the Participant is required to open an account
with the third party administering the Company’s equity awards programs (currently Charles Schwab)
(the “Administrator”). On or as soon as reasonably practicable following the applicable RSU Vesting
Date (but in no event later than the end of the calendar year in which such date occurs), the
Company shall deliver to the Participant’s account with the Administrator one share of Common Stock
with respect to each whole RSU that vests on such date, subject to Sections 3 and 7 below. Upon
such delivery, all obligations of the Company with respect to each such RSU shall be deemed
satisfied in full.

3. Certain Changes; Rights as a Stockholder. The number and class of shares of Common
Stock which are distributable to the Participant with respect to any RSU covered by this Agreement
shall be adjusted proportionately or as otherwise appropriate to reflect any increase or decrease
in the number of issued shares of Common Stock resulting from a stock split, spin-off, split-off,
split-up, recapitalization, capital reorganization, reclassification of shares of Common Stock,
merger or consolidation, or any like capital adjustment, or the payment of any stock dividend,
and/or to reflect a change in the character or class of shares covered by the Plan arising from a
readjustment or recapitalization of the Company’s capital stock, in each case as determined by the
Committee. The Participant shall not have any rights to cash dividends,
voting rights or other rights of a stockholder with respect to the RSUs covered by this
Agreement until the Company delivers Common Stock to the Participant’s account in accordance with
Section 2(e).

 

2

 

4. Definitions. Capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan. The following term shall have the following meaning:

“Disability” or “Disabled” means, notwithstanding any definition in the Plan, that, in the
determination of the Committee, the Participant is both (i) unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12
months and (ii) (x) in case the Participant is eligible for the long term disability program
offered to United States-based employees by the Company or its Affiliates, the Participant has
actually received long term disability benefits for no less than 9 months or (y) in case the
Participant is not eligible for such long term disability program solely by virtue of not being
based in the United States, the Participant would have been eligible to receive long term
disability benefits for no less than 9 months but for the Participant not being based in the United
States. For purposes of Section 2(b) above, it is understood that the Disability shall be deemed to
be incurred on the last day of the 9-month period contemplated in clause (ii) of the immediately
preceding sentence. In the event the Participant has met the condition set forth in clause (i) of
the first sentence of this definition but does not satisfy the condition set forth in clause (ii)
of this definition solely by reason of the Participant’s death, then the provisions of such clause
(ii) shall be deemed to have been satisfied and for purposes of Section 2(b) above the Disability
shall be deemed to be incurred on the date of such death.

5. No Employment Rights; Termination of Employment. Nothing in this Agreement shall
give the Participant any right to continue in the employment of the Company or any Affiliate, or to
interfere in any way with the right of the Company or any Affiliate to terminate the employment of
the Participant. Except as otherwise expressly provided in Sections 2(b) and 2(c) hereof, RSUs
that are not vested as of the date the Participant’s employment with the Company and its Affiliates
terminates or ceases for any reason or no reason, whether voluntary or involuntary (including,
without limitation, termination or cessation of employment with or without cause or arising out of
or in connection with a reduction in force, sale or shutdown of certain operations, or otherwise),
shall immediately and automatically terminate and be forfeited in their entirety, provided,
however, that only for purposes of this Agreement the Participant’s employment shall not be
deemed terminated solely by virtue of the Participant’s voluntary cessation of employment in
circumstances that the Committee determines are reasonably likely to result in a Disability for so
long as the Committee determines that the Participant continues to satisfy the conditions that
would ultimately lead to the Committee’s determination that the Participant has incurred a
Disability.

6. Plan Provisions. The provisions of the Plan shall govern, and if or to the extent
that there are inconsistencies between those provisions and the provisions hereof, the provisions
of the Plan shall govern. The Participant acknowledges receipt of a copy of the Plan prior to the
execution of this Agreement.

 

3

 

7. Withholding. In the event that prior to any applicable RSU Vesting Date hereunder
the Participant has not provided the Company with written notice (which may be by written notice or
by an election made via the website operated by the Administrator) (the “Payment Notice”) at least
five (5) Business Days prior to that RSU Vesting Date to the effect
that the Participant will provide the Company payment of the amount, if any, deemed necessary
by the Company in its reasonable discretion to enable the Company and its Affiliates to satisfy the
minimum federal, foreign or other tax withholding or similar obligations of the Company and its
Affiliates with respect to the shares of Common Stock (and/or any other items which may be
distributable to the Participant on the RSU Vesting Date pursuant to Section 3 hereof), or in the
event the Participant provides the Payment Notice but does not deliver payment of the appropriate
amount to the Company on the RSU Vesting Date, then the Company shall satisfy the minimum federal,
foreign or other tax withholding or similar obligation of the Company and its Affiliates with
respect to such vesting by withholding the number of whole shares of Common Stock on and valued as
of the applicable RSU Vesting Date (and/or other items which may be distributable to the
Participant on the RSU Vesting Date pursuant to Section 3 hereof) sufficient to satisfy such
minimum withholding and other obligations.

8. Notices. All notices or other communications to be given or delivered in connection
with this Agreement shall be either in electronic format or in writing and shall be deemed to have
been properly served if delivered electronically, personally, by courier, or by certified or
registered mail, return receipt requested and first class postage prepaid, in the case of notices
to the Company, to the attention of Director of Human Resources, at the Company’s offices at 5
Clock Tower Place, Suite 500, Maynard, MA 01754 and in the case of notices to the Participant, to
the Participant’s last known address (as noted in the Participant’s personnel file) or such other
addresses (including any electronic mail addresses) as the recipient party has specified by prior
written notice to the sending party. All such notices and communications shall be deemed received
upon the actual delivery thereof in accordance with the foregoing.

9. Binding Effect; Headings; Status. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and permitted assigns.
The subject headings of Sections are included for the purpose of convenience only and shall not
affect the construction or interpretation of any of the provisions of this Agreement. The
Participant’s rights under this Agreement, including, without limitation, rights to RSUs, shall at
all times that such rights exist represent a general obligation of the Company. The Participant
shall be a general creditor of the Company with respect thereto and shall not have a secured or
preferred position with respect thereto. Nothing in this Agreement or the Plan shall be deemed to
create an escrow, trust, custodial account or fiduciary relationship of any kind.

10. Non-Assignability, Etc. The Participant’s rights under this Agreement, including,
without limitation, rights to RSUs, are not assignable or transferable except upon the
Participant’s death to a beneficiary designated by the Participant in a written beneficiary
designation filed with the Company or, if no duly designated beneficiary shall survive the
Participant, pursuant to the Participant’s will and/or by the laws of descent and distribution. Any
and all such rights shall not be subject to anticipation, alienation, sale, transfer, encumbrance
except as otherwise expressly permitted herein.

 

4

 

11. Securities Laws; Insider Trading. The Committee may from time to time impose any
conditions on the RSUs and shares of Common Stock as it deems necessary or advisable to ensure that
the Plan, this Agreement and the issuance and resale or any securities comply with all applicable
securities laws, including without limitation Rule 16b-3 under the Exchange Act and the Securities
Act of 1933, as amended (the “Securities Act”). Such conditions may include, among other things,
the requirement that certificates for shares of Common Stock to be issued to the Participant
hereunder contain a restrictive legend in such form and substance as may be determined by the
Committee. Without limiting the foregoing, it is understood that Affiliates of
the Company may resell Common Stock only pursuant to an effective registration statement under
the Securities Act, pursuant to Rule 144 under the Securities Act, or pursuant to another exemption
from registration under the Securities Act. The Participant understands and agrees that any and all
transactions involving shares of Common Stock or other securities of the Company must comply with
applicable laws, rules, regulations and policies, including but not limited to the Company’s policy
regarding insider trading, which policy, among other things, prohibits transactions involving
shares of Common Stock or other securities of the Company by individuals who have material
non-public information relating to the Company.

12. Mechanics; Applicable Law; Entire Agreement. This Agreement shall become valid
and binding on the parties, effective as of the Grant Date, after both of the following have
occurred: (a) the Participant has executed the Agreement and (b) the Participant has executed the
Non-Competition, Non-Solicitation, Confidential Information and Intellectual Property Assignment
Agreement in the form attached hereto as Exhibit A (the “Non-Compete Agreement”). If both (a) and
(b) are not satisfied within ninety (90) days of the Grant Date, the RSUs granted pursuant to this
Agreement shall be forfeited. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York (other than the conflict of laws provisions thereof). This
Agreement constitutes the entire agreement between the parties with respect to the subject matter
hereof and controls and supersedes any prior understandings, agreements or representations by or
between the parties, written or oral with respect to its subject matter, including but not limited
to the provisions of any and all employment agreements and offer letters (such as terms providing
for acceleration or other enhancement to restricted stock or other equity interests in the event of
the occurrence of specified events), except and only to the extent of any rights of the Company or
its Affiliates relating to Section 280G of the Internal Revenue Code of 1986, as amended, and may
not be modified except by written instrument executed by the parties. The Participant has not
relied on any representation not set forth in this Agreement.

13. Amendment or Modification; Waiver. This Agreement may be amended, modified,
superseded, canceled, renewed or extended, and the terms or covenants hereof may be waived, only by
a written instrument executed on behalf of the Company (as authorized by the Committee) and the
Participant; provided that the Agreement may be unilaterally amended by the Company without
Participant consent to conform the Agreement to any changes required by the Administrator or as a
result of the change of Administrator.

 

5

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	MONSTER WORLDWIDE, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	[                    ] 	 
	 	 	Title:  	[                    ] 	 
	 
	 	 
	 

	EXECUTIVE:	 
	 
	 	 
	 
	 	 	 
	 

	 	 
	 

	[                    ]	 

 

6

 

EXHIBIT A

Non-Competition, Non-Solicitation, Confidential Information and Intellectual Property Assignment
Agreement

 

7exh101.htm

    
      
        UNSECURED
REVOLVING

         

        DEMAND PROMISSORY
NOTE

         

         

         

        $40,000,000.00                                                                                                                                                                  
November 5, 2008

         

         

      

      Section 1.  Promise to
Pay.  For and in consideration of value received, the
undersigned, Valhi, Inc., a corporation duly organized under the laws of the
state of Delaware (“Borrower”), promises to pay
to the order of NL Industries, Inc., a corporation duly organized under the laws
of the state of New Jersey (“NL”), or the holder hereof
(as applicable, NL or such holder shall be referred to as the “Noteholder”), the principal
sum of FORTY MILLION and NO/100ths United States Dollars ($40,000,000.00) or
such lesser amount as shall equal the unpaid principal amount of the loan made
by the Noteholder to Borrower together with interest on the unpaid principal
balance from time to time pursuant to the terms of this Unsecured Revolving
Demand Promissory Note, as it may be amended from time to time (this “Note”).  This Note shall
be unsecured and will bear interest on the terms set forth in Section 6 below.
Capitalized terms not otherwise defined shall have the meanings given to such
terms in Section 16 of this Note.

       

      Section 2.  Place of
Payment.  All payments will be made at Noteholder’s address at
Three Lincoln Centre, 5430 LBJ Freeway, Suite 1700, Dallas, Texas
  75240-2697, Attention:  Treasurer, or such other place as the
Noteholder may from time to time appoint in writing.

       

      Section 3.  Payments.  The
unpaid principal balance of this Note and any unpaid and accrued interest
thereon shall be due and payable on the Final Payment Date.  Prior to the
Final Payment Date, any unpaid and accrued interest on an unpaid principal
balance shall be paid in arrears quarterly on the last day of each March, June,
September and December, commencing December 31, 2008.  All payments on this
Note shall be applied first to accrued and unpaid interest, next to accrued
interest not yet payable and then to principal.  If any payment of
principal or interest on this Note shall become due on a day that is not a
Business Day, such payment shall be made on the next succeeding Business Day and
the payment shall be the amount owed on the original payment date.

       

      Section 4.  Prepayments.  This
Note may be prepaid in part or in full at any time without penalty.

       

      Section 5.  Borrowings.  Prior
to the Final Payment Date, Noteholder expressly authorizes Borrower to borrow,
repay and re-borrow principal under this Note in increments of $100,000 on a
daily basis so long as:

       

      ·         
the aggregate outstanding principal balance does not exceed
$40,000,000.00;

      ·         
no written demand for payment has been made by the Noteholder; and

      ·         
no Event of Default has occurred and is continuing.

       

      Notwithstanding anything
else in this Note, in no event will Noteholder be required to lend money to
Borrower under this Note and loans under this Note shall be at the sole and
absolute discretion of Noteholder.

       

      Section 6.  Interest.  The
unpaid principal balance of this Note (exclusive of any past due principal)
shall bear interest at the rate per annum of the Prime Rate less one and one
half percent (1.50%).  In the event that principal or interest is not paid
within five Business Days after such payment was due or declared due, all past
due principal and past due interest owed under this Note will bear interest at
rate per annum of the Prime Rate plus four percent (4.00%).  Accrued
interest on the unpaid principal of this Note shall be computed on the basis of
a 365- or 366-day year for actual days (including the first, but excluding the
last day) elapsed, but in no event shall such computation result in an amount of
accrued interest that would exceed accrued interest on the unpaid principal
balance during the same period at the Maximum Rate. Notwithstanding anything to
the contrary, this Note is expressly limited so that in no contingency or event
whatsoever shall the amount paid or agreed to be paid to the Noteholder exceed
the Maximum Rate.  If, from any circumstances whatsoever, the Noteholder
shall ever receive as interest an amount that would exceed the Maximum Rate,
such amount that would be excessive interest shall be applied to the reduction
of the unpaid principal balance and not to the payment of interest, and if the
principal amount of this Note is paid in full, any remaining excess shall be
paid to Borrower, and in such event, the Noteholder shall not be subject to any
penalties provided by any laws for contracting for, charging, taking, reserving
or receiving interest in excess of the highest lawful rate permissible under
applicable law.  All sums paid or agreed to be paid to Noteholder for the
use, forbearance or detention of the indebtedness of the Borrower to Noteholder
shall, to the extent permitted by applicable law, be amortized, prorated,
allocated and spread throughout the full term of such indebtedness until payment
in full of the principal (including the period of any renewal or extension
thereof) so that the interest on account of such indebtedness shall not exceed
the Maximum Rate.  If at any time the Contract Rate is limited to the
Maximum Rate, any subsequent reductions in the Contract Rate shall not reduce
the rate of interest on this Note below the Maximum Rate until the total amount
of interest accrued equals the amount of interest that would have accrued if the
Contract Rate had at all times been in effect.  In the event that, upon
demand or acceleration of this Note or at final payment of this Note, the total
amount of interest paid or accrued on this Note is less than the amount of
interest that would have accrued if the Contract Rate had at all times been in
effect with respect thereto, then at such time, to the extent permitted by law,
in addition to the principal and any other amounts Borrower owes to the
Noteholder, the Borrower shall pay to the Noteholder an amount equal to the
difference between:  (i) the lesser of the amount of interest that would
have accrued if the Contract Rate had at all times been in effect or the amount
of interest that would have accrued if the Maximum Rate had at all times been in
effect; and (ii) the amount of interest actually paid on this Note.

       

      Section 7.  Remedy.  Upon the
occurrence and during the continuation of an Event of Default, the Noteholder
shall have all of the rights and remedies provided in the applicable Uniform
Commercial Code, this Note or any other agreement among Borrower and in favor of
the Noteholder, as well as those rights and remedies provided by any other
applicable law, rule or regulation.  In conjunction with and in addition to
the foregoing rights and remedies of the Noteholder, the Noteholder may declare
all indebtedness due under this Note, although otherwise unmatured, to be due
and payable immediately without notice or demand whatsoever.  All rights
and remedies of the Noteholder are cumulative and may be exercised singly or
concurrently.  The failure to exercise any right or remedy will not be a
waiver of such right or remedy.

       

      Section 8.  Right of
Offset.  The Noteholder shall have the right of offset against
amounts that may be due by the Noteholder now or in the future to Borrower
against amounts due under this Note.

       

      Section 9.  Record of Outstanding
Indebtedness.  The date and amount of each repayment of
principal outstanding under this Note or interest thereon shall be recorded by
Noteholder in its records.  The principal balance outstanding and all
accrued or accruing interest owed under this Note as recorded by Noteholder in
its records shall be the best evidence of the principal balance outstanding and
all accrued or accruing interest owed under this Note; provided that the failure of
Noteholder to so record or any error in so recording or computing any such
amount owed shall not limit or otherwise affect the obligations of the Borrower
under this Note to repay the principal balance outstanding and all accrued or
accruing interest.

       

      Section 10.  Waiver.  Borrower
and each surety, endorser, guarantor, and other party now or subsequently liable
for payment of this Note, severally waive demand, presentment for payment,
notice of nonpayment, notice of dishonor, protest, notice of protest, notice of
the intention to accelerate, notice of acceleration, diligence in collecting or
bringing suit against any party liable on this Note, and further agree to any
and all extensions, renewals, modifications, partial payments, substitutions of
evidence of indebtedness, and the taking or release of any collateral with or
without notice before or after demand by the Noteholder for payment under this
Note.

       

      Section 11.  Costs and Attorneys’
Fees.  In the event the Noteholder incurs costs in collecting
on this Note, this Note is placed in the hands of any attorney for collection,
suit is filed on this Note or if proceedings are had in bankruptcy,
receivership, reorganization, or other legal or judicial proceedings for the
collection of this Note, Borrower and any guarantor jointly and severally agree
to pay on demand to the Noteholder all expenses and costs of collection,
including, but not limited to, reasonable attorneys’ fees incurred in connection
with any such collection, suit, or proceeding, in addition to the principal and
interest then due.

       

      Section 12.  Time of
Essence.  Time is of the essence with respect to all of
Borrower’s obligations and agreements under this Note.

       

      Section 13.  Jurisdiction and
Venue.  THIS NOTE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
TEXAS, AND BORROWER CONSENTS TO JURISDICTION IN THE COURTS LOCATED IN DALLAS,
TEXAS.

       

      Section 14.  Notice.  Any notice
or demand required by this Note shall be deemed to have been given and received
on the earlier of (i) when the notice or demand is actually received by the
recipient or (ii) 72 hours after the notice is deposited in the United States
mail, certified or registered, with postage prepaid, and addressed to the
recipient.  The address for giving notice or demand under this Note (i) to
the Noteholder shall be the place of payment specified in Section 2 or such
other place as the Noteholder may specify in writing to the Borrower and (ii) to
Borrower shall be the address below the Borrower’s signature or such other place
as the Borrower may specify in writing to the Noteholder.

       

      Section 15.  Successors and
Assigns.  All of the covenants, obligations, promises and
agreements contained in this Note made by Borrower shall be binding upon its
successors and permitted assigns, as applicable.  Notwithstanding the
foregoing, Borrower shall not assign this Note or its performance under this
Note without the prior written consent of the Noteholder.

       

      Section 16.  Definitions.  For
purposes of this Note, the following terms shall have the following
meanings:

       

       

      (a)     
“Business Day” shall mean any
day banks are open in the state of Texas.

       

      (b)     
“Contract Rate” means
the amount of any interest (including fees, charges or expenses or any other
amounts that, under applicable law, are deemed interest) contracted for, charged
or received by or for the account of Noteholder.

       

      (c)     
“Final Payment Date” shall
mean the earlier of:

       

                            · written
demand by the Noteholder for payment of all or part of the principal and
interest accrued and unpaid thereon;

                           
· December 31, 2009; or

                           
· acceleration as provided herein.

       

      (d)          
“Event of Default”
wherever used herein, means any one of the following events:

       

      (i)        
 the Borrower fails to pay any amount due on this Note and/or any fees or
sums due under or in connection with this Note after any such payment otherwise
becomes due and payable and three Business Days after demand for such
payment;

       

      (ii)          
the Borrower otherwise fails to perform or observe any other provision contained
in this Note and such breach or failure to perform shall continue for a period
of thirty days after notice thereof shall have been given to the Borrower by the
Noteholder;

       

      (iii)        
a case shall be commenced against Borrower, or Borrower shall file a petition
commencing a case, under any provision of the Federal Bankruptcy Code of 1978,
as amended, or shall seek relief under any provision of any other bankruptcy,
reorganization, arrangement, insolvency, readjustment of debt, dissolution or
liquidation law of any jurisdiction, whether now or hereafter in effect, or
shall consent to the filing of any petition against it under such law, or
Borrower shall make an assignment for the benefit of its creditors, or shall
admit in writing its inability to pay its debts generally as they become due, or
shall consent to the appointment of a receiver, trustee or liquidator of
Borrower or all or any part of its property; or

       

      (iv)         
an event occurs that, with notice or lapse of time, or both, would become any of
the foregoing Events of Default.

       

      (e)          
“Maximum Rate” shall
mean the highest lawful rate permissible under applicable law for the use,
forbearance or detention of money.

       

      (f)           
“Prime Rate” shall mean
the fluctuating interest rate per annum in effect from time to time equal to the
base rate on corporate loans as reported as the Prime Rate in the Money Rates
column of The Wall Street
Journal or other reliable source.

       

       

      BORROWER:

       

       

       

      Valhi, Inc.

       

       

       

      By:   /s/ Gregory M.
Swalwell  

       

              
Gregory M.
Swalwell

              
Vice President and Controller

       

                 
Address:

       

                 
5430 LBJ Freeway, Suite 1700

                 
Dallas, Texas   75240-2697

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