Document:

exv4wb

EXHIBIT
4(b)

FIRST SUPPLEMENTAL INDENTURE

     THIS FIRST SUPPLEMENTAL INDENTURE, dated as of December 21, 2009 (this “Supplemental
Indenture”), is between The Sherwin-Williams Company, an Ohio corporation (the “Company”), and The
Bank of New York Mellon, a corporation duly organized and existing under the laws of the State of
New York and successor to Chemical Bank, as trustee (the “Trustee”).

WITNESSETH

     WHEREAS, pursuant to the Indenture, dated as of February 1, 1996, between the Company and the
Trustee, as successor trustee (the “Indenture”), the Company may from time to time issue and sell
debt securities in one or more series;

     WHEREAS, the Company desires to create and authorize a series of Debt Securities entitled
“3.125% Senior Notes due 2014”, limited initially to $500,000,000 in aggregate principal amount
(the “Notes”), and to provide the terms and conditions upon which the Notes are to be executed,
registered, authenticated, issued and delivered, the Company has duly authorized the execution and
delivery of this Supplemental Indenture;

     WHEREAS, the Notes are a series of Debt Securities and are being issued under the Indenture,
as supplemented by this Supplemental Indenture, and are subject to the terms contained therein and
herein;

     WHEREAS, the Notes are to be substantially in the form attached hereto as Exhibit A; and

     WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and
authenticated and delivered by or on behalf of the Trustee as provided in this Supplemental
Indenture, the valid, binding and legal obligations of the Company, and to make this Supplemental
Indenture a legal, binding and enforceable agreement, have been done and performed.

     NOW, THEREFORE, in order to declare the terms and conditions upon which the Notes are
executed, registered, authenticated, issued and delivered, and in consideration of the foregoing
premises and the purchase of such Notes by the Holders thereof, the Company and the Trustee
mutually covenant and agree, for the equal and proportionate benefit of the Holders from time to
time of the Notes, as follows:

     Section 1. Definitions. Terms used in this Supplemental Indenture and not defined
herein shall have the respective meanings given such terms in the Indenture.

     Section 2. Creation and Authorization of Series.

     (a) There is hereby created and authorized the following new series of Debt Securities to be
issued under the Indenture, to be designated as the “3.125% Senior Notes due 2014.”

 

 

     (b) The Notes shall be limited initially to $500,000,000 in aggregate principal amount.
Notwithstanding the foregoing initial aggregate principal amount, the Company may, from time to
time, without notice to or consent of the Holders of the Notes, increase the principal amount of
the Notes that may be issued under this Supplemental Indenture and issue such increased principal
amount (or any portion thereof), in which case any additional notes so issued will have the same
terms (other than the date of issuance and, under certain circumstances, the initial interest
payment date, the date from which interest thereon will begin to accrue and the issue price), and
will carry the same right to receive accrued and unpaid interest, as the Notes previously issued,
and such additional notes will form a single series with the Notes, including for purposes of
voting, redemptions and offers to purchase and will rank equally and ratably with the Notes
previously issued.

     (c) The date on which the principal is payable on the Notes shall be as provided in the form
of security attached hereto as Exhibit A.

     (d) The Notes shall bear interest as provided in the form of security attached hereto as
Exhibit A. The interest payment dates and the record dates for the determination of Holders of the
Notes to whom such interest is payable shall be as provided in the form of security attached hereto
as Exhibit A.

     (e) The Notes shall be redeemable at the option of the Company as set forth in Section 4 of
the form of security attached hereto as Exhibit A.

     (f) The provisions of Section 3.06 of the Indenture entitled “Redemption of Debt Securities
for Sinking Fund” shall not be applicable to the Notes.

     (g) Upon a Change of Control Triggering Event (as defined in the Notes), the Company shall be
required to make an offer to repurchase the Notes as provided in Section 5 of the form of
securities attached hereto as Exhibit A.

     (h) The Notes will be issued only in fully registered form, without coupons, in denominations
provided in Section 9 of the form of security attached hereto as Exhibit A.

     (i) Section 11.02(b) of the Indenture shall be applicable to the Notes. The covenant
described in Section 5 of the form of security attached hereto as Exhibit A shall be subject to the
covenant defeasance option set forth in Section 11.02(b)(ii) of the Indenture.

     (j) The Notes shall be issued in the form of a Global Security substantially in the form of
Exhibit A attached hereto. The Company initially appoints The Depository Trust Company to act as
Depositary with respect to the Notes. Additional provisions applicable to the Notes issued in the
form of a Global Security are set forth in Section 11 of the form of Security attached hereto as
Exhibit A. To the extent inconsistent therewith, such provisions supersede the provisions set
forth in Section 2.15 of the Indenture.

     (k) The Trustee, initial paying agent and Registrar for the Notes will be The Bank of New York
Mellon and the Place of Payment will be The Bank of New York Mellon, 101 Barclay Street, New York,
New York 10286.

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     (l) The covenants and definitions set forth in the Indenture and the terms set forth in
Article X of the Indenture shall be applicable to the Notes.

     (m) Except as otherwise set forth herein and in the Notes, the terms of the Notes shall be as
set forth in the Indenture, including those made part of the Indenture by reference to the Trust
Indenture Act of 1939.

     Section 3. Effect of Supplemental Indenture. The provisions of this Supplemental
Indenture are intended to supplement those of the Indenture as in effect immediately prior to the
execution and delivery hereof. The Indenture shall remain in full force and effect except to the
extent that the provisions of the Indenture are expressly modified by the terms of this
Supplemental Indenture.

     Section 4. Governing Law. This Supplemental Indenture shall be deemed to be a New York
contract, and for all purposes shall be construed in accordance with the laws of said State
(without reference to principles of conflicts of law).

     Section 5. Trustee Not Responsible for Recitals or Issuance of Notes. The
recitals contained herein shall be taken as statements of the Company, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Supplemental Indenture or of the Notes other than with respect to the Trustee’s
authentication and execution. The Trustee shall not be accountable for the use or application by
the Company of the Notes or the proceeds thereof.

     Section 6. Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with a provision of the Trust Indenture Act of 1939 that is required under
such Act to be a part of and govern this Supplemental Indenture, the latter provisions shall
control. If any provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act of 1939 that may be so modified or excluded, the latter provision shall be deemed to
apply to this Supplemental Indenture as so modified or to be excluded, as the case may be.

     Section 7. Counterparts. This Supplemental Indenture may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall together constitute
but one and the same instrument.

[The remainder of this page is left blank intentionally]

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

	 	 	 	 	 
	 	THE SHERWIN-WILLIAMS COMPANY

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	Sean P. Hennessy 	 
	 	 	Title:  	Senior Vice President—Finance and 

Chief Financial
Officer 	 
	 
	 	THE BANK OF NEW YORK MELLON, as Trustee

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	Laurence J. O’Brien 	 
	 	 	Title:  	Vice President 	 

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EXHIBIT
4(b)

Exhibit A

FORM OF LEGEND FOR GLOBAL NOTE

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) AND ANY PAYMENT IS
MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     [Insert if Global Security: UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE
INDIVIDUAL DEBT SECURITIES REPRESENTED HEREBY, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY]

	 	 	 	 	 
	Registered 

No.

	 	THE SHERWIN-WILLIAMS COMPANY 

3.125% SENIOR NOTE DUE 2014
	 	Registered

CUSIP 824348 AN6

	 	 	 
	Original Issue Date:

	 	     Maturity Date:
	     December 21, 2009

	 	          December 15, 2014
	Principal Amount:
	 	 
	     $
	 	 
	Interest Rate:

	 	     Specified Currency:
	     3.125%

	 	          U.S. Dollars
	Interest Payment Dates:

	 	     Regular Record Dates:
	     June 15

	 	          June 1
	     December 15

	 	          December 1
	Redemption at Option of the Company:
	 	 
	 
	 	 
	Redemption Date(s)

	 	Redemption Price(s)
	 
	 	 
	     At Any Time

	 	     As set forth in Section 4 on the
reverse side hereof.

     This security (this “Security”) is a registered security of THE SHERWIN-WILLIAMS COMPANY, an
Ohio corporation (together with its successors, if any, the “Company”). This Security is one of a
series of Debt Securities (as defined on the reverse hereof) issued under the Indenture referred to
on the reverse hereof designated as the 3.125% Senior Notes due 2014. Subject to the provisions
hereof, the Company, for value received, hereby promises to pay to [•]

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[Insert if Global Security: CEDE & CO.], or registered assigns, the Principal Amount set forth
on the face hereof on the Maturity Date shown above and to pay the premium, if any, and interest
thereon, as described on the reverse hereof.

     The principal of (and premium, if any) and interest on this Security are payable by the
Company in such coin or currency of the United States as at the time of payment shall be legal
tender for the payment of public and private debts.

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE
HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT
THIS PLACE.

     Unless the certificate of authentication hereon has been manually executed by or on behalf of
the Trustee under the Indenture by an authorized signatory thereof, this Security shall not be
entitled to any benefits under the Indenture, or be valid or obligatory for any purpose.

	 	 	 	 	 
	 	THE SHERWIN-WILLIAMS COMPANY

 	 
	Dated:
 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Debt Securities of the series designated therein and referred to in the
within-mentioned Indenture.

THE BANK OF NEW YORK MELLON, as Trustee

	 	 	 	 	 
	 
	By:
	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 

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REVERSE OF SECURITY

THE SHERWIN-WILLIAMS COMPANY

3.125% SENIOR NOTE DUE 2014

1. This Security is one of the duly authorized issue of debentures, notes, bonds or other evidences
of indebtedness (hereinafter called the “Debt Securities”) of the Company, of the series
hereinafter specified, all issued or to be issued under and pursuant to the Indenture dated as of
February 1, 1996, between the Company and The Bank of New York Mellon, as successor to Chemical
Bank, as Trustee (herein called the “Trustee”) and the First Supplemental Indenture, dated as of
December 21, 2009, between the Company and the Trustee (collectively, the “Indenture”), to which
Indenture and all other indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, obligations and duties thereunder of the Trustee and
any agent of the Trustee or the Company, any paying agent for this Security (a “Paying Agent”), the
Company and the Holders of the Debt Securities and the terms upon which the Debt Securities are
issued and are to be authenticated and delivered.

This Security is one of the series of Debt Securities of the Company issued pursuant to the
Indenture designated as the 3.125% Senior Notes due 2014 (the “Notes”).

2. A. The regular record date (the “Regular Record Date”) with respect to any Interest Payment Date
(as defined below) shall be the applicable date specified as such on the face hereof (whether or
not such date shall be a Business Day (as defined below)) immediately preceding such Interest
Payment Date. Interest which is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Person in whose name this Security is registered at the
close of business on the Regular Record Date next preceding such Interest Payment Date. “Business
Day” means, with respect to any Place of Payment, any day that is not a Saturday, a Sunday or a
legal holiday or a day on which banking institutions or trust companies in such location are
authorized or obligated by law to be closed.

     B. The Company promises to pay interest on the Principal Amount at the rate per annum shown on
the face hereof until the Principal Amount hereof is paid or made available for payment or upon
earlier redemption or repayment. The Company will pay interest semiannually in arrears on the
Interest Payment Dates set forth on the face hereof (each such date, an “Interest Payment Date”),
commencing with the first Interest Payment Date following the Original Issue Date shown on the face
hereof and on the Maturity Date. Interest shall accrue from and including the most recent Interest
Payment Date to which interest has been paid or duly provided for or, if no interest has been paid
or duly provided for, from and including the Original Issue Date shown on the face hereof, to but
excluding the next succeeding Interest Payment Date. The amount of such interest payable on any
Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months. If
an Interest Payment Date with respect to this Security would otherwise be a day that is not a
Business Day, such Interest Payment Date shall not be postponed; provided, however,
that any payment required to be made in respect of this Security on a date (including the Maturity
Date, a redemption date, a Change of Control Payment date or an Interest Payment Date) that is not
a Business Day for this Security need not be made on such date, but may be made on the next
succeeding Business Day with the same force and

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effect as if made on such date, and no additional interest shall accrue as a result of such delayed
payment.

3. As long as the Notes are represented by one or more Global Securities, all payments of interest
will be made by the Company in immediately available funds to the accounts specified by the
Depositary or a nominee of the Depositary. Otherwise, payments of interest on the Notes due on
Interest Payment Dates will be made by immediately available funds to accounts with financial
institutions in the United States specified by the Persons entitled thereto by notice given to the
paying agent at least ten calendar days prior to the applicable Interest Payment Date or, if no
such account is so specified, by check mailed to the Persons entitled thereto. Principal and any
premium and (if such day is not an Interest Payment Date) interest payable at the Stated Maturity,
on redemption or repayment of a Note will be paid in immediately available funds upon surrender of
such Note at the Place of Payment in The City of New York. Initially, The Bank of New York Mellon
will be the paying agent and the Registrar with respect to the Notes. The Company reserves the
right at any time to vary or terminate the appointment of any paying agent or Registrar and to
appoint additional or other paying agents and a different Registrar and to approve any change in
the office through which any paying agent or Registrar acts; provided that there will at
all times be a Place of Payment and Registrar in The City of New York.

4. At any time and from time to time, the Notes are redeemable, in whole or in part, at the option
of the Company, on not less than 30 nor more than 60 days’ notice given as provided in the
Indenture, at a redemption price equal to the greater of (i) 100% of the principal amount of the
Notes to be redeemed and (ii) as determined by the Quotation Agent, the sum of the present values
of the remaining scheduled payments of interest and principal thereon (exclusive of interest
accrued and unpaid to, but not including, the date of redemption) discounted to the date of
redemption on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at
the Treasury Rate plus 12.5 basis points, plus, in either case, accrued and unpaid interest to, but
not including, the date of redemption.

     For purposes of determining the redemption price, the following definitions shall apply:

     “Comparable Treasury Issue” means the United States Treasury security or securities selected
by a Quotation Agent as having an actual or interpolated 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 a comparable
maturity to the remaining term of such Notes.

     “Comparable Treasury Price” means, with respect to any redemption date, (A) the arithmetic
average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations or (B) if the Quotation Agent obtains
fewer than four such Reference Treasury Dealer Quotations, the arithmetic average of all such
quotations for such redemption date.

     “Primary Treasury Dealer” means a primary U.S. Government securities dealer in The City of New
York.

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     “Quotation Agent” means one of the Reference Treasury Dealers appointed by the Company;
provided, however, that if such Reference Treasury Dealer ceases to be a Primary
Treasury Dealer, the Company will substitute another Primary Treasury Dealer.

     “Reference Treasury Dealer” means any of Citigroup Global Markets Inc. and J.P. Morgan
Securities Inc. or their respective affiliates that are Primary Treasury Dealers, and their
respective successors plus two other Primary Treasury Dealers selected by the Company;
provided, however, that if any of the foregoing or their affiliates shall cease to
be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the arithmetic average, as determined by the Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer at
3:30 p.m., New York City time on the third Business Day preceding such redemption date.

     “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the
semiannual equivalent yield to maturity or interpolated (on a day count basis) 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.

     If less than all of the Notes are to be redeemed, and such Notes are in the form of Global
Securities held by the Depositary, the Depositary will select the interests in the Notes to be
redeemed in accordance with its operational arrangements. If the Notes are not in the form of
Global Securities held by the Depositary, the Trustee shall select the Notes or portions thereof
(in denominations of $2,000 and integral multiples of $1,000 in excess thereof) to be redeemed by
lot or by such other method as the Trustee considers fair and appropriate.

     Notice of redemption shall be given as provided in Section 3.03 of the Indenture except that
any notice of redemption need not specify the redemption price but only the manner of calculation
thereof. The Trustee shall not be responsible for the calculation of the redemption price. The
Company shall calculate the redemption price and promptly notify the Trustee thereof.

5. If a Change of Control Triggering Event occurs, unless the Company has exercised its option to
redeem the Notes as described above by giving notice of such redemption to the Holders thereof, the
Company shall be required to make an offer (the “Change of Control Offer”) to each Holder to
repurchase all or any part (equal to $2,000 or any integral multiple of $1,000 in excess thereof)
of that Holder’s Notes on the terms set forth herein. In the Change of Control Offer, the Company
will 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 up to, but not
including, the date of repurchase (the “Change of Control Payment”). Within 30 days following any
Change of Control Triggering Event or, at the option of the Company, prior to any Change of
Control, but after public announcement of the transaction that

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

     On the Change of Control Payment Date, the Company shall, to the extent lawful, (1)
accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of
Control Offer, (2) deposit with the paying agent (or, if the Company is acting as the Company’s own
paying agent, segregate and hold in trust) an amount equal to the Change of Control Payment in
respect of all Notes or portions of Notes properly tendered and (3) 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 publicly announce the results of the Change of Control Offer on or as soon
as possible after the date of purchase.

     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 time
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 under the Indenture, other than a default in the payment
of the Change of Control Payment upon a Change of Control Triggering Event.

     The Company shall comply in all material respects with the requirements of Rule 14e-1 under
the Securities Exchange Act of 1934 (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 provisions of this
Section 5, the Company shall comply with those securities laws and regulations and shall not be
deemed to have breached the Company’s obligations under this Section 5 by virtue of any such
conflict.

     For purposes of this Section 5, the following terms shall be applicable:

     “Change of Control” means the occurrence of any of the following:

     (1) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as that term is used in Section
13(d) of the Exchange Act) (other than the Company or one of its Subsidiaries)

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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 Voting Stock of the Company (as
defined below) or other Voting Stock into which the Voting Stock of the Company is
reclassified, consolidated, exchanged or changed, measured by voting power rather than
number of shares;

     (2) the direct or indirect sale, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the assets of the Company and the assets of its Subsidiaries, taken as
a whole, to one or more “persons” (as that term is used in Section 13(d)(3) of the Exchange
Act) (other than to the Company or one of its Subsidiaries);

     (3) the Company consolidates with, or merges with or into, any “person” (as that
term is used in Section 13(d) of the Exchange Act) or any such person consolidates with, or
merges with or into, the Company, in either case, pursuant to a transaction in which any of
the outstanding Voting Stock of the Company or the Voting Stock of such other person is
converted into or exchanged for cash, securities or other property, other than pursuant to a
transaction in which shares of the Voting Stock of the Company outstanding immediately prior
to the transaction constitute, or are converted into or exchanged for, a majority of the
Voting Stock of the surviving person immediately after giving effect to such transaction;

     (4) the adoption of a plan relating to the liquidation or dissolution of the Company;
or

     (5) the first day on which a majority of the members of the board of directors of the
Company are not Continuing Directors.

     Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of
Control if (i) the Company becomes a direct or indirect wholly owned subsidiary of a holding
company and (ii) the direct or indirect holders of the Voting Stock of such holding company
immediately following that transaction are substantially the same as the holders of the Voting
Stock of the Company immediately prior to that transaction.

     “Change of Control Triggering Event” means the occurrence of both (1) a Change of Control and
(2) a Rating Event.

     “Continuing Director” means, as of any date of determination, any member of the board of
directors of the Company who (1) was a member of such board of directors on the date the Notes were
issued, (2) was nominated for election to such board of directors with the approval of a committee
of the board of directors consisting of a majority of independent continuing directors or (3) 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).

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     “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, or, if applicable, the equivalent investment grade
credit rating from any substitute rating agency selected by the Company.

     “Moody’s” means Moody’s Investors Service, Inc., or any successor thereto.

     “Rating Agencies” means (1) each of Moody’s and S&P and (2) if any of Moody’s and 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 Substitute Rating Agency (as defined below) in lieu thereof.

     “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 commencing on the earlier of (i) the occurrence of the Change of Control and (ii) the
first public announcement by the Company of any Change of Control and ending 60 days following
consummation of such Change of Control (which period will 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); provided that a Rating Event will not be deemed to have occurred in respect of a
particular Change of Control (and thus will not be deemed a Rating Event for purposes of the
definition of Change of Control Triggering Event) if each Rating Agency making the reduction in
rating does not publicly announce or confirm or inform the Trustee in writing at the request of the
Company that the reduction was the result, in whole or in part, of any event or circumstance
comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the
applicable Change of Control has occurred at the time of the Rating Event).

     “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.
or any successor thereto.

     “Substitute Rating Agency” means a “nationally recognized statistical rating organization”
within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company (as
certified by a resolution of the board of directors of the Company).

     “Voting Stock” means, with respect to any specified “person” (as that term is used in Section
13(d) 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.

6. If an Event of Default with respect to the Notes shall occur and be continuing, the principal
and interest thereon of all of the Notes may be declared due and payable in the manner and with the
effect provided in the Indenture.

7. The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee
to enter into supplemental indentures to the Indenture for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in
any manner the rights of the Holders of the Debt Securities of each series under the Indenture with
the consent of the Holders of not less than a majority in aggregate principal amount of the Debt
Securities at the time outstanding of each series to be affected thereby on behalf of the Holders
of all Debt Securities of such series. In addition, the Indenture permits the

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Company and the Trustee to enter into supplemental indentures to the Indenture, without the consent
of Holders, for certain purposes, including to cure any ambiguity or to correct or supplement any
provision contained in the Indenture and to make changes that do not adversely affect the rights of
any Holder. The Indenture also permits the Holders of a majority in aggregate principal amount of
the Debt Securities at the time outstanding of each series on behalf of the Holders of all Debt
Securities of such series, to waive certain past defaults and their consequences with respect to
such series under the Indenture. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security or such other Notes.

8. No reference herein to the Indenture and no provision of this Security or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal and any premium of and any interest on this Security at the place, rate and respective
times and in the coin or currency herein and in the Indenture prescribed.

9. The authorized denominations of the Notes are $2,000 and any larger amount that is an integral
multiple of $1,000. As provided in the Indenture and except as provided therein and herein, the
Notes are exchangeable for a like aggregate principal amount of Notes of a different authorized
denomination, as requested by the Holder surrendering the same.

10. As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Security is registerable in the Debt Security Register, upon surrender of this Security for
registration of transfer at the office of the Registrar or at the offices of any transfer agent
designated by the Company for such purpose. Every Note presented or surrendered for registration of
transfer, exchange or payment shall (if so required by the Company, the Trustee or the Registrar)
be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company, the Trustee and the Registrar, duly executed by the Holder or its
attorney duly authorized in writing.

     Prior to due presentment for registration of transfer, the Company, the Trustee, any paying
agent and any Registrar may treat the Person in whose name this Security is registered as the
absolute owner thereof for all purposes (subject to Section 2.A hereof), whether or not such
Security is overdue and notwithstanding any notation of ownership or other writing thereon, and
neither the Company nor the Trustee nor any paying agent nor any Registrar shall be affected by
notice to the contrary.

     No service charge shall be made for any exchange or registration of transfer of any Note, with
certain exceptions, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

11. This Security is a Global Security. Accordingly, this Security may not be transferred except as
a whole by the Depositary to a nominee of such Depositary or by a nominee of such Depositary to the
Depositary or another nominee of the Depositary, or by the Depositary or any nominee to a successor
Depositary selected or approved by the Company or to any nominee of

A-9

 

such successor Depositary. Ownership of beneficial interests in this Security will be shown on, and
the transfer of that ownership will be effected only through, records maintained by the applicable
Depositary or its nominee (with respect to interest of participants) and the records of
participants (with respect to interests of persons other than participants).

     So long as the Depositary or its nominee is the registered owner of this Security, the
Depositary or that nominee, as the case may be, will be considered the sole legal owner or Holder
of the Notes represented by this Security for all purposes of the Notes and the Indenture. Except
as provided below, owners of beneficial interests in this Security (1) will not be entitled to have
the Notes represented by this Security registered in their names, (2) will not receive or be
entitled to receive physical delivery of certificated securities and (3) will not be considered the
owners or Holders of the Notes represented by that beneficial interest under the Indenture for any
purpose, including with respect to the giving of any direction, instruction or approval to the
Trustee. Accordingly, each Person owning a beneficial interest in this Security must rely on the
procedures of the Depositary and, if that Person is not a Depositary participant or indirect
participant, on the procedures of the participant through which that Person owns its interest, to
exercise any rights of a Holder of Notes under the Indenture or this Security.

     Except as provided in this paragraph, beneficial interests in this Security may not be
exchanged for certificated securities. In addition to the provisions set forth in Sections
2.15(c)(i) and (ii) of the Indenture, if there is an Event of Default under the Notes, the
Depositary will exchange this Global Security for certificated Notes that it will distribute to its
participants.

     Payments with respect to the principal of and interest on this Security will be payable by the
Trustee to or at the direction of the Depositary or its nominee in its capacity as the registered
Holder of this Security under the Indenture. Under the terms of the Indenture, the Company and the
Trustee may treat the persons in whose names this Security are registered as the owners hereof for
the purpose of receiving payment thereon (except as provided in Section 2.A hereof) and for any and
all other purposes whatsoever. None of the Company, the Trustee, any Registrar, the paying agent
or any agent of the Company or the Trustee will have any responsibility or liability for (a) any
aspect of the records relating to or payments made on account of beneficial ownership interests in
this Security or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests, (b) the payments to the beneficial owners of this Security of amounts paid to
the Depositary or its nominee or (c) any other matter relating to the actions or practices of the
Depositary, its nominee or any of its direct or indirect participants.

12. Unless otherwise defined herein, all terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

13. The Notes shall be deemed to be New York contracts, and for all purposes shall be construed in
accordance with the laws of said State (without reference to principles of conflicts of law).

A-10

 

CERTIFICATE OF TRANSFER

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

Insert Taxpayer Identification No.:

 

Please print or typewrite name and address including zip code of assignee

 

the within Note and all rights thereunder, and hereby irrevocably constituting and appointing
                                         attorney to transfer said Note on the books of the Registrar with full power
of substitution in the premises.

Dated:                                         

	 	 	 
	NOTICE:
	 	 
	 

	 	 
	 

	 	The signature to this assignment must correspond with the name as
it appears upon the face of the within Note in every particular,
without alteration or enlargement or any change whatever.

A-11exv10wb

EXHIBIT 10(b)

SUMMARY OF COMPENSATION

PAYABLE TO NON-EMPLOYEE DIRECTORS

Effective January 1, 2010

     Director Fees. Effective January 1, 2010, the cash compensation payable to Sherwin-Williams’
non-employee directors is as follows:

	 	•	 	An annual cash retainer of $85,000;
	 
	 	•	 	An additional annual cash retainer of $21,000 for the chair of the Audit
Committee;
	 
	 	•	 	An additional annual cash retainer of $15,000 for the chair of the Compensation
and Management Development Committee;
	 
	 	•	 	An additional annual cash retainer of $11,000 for the chair of the Nominating
and Corporate Governance Committee; and
	 
	 	•	 	A meeting fee of $1,750 for each Board or Committee meeting attended in excess
of twelve meetings during a calendar year. For purposes of calculating the number
of meetings during a calendar year, any Board and Committee meetings held within
24 hours shall constitute one meeting.

     All retainer amounts are payable in quarterly installments in advance. All meeting fees are
payable on the date of the meeting.

     In addition, non-employee directors receive an annual grant of restricted stock valued at
approximately $95,000 at the time of the grant pursuant to The Sherwin-Williams Company 2006 Stock
Plan for Nonemployee Directors.

     Other Benefits. All directors are reimbursed for reasonable travel and other out-of-pocket
expenses incurred in connection with attendance at meetings of the Board of Directors and of
committees of the Board of Directors.

     Sherwin-Williams pays the premiums for liability insurance and business travel accident
insurance for all directors, including $225,000 accidental death and dismemberment coverage and
$225,000 permanent total disability coverage, while the directors are traveling on
Sherwin-Williams’ business.

     Directors may also receive the same discounts as Sherwin-Williams’ employees on the purchase
of products at Sherwin-Williams’ stores and are eligible to participate in Sherwin-Williams’
matching gifts on the same basis as employees. These programs provide
for annual matches for gifts of up to
$5,000 under the matching gifts to education program and $1,000 under the matching gifts for
volunteer leaders program, as well as annual grants of up to $200 under the grants for volunteers
program.

 

 

     Deferral of Director Fees. In accordance with the Director Deferred Fee Plan, directors may
elect to defer all or a part of their retainer and meeting fees. Deferred fees may be credited in
a common stock account, a shadow stock account or an interest bearing cash account. The value of
the shadow stock account reflects changes in the market price of Sherwin-Williams common stock and
the payment of dividend equivalents at the same rate as paid on the common stock. Amounts deferred
may be distributed either in annual installments over a period up to ten years or in a lump sum
pursuant to a director’s payment election. Amounts credited to a shadow stock account are
distributed in cash.

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