<SEC-DOCUMENT>0000059255-21-000086.txt : 20210527
<SEC-HEADER>0000059255-21-000086.hdr.sgml : 20210527
<ACCEPTANCE-DATETIME>20210527162126
ACCESSION NUMBER:		0000059255-21-000086
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20210527
DATE AS OF CHANGE:		20210527
EFFECTIVENESS DATE:		20210527

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALHI INC /DE/
		CENTRAL INDEX KEY:			0000059255
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		IRS NUMBER:				870110150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-256546
		FILM NUMBER:		21973006

	BUSINESS ADDRESS:	
		STREET 1:		5430 LBJ FRWY
		STREET 2:		STE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
		BUSINESS PHONE:		9722331700

	MAIL ADDRESS:	
		STREET 1:		THREE LINCOLN CENTER
		STREET 2:		5430 LBJ FREEWAY SUITE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240-2620

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LLC CORP
		DATE OF NAME CHANGE:	19870329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY LOAN CORP
		DATE OF NAME CHANGE:	19800414
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>vhiforms8210527.htm
<DESCRIPTION>VALHI, INC. FORM S-8 FILED MAY 27, 2021
<TEXT>
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      <div style="margin-bottom: 3pt; font-weight: bold;">As filed with the Securities and Exchange Commission on May 27, 2021</div>
      <div style="text-align: right; font-weight: bold;">Registration No. 333-</div>
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      <div style="font-size: 12pt; font-weight: bold;">UNITED STATES</div>
      <div style="font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="margin-bottom: 4pt; font-weight: bold;">Washington, D.C. 20549</div>
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        <div><br>
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      <div style="font-size: 14pt; font-weight: bold;">FORM S-8</div>
      <div style="font-size: 14pt; font-weight: bold;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</div>
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      </div>
      <div style="font-size: 14pt; font-variant: small-caps; font-weight: bold;">Valhi, Inc.</div>
      <div style="margin-bottom: 6pt;">(Exact name of registrant as specified in its charter)</div>
      <table cellspacing="0" cellpadding="0" id="z656650fcddef4a02b89be313aff28b2d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">Delaware</div>
              <div style="text-align: center; font-size: 8pt;">(State or other jurisdiction of</div>
              <div style="text-align: center; font-size: 8pt;">incorporation or organization)</div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">87-0110150</div>
              <div style="text-align: center; font-size: 8pt;">(I.R.S. Employer</div>
              <div style="text-align: center; font-size: 8pt;">Identification Number)</div>
            </td>
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          <tr>
            <td style="width: 100%; vertical-align: middle;" colspan="2">&#160;</td>
          </tr>
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            <td style="width: 100%; vertical-align: middle;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Three Lincoln Centre</div>
              <div style="text-align: center; font-weight: bold;">5430 LBJ Freeway, Suite 1700</div>
              <div style="text-align: center; font-weight: bold;">Dallas, Texas 75240-2620</div>
              <div style="text-align: center; font-size: 8pt;">(Address of principal executive offices) (Zip code)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-bottom: 2px solid #000000;" colspan="2">
              <div>
                <div>&#160;</div>
              </div>
              <div>&#160;</div>
              <div style="text-align: center; font-size: 14pt; font-variant: small-caps; font-weight: bold;">Valhi, Inc. 2021 Non-Employee Director Stock Plan</div>
              <div style="text-align: center; font-size: 8pt;">(Full title of the plan)</div>
              <div>
                <div>&#160;</div>
              </div>
              <div>&#160;</div>
            </td>
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          <tr>
            <td style="width: 100%; vertical-align: middle;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Jane R. Grimm</div>
              <div style="text-align: center; font-weight: bold;">Vice President, Secretary and Associate General Counsel</div>
              <div style="text-align: center; font-weight: bold;">Valhi, Inc.</div>
              <div style="text-align: center; font-weight: bold;">Three Lincoln Centre</div>
              <div style="text-align: center; font-weight: bold;">5430 LBJ Freeway, Suite 1700</div>
              <div style="text-align: center; font-weight: bold;">Dallas, Texas 75240-2620</div>
              <div style="text-align: center; font-size: 8pt;">(Name and address of agent for service)</div>
              <div style="text-align: center; font-weight: bold;">(972) 233-1700</div>
              <div style="text-align: center; font-size: 8pt;">(Telephone number, including area code, of agent for service)</div>
            </td>
          </tr>

      </table>
      <div style="text-align: left; margin-bottom: 6pt;">Indicate by check mark<font style="font-weight: bold;">&#160;</font>whether the registrant is a large accelerated filer, an accelerated filer, a non&#8209;accelerated filer, a smaller reporting company or an
        emerging growth company.&#160; See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</div>
      <table cellspacing="0" cellpadding="0" id="za18a6bbbe4bb45acb06a77c5ef070b64" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 25.56%; vertical-align: top;">
              <div>Large accelerated filer<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font>&#9723;</div>
            </td>
            <td style="width: 41.1%; vertical-align: top;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top;">
              <div>Accelerated filer<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 129.3pt">&#160;</font>&#9723;</div>
            </td>
          </tr>
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            <td style="width: 25.56%; vertical-align: top;">
              <div>Non-accelerated filer<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font><font style="font-family: Wingdings;">&#253;</font></div>
            </td>
            <td style="width: 41.1%; vertical-align: top;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top;">
              <div>Smaller reporting company<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font>&#9723;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.56%; vertical-align: top;">&#160;</td>
            <td style="width: 41.1%; vertical-align: top;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top;">
              <div>Emerging growth company<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font>&#9723;</div>
            </td>
          </tr>

      </table>
      <div style="text-align: left; margin-top: 6pt; margin-bottom: 6pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
        accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.</div>
      <div>
        <div><br>
        </div>
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      <div><br>
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      <div style="margin-bottom: 3pt; font-weight: bold;">CALCULATION OF REGISTRATION FEE</div>
      <table cellspacing="0" cellpadding="0" id="z30e6f8f90f704f16afbb51580565d50c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 21.84%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Title of Securities to be Registered</div>
            </td>
            <td style="width: 15.95%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Amount to be Registered (1)</div>
            </td>
            <td style="width: 20.88%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Proposed Maximum Offering Price Per Share (2)(3)</div>
            </td>
            <td style="width: 20.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Proposed Maximum Aggregate Offering Price (2)(3)</div>
            </td>
            <td style="width: 20.86%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Amount of Registration Fee (3)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 21.84%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div>Common stock, par value $0.01 per share</div>
            </td>
            <td style="width: 15.95%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: center;">100,000</div>
            </td>
            <td style="width: 20.88%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: center;">$25.80</div>
            </td>
            <td style="width: 20.48%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: center;">$2,580,000.00</div>
            </td>
            <td style="width: 20.86%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="text-align: center;">$281.48</div>
            </td>
          </tr>

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        <table cellspacing="0" cellpadding="0" id="zae1ecaf384da4f94a87691be2da9abe3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="font-size: 8pt;">(1)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-size: 8pt;">Pursuant to Rule 416, additional shares of the registrant&#8217;s common stock, par value $0.01 per share, issuable pursuant to the terms of the plan in order to prevent dilution resulting from
                  any future stock split, stock dividend or similar transaction are also being registered hereunder.</div>
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        <table cellspacing="0" cellpadding="0" id="zda120322c4a543c9b2cfdce238109291" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="font-size: 8pt;">(2)</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-size: 8pt;">Estimated solely for the purpose of calculating the registration fee.</div>
              </td>
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      </div>
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        <table cellspacing="0" cellpadding="0" id="zc2ad2b24a6f04d459b655dca05affbc4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="font-size: 8pt;">(3)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; font-size: 8pt;">Calculated pursuant to Rule 457(c) and (h).&#160; Accordingly, the price per share of the common stock offered hereunder pursuant to the plan is based on 100,000 shares of common stock reserved
                  for issuance under the plan at a price per share of $25.80, which is the average of the highest and lowest selling price per share of common stock on the New York Stock Exchange on May 24, 2021. The fee calculation result is rounded to
                  the nearest penny.</div>
              </td>
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    <br>
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    <div style="margin-bottom: 12pt; font-weight: bold;">Item 6.&#160;&#160;Indemnification of Directors and Officers.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Delaware General Corporation Law, our third amended and restated certificate of incorporation (as amended), and our amended and restated bylaws contain provisions relating to the limitation of
      liability and indemnification of our directors and officers.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Our certificate of incorporation provides that our directors are not personally liable to us or our stockholders for monetary damages for breach of their fiduciary duties as directors, except for
      such liability as is expressly not subject to limitation under Delaware corporate law, as the same exists or may be amended to further limit or eliminate such liability.&#160; Existing Delaware law permits the elimination or limitation of directors&#8217;
      personal liability to us or our stockholders for monetary damages for breach of their fiduciary duties as directors, except liability for:</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c01795d7aa244da9cf9d65636c7a4b7">

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              <div style="margin-left: 36pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 12pt;">any breach of a director&#8217;s duty of loyalty to us or our stockholders;</div>
            </td>
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    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z82b439021148405083b033ac22f507d6">

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            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 12pt;">acts or omissions not in good faith or involving intentional misconduct or a knowing violation of law;</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc78d04337017440cb5dd45ce93345ca5">

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            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 12pt;">any transaction from which a director derived improper personal benefit;</div>
            </td>
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    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z380d04dee4c74881a6832a63f199c4af">

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            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 12pt;">the unlawful payment of dividends; and</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z94aa58f0e6a344319b9e410953800ad0">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 12pt;">unlawful stock repurchases or redemptions.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt;">Because of these exculpation provisions, stockholders may be unable to recover monetary damages against directors for actions taken by them that constitute negligence or that otherwise violate their fiduciary duties as
      directors, although it may be possible to obtain injunctive or other equitable relief with respect to such actions.&#160; If equitable remedies are not available to stockholders, stockholders may not have an effective remedy against a director in
      connection with the director&#8217;s conduct.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Our third amended and restated certificate of incorporation, as amended, provides that we must, to the fullest extent permitted by law, indemnify any and all of our officers and directors, and
      provides that the provision in the certificate of incorporation does not limit the power of the Company to indemnify and advance expenses as authorized in the bylaws of the corporation.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Our amended and restated bylaws provide as follows:</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7ca78572ea04dfea71447d52ea50354">

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              <div style="margin-left: 36pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 12pt;">we must indemnify our directors and officers to the fullest extent permitted under Delaware law;</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd6039b12a1774a5e880d02aed335351d">

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            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 12pt;">we must advance reasonable expenses (including attorneys&#8217; fees) of a director or officer for an indemnifiable claim upon receipt of a written undertaking by or on behalf of the director or officer to repay
                such amount if it is ultimately determined that he or she is not entitled to be indemnified by us as authorized in our bylaws;</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcc858c0acd7140f18329a1a74dd0f772">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 12pt;">if we receive a claim for indemnification of expenses of an indemnifiable claim and do not pay the claim within 30 days of its receipt, the claimant may bring suit to recover the unpaid amount and, if
                successful in whole or in part, the claimant will also be entitled to be paid the expenses of prosecuting such claim; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbcc4c9d3b95c473e8441ed6656813e08">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 12pt;">we may grant rights of indemnification and advancement of expenses to any person who is not at the time our current director or officer.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">As permitted by Delaware law, we have entered into indemnity agreements with each of our directors and executive officers that require us to indemnify such persons from and against all expenses,
      liabilities or other matters arising out of their status as such or their acts, omissions or services rendered by such persons in such capacities or otherwise while serving at the request of the Company in any other capacity, to the fullest extent
      permitted by applicable Delaware law.&#160; The indemnification agreements generally provide our officers and directors with the same level of indemnification rights as currently provided in our governing documents, and sets forth the processes and
      procedures by which such indemnification is provided.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Additionally, we have in effect director and officer liability insurance.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Item 8.&#160;&#160;Exhibits.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z41324a9202b443d28052c5c808445058">

        <tr>
          <td style="width: 13.35%; vertical-align: top; border-bottom: 2px solid #000000;">
            <div>
              <div style="text-align: center; font-weight: bold;">Exhibit</div>
            </div>
          </td>
          <td style="width: 86.65%; vertical-align: top; border-bottom: 2px solid #000000;">
            <div>
              <div style="text-align: center; font-weight: bold;">Description of Exhibit</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.35%; vertical-align: top;">&#160;</td>
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        <tr>
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            <div><a href="https://www.sec.gov/Archives/edgar/data/59255/000156459020051345/vhi-ex31_150.htm">Restated Third Amended and Restated Certificate of Incorporation of Valhi, Inc., as amended by Certificate of Amendment filed on May 29, 2020
                (effective June 1, 2020) and by Certificate of Elimination of the 6% Series A Preferred Stock filed on August 10, 2020 &#8212;incorporated by reference to Exhibit 3.1 to the registrant&#8217;s Quarterly Report on Form 10-Q (File No. 1-5467) for the
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        </tr>
        <tr>
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          </td>
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            <div><a href="https://www.sec.gov/Archives/edgar/data/59255/000005925521000013/exh31.htm">Amended and Restated Bylaws of the registrant (amended and restated as of November 6, 2007) &#8212; incorporated by reference to Exhibit 3.1 to the registrant&#8217;s
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            <div><a href="exh43.htm">Form of the registrant&#8217;s stock certificate for common stock, par value $0.01 per share</a>.</div>
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        <tr>
          <td style="width: 13.35%; vertical-align: top;">
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            <div><a href="exh44.htm">Valhi, Inc. 2021 Non-Employee Director Stock Plan</a></div>
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        <tr>
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          </td>
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            <div><a href="exh51.htm">Opinion of Jane R. Grimm</a></div>
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            <div><a href="exh51.htm">Consent of Jane R. Grimm (included in Exhibit 5.1)</a></div>
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            <div><a href="exh232.htm">Consent of PricewaterhouseCoopers LLP</a></div>
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            <div>24.1*</div>
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            <div><a href="#exh241">Power of Attorney (see the initial signature page of this registration statement)</a>.</div>
          </td>
        </tr>

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    <div>
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      <div><br>
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    <div style="margin-bottom: 12pt;">*<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Filed with this registration statement.</div>
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      prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
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      material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;</div>
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    <div style="text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">(2)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>that, for the purpose of
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    <div style="text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">(3)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>to remove from
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      employee benefit plan&#8217;s annual report pursuant to section 15(d) of the Exchange Act of 1934) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered
      therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
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      Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SIGNATURES</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form&#160;S-8 and has duly
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    <div style="text-indent: 36pt; margin-bottom: 12pt;">KNOW ALL MEN BY THESE PRESENTS, that each individual whose signature appears below constitutes and appoints Amy A. Samford, Robert D. Graham and Jane R. Grimm, and each of them, his true and lawful
      attorneys-in-fact and agents with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement,
      and to file the same with all exhibits, thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform
      each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or either of
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              <td style="width: 42.56%; vertical-align: top;">&#160;</td>
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              <td style="width: 42.56%; vertical-align: top;">&#160;</td>
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              <td style="width: 42.56%; vertical-align: top;">&#160;</td>
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              <td style="width: 23.54%; vertical-align: top;">&#160;</td>
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              <td style="width: 42.56%; vertical-align: top;">&#160;</td>
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              <td style="width: 42.56%; vertical-align: top;">&#160;</td>
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              <td style="width: 42.56%; vertical-align: top;">&#160;</td>
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              <td style="width: 42.56%; vertical-align: top;">&#160;</td>
              <td style="width: 33.9%; vertical-align: top;">&#160;</td>
              <td style="width: 23.54%; vertical-align: top;">&#160;</td>
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              <td style="width: 42.56%; vertical-align: top;">&#160;</td>
              <td style="width: 33.9%; vertical-align: top;">&#160;</td>
              <td style="width: 23.54%; vertical-align: top;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>exh43.htm
<DESCRIPTION>FORM OF STOCK CERTIFICATE
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            <div style="text-align: center;">THIS CERTIFICATE IS TRANSFERABLE IN CITIES DESIGNATED BY THE TRANSFER AGENT, AVAILABLE ONLINE AT</div>
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            <div style="text-align: center;">Valhi, Inc. (hereinafter called the &#8220;Corporation&#8221;), transferable on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon surrender of this certificate properly
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    <div style="text-align: justify; margin-right: 4.9pt; margin-top: 0.95pt;">THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR
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    <div style="margin-top: 0.55pt; margin-bottom: 10pt;">The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:</div>
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          <td style="width: 4.17%; vertical-align: top;">&#160;</td>
          <td style="width: 29.11%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.17%; vertical-align: top;">&#160;</td>
          <td style="width: 29.11%; vertical-align: top;">&#160;</td>
          <td style="width: 2.5%; vertical-align: top;">&#160;</td>
          <td style="width: 19.12%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.14%; vertical-align: top;">&#160;</td>
          <td style="width: 4.17%; vertical-align: top;">&#160;</td>
          <td style="width: 51.56%; vertical-align: top;" colspan="4">
            <div style="text-align: center;">Additional abbreviations may also be used though not in the above list.</div>
          </td>
          <td style="width: 18.49%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.64%; vertical-align: top;">&#160;</td>
        </tr>

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    <div>For value received,<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt">&#160;</font>hereby sell, assign and transfer unto [PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]</div>
    <div style="margin-top: 3.2pt;"><br>
    </div>
    <div style="margin-top: 0.45pt;"><br>
    </div>
    <div style="margin-top: 5.55pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 522pt">&#160;</font>_</div>
    <div style="margin-top: 0.95pt; margin-bottom: 10pt;">(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)</div>
    <div style="margin-top: 5.1pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 522pt">&#160;</font>_</div>
    <div style="margin-top: 0.3pt;"><br>
    </div>
    <div><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 522pt">&#160;</font>_</div>
    <div style="margin-top: 0.3pt;"><br>
    </div>
    <div>Shares of the common stock represented by the within Certificate, and do hereby irrevocably constitute and appoint</div>
    <div style="margin-top: 2.05pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 522pt">&#160;</font><br>
    </div>
    <div style="margin-right: 5.1pt; margin-top: 2.05pt;">Attorney to transfer the said stock on the books of the within-named Company with full power of substitution in the premises.</div>
    <div style="margin-top: 0.2pt;"><br>
    </div>
    <div style="margin-top: 0.05pt;">Dated:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 222pt">&#160;</font>20 <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 89.95pt">&#160;</font></div>
    <div style="margin-top: 0.15pt;"><br>
    </div>
    <div style="margin-top: 5.55pt;">Signature: <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 312pt">&#160;</font></div>
    <div style="margin-top: 0.15pt;"><br>
    </div>
    <div style="margin-top: 0.15pt;"><br>
    </div>
    <div style="margin-right: 270.85pt; margin-top: 5.55pt;">Signature:</div>
    <div style="margin-right: 270.85pt; margin-top: 5.55pt;">Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change whatever.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-top: 0.3pt;">Signature(s) Guaranteed: Medallion Guarantee Stamp</div>
    <div style="margin-bottom: 10pt;">THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks,&#160;Stockbrokers, Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,
      PURSUANT TO S.E.C. RULE 17Ad-15.</div>
    <div style="margin-right: 37.55pt; margin-left: 321.9pt; margin-top: 0.05pt; margin-bottom: 10pt;">The IRS requires that the named transfer agent (&#8220;we&#8221;) report the cost basis of certain shares or units acquired after January 1, 2011. If your shares or
      units are covered by the legislation, and you requested to sell or transfer the shares or units using a specific cost basis calculation method, then we have processed as you requested. If you did not specify a cost basis calculation method, then we
      have defaulted to the first in, first out (FIFO) method. Please consult your tax advisor if you need additional information about cost basis.</div>
    <div style="margin-right: 37.55pt; margin-left: 321.9pt; margin-top: 2.9pt; margin-bottom: 10pt;"><font style="font-weight: bold;">If you do not keep in contact with the issuer or do not have any activity in your account for the time period specified
        by state law, your property may become subject to state unclaimed property laws and transferred to the appropriate state.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
  <div><br>
  </div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>3
<FILENAME>exh44.htm
<DESCRIPTION>2021 NON-EMPLOYEE DIRECTOR STOCK PLAN
<TEXT>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;"><font style="font-variant: small-caps;">Valhi, Inc</font>.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-variant: small-caps; font-weight: bold;">2021 Non-Em<a name="exh44"><!--Anchor--></a>ployee Director Stock Plan</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section&#160;1.&#160;&#160;</font><font style="font-weight: bold; font-style: italic;">Purpose</font>.&#160;&#160;The purpose of this Plan is to advance the interests of Valhi and its
      stockholders by providing incentives to its non-employee directors to contribute to the strategic and long-term performance objectives and growth of Valhi.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section&#160;2.&#160;&#160;</font><font style="font-weight: bold; font-style: italic;">Definitions</font>.&#160;&#160;The following terms shall have the meanings indicated:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#8220;<font style="font-style: italic;">Affiliate</font>&#8221; shall mean any corporation or other entity that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, Valhi, where &#8220;control&#8221; for
      purposes of this definition means owning a majority of the outstanding voting stock or voting power.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#8220;<font style="font-style: italic;">Board</font>&#8221; shall mean the board of directors of Valhi.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#8220;<font style="font-style: italic;">Committee</font>&#8221; shall mean a committee of the Board, if any, designated by the Board to administer this Plan that is comprised of not fewer than two directors and shall initially mean the management, development and
      compensation committee of the Board.&#160; The membership of the Committee or any successor committee (i) shall consist of &#8220;nonemployee directors&#8221; (as defined in Rule 16b-3) and meet any other applicable requirements so as to comply at all times with the
      applicable requirements of Rule 16b&#8209;3 and (ii) shall meet any applicable requirements of any stock exchange or other market quotation system on which Common Shares are listed or traded.&#160; References to the Committee hereunder shall include the Board
      where appropriate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#8220;<font style="font-style: italic;">Company</font>&#8221; shall mean Valhi and any parent or privately held subsidiary of Valhi.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#8220;<font style="font-style: italic;">Common Shares</font>&#8221; shall mean shares of common stock, par value $0.01 per share, of Valhi and stock of any other class into which such shares may thereafter be changed.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(f)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#8220;<font style="font-style: italic;">Effective Date</font>&#8221; shall mean May 27, 2021.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(g)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">&#8220;</font><font style="font-style: italic;">Exchange Act</font><font style="font-weight: bold; font-style: italic;">&#8221;</font> shall mean the Securities Exchange Act of 1934, as it now exists or may be amended from time to
      time, and the rules promulgated thereunder, as they may exist or may be amended from time to time.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(h)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#8220;<font style="font-style: italic;">Grant</font>&#8221; shall mean a grant of Common Shares to a Non-Employee Director under this Plan.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#8220;<font style="font-style: italic;">Non-Employee Director</font>&#8221; shall mean a member of the board of directors of Valhi who is not an employee of Valhi or of any Affiliate of Valhi.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(j)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#8220;<font style="font-style: italic;">Plan</font>&#8221; shall mean this Valhi, Inc. 2021 Non-Employee Director Stock Plan, as it may be amended from time to time.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(k)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#8220;<font style="font-style: italic;">Rule 16b-3</font>&#8221; shall mean Rule 16b-3 promulgated by the U.S. Securities and Exchange Commission under the Exchange Act and any successor rule.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(l)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#8220;<font style="font-style: italic;">Valhi</font>&#8221; shall mean Valhi, Inc., a Delaware corporation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section&#160;3.&#160;&#160;</font><font style="font-weight: bold; font-style: italic;">Administration</font><font style="font-weight: bold;">.</font>&#160;&#160;Unless the Board shall
      designate itself, this Plan shall be administered by the Committee.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 1 of 4</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Committee has all the powers vested in it by the terms of this Plan.&#160; Such powers shall include the exclusive authority to select the Non-Employee Directors to receive Grants under this Plan, and
      to determine the number of Common Shares granted, the time of the Grants to be made to each Non-Employee Director selected and the terms and conditions (if any) associated with the Grants.&#160; The Committee is authorized to interpret this Plan and to
      make any other determinations that it deems necessary or desirable for the administration of this Plan.&#160; The Committee may correct any defect or supply any omission or reconcile any inconsistency in this Plan or in any Grant in the manner and to the
      extent the Committee deems necessary or desirable to carry it into effect.&#160; Any decision of the Committee in the interpretation and administration of this Plan, as described herein, shall lie within its sole and absolute discretion and shall be
      final, conclusive and binding on all parties concerned.&#160; The Committee may act only by a majority of its members, <font style="font-style: italic;">except</font> that the members thereof may authorize any one or more of their members or any officer
      of Valhi to execute and deliver documents or to take any other ministerial action on behalf of the Committee with respect to Grants.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">No member of the Committee and no officer of the Company shall be liable for anything done or omitted to be done by him or her, by any other member of the Committee or by any officer of the Company
      in connection with the performance of duties under this Plan, <font style="font-style: italic;">except</font> for his or her own willful misconduct or as expressly provided by statute.&#160; In addition to all other rights of indemnification and
      reimbursement to which a member of the Committee and an officer of the Company may be entitled, the Company shall indemnify and hold harmless each such member or officer who was or is a party or is threatened to be made a party to any threatened,
      pending or completed proceeding or suit in connection with the performance of duties under this Plan against expenses (including reasonable attorneys&#8217; fees), judgments, fines, liabilities, losses and amounts paid in settlement actually and reasonably
      incurred by him or her in connection with such proceeding or suit, <font style="font-style: italic;">except</font> for his or her own willful misconduct or as expressly provided otherwise by statute.&#160; Expenses (including reasonable attorneys&#8217; fees)
      incurred by such a member or officer in defending any such proceeding or suit shall be paid by the Company in advance of the final disposition of such proceeding or suit upon receipt of a written affirmation by such member or officer of his or her
      good faith belief that he or she has met the standard of conduct necessary for indemnification and a written undertaking by or on behalf of such member or officer to repay such amount if it shall ultimately be determined that he or she is not
      entitled to be indemnified by the Company as authorized in this Section.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Section&#160;4.&#160;&#160;<font style="font-style: italic;">Grants of Common Shares under this Plan</font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-style: italic;">Maximum Number of Shares that May be Issued</font>.&#160;&#160;There may be issued under this Plan an aggregate of not more than 100,000 Common Shares, subject to adjustment as provided in <font style="font-weight: bold;">Section&#160;5.&#160; </font>Common
      Shares issued pursuant to this Plan may be either authorized but unissued shares, treasury shares or any combination thereof.&#160; The number of Common Shares that may be issued to a Non-Employee Director under this Plan may not exceed 5,000 shares in
      any calendar year.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-style: italic;">Rights with Respect to Common Shares and Other Securities</font>.&#160; Except as provided in <font style="font-weight: bold;">Section&#160;5</font>, no adjustment shall be made for dividends, distributions or other rights (whether ordinary or
      extraordinary, and whether in cash, securities, other property or other forms of consideration, or any combination thereof) for which the record date is prior to the date such stock certificate or other instrument of ownership, if any, is issued.&#160; In
      all events, a Non-Employee Director who receives a Grant shall have no rights as a stockholder with respect to such Common Shares represented by such Grant until the issuance to him or her of a stock certificate representing such shares (or, in the
      case of uncertificated shares, the book-entry registration of such Common Shares in the name of the applicable Non-Employee Director).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section&#160;5.&#160;&#160;</font><font style="font-weight: bold; font-style: italic;">Dilution and Other Adjustments</font><font style="font-weight: bold;">.</font>&#160;&#160;In the event
      of any change in the outstanding Common Shares by reason of any stock split, stock dividend, reverse stock split or other extraordinary or unusual event which the Committee, in its discretion, determines has a similar effect, then the Committee shall
      make an equitable adjustment to the maximum number of Common Shares available for issuance (i) under this Plan and (ii) to any Non-Employee Director under this Plan in any one calendar year, in each case to reflect the effect of such event, with
      determinations made by the Committee to be final, conclusive and binding for all purposes of this Plan.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Section&#160;6.&#160;&#160;<font style="font-style: italic;">Miscellaneous Provisions</font>.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 2 of 4</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>No fractional shares may
      be delivered under a Grant, but in lieu thereof a cash or other adjustment shall be made as determined by the Committee in its discretion.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Determinations made by
      the Committee under this Plan need not be uniform and may be made selectively among Non-Employee Directors, whether or not such Non-Employee Directors are similarly situated.&#160; Such determinations shall include the right to exercise discretion to
      reduce prior to its grant date the amount of a Grant made to any Non-Employee Director; <font style="font-style: italic;">provided, however</font>, the exercise of discretion shall not have the effect of increasing any Grant that is payable to any
      Non-Employee Director.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>No Non-Employee Director
      or other person shall have any claim or right with respect to this Plan, the Common Shares reserved for issuance under this Plan or in any Grant, contingent or otherwise, until the Common Shares represented by such Grant shall have been delivered to
      the recipient and all the terms, conditions and provisions of this Plan and the Grant applicable to such recipient (and each person claiming under or through him or her) have been met.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>No Common Shares shall
      be issued hereunder with respect to any Grant unless counsel for Valhi shall be satisfied that such issuance will be in compliance with applicable law and any applicable rules of any stock exchange or other market quotation system on which Common
      Shares are listed or traded.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>It is the intent of
      Valhi that this Plan comply in all respects with Rule 16b&#8209;3 with respect to Grants, that any ambiguities or inconsistencies in construction of this Plan be interpreted to give effect to such intention and that if any provision of this Plan is found
      not to be in compliance with Rule 16b&#8209;3, such provision shall be deemed null and void with respect to Grants granted to executive officers of Valhi to the extent required to permit such Grants to comply with Rule 16b&#8209;3.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(f)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The expenses of this
      Plan shall be borne by Valhi; <font style="font-style: italic;">provided, however</font>, Valhi may recover from a Non-Employee Director or his or her heirs or assigns any and all damages, fees, expenses and costs incurred by Valhi arising out of
      any actions taken by a Non-Employee Director in breach of this Plan.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(g)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>By accepting any Grant
      or other benefit under this Plan, each Non-Employee Director and each person claiming under or through him or her shall be conclusively deemed to have indicated his or her acceptance and ratification of, and consent to, any action taken under this
      Plan by Valhi, the Board or the Committee.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(h)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The appropriate officers
      of Valhi shall cause to be filed any reports, returns or other information regarding Grants hereunder of any Common Shares issued pursuant hereto as may be required by applicable law and any applicable rules of any stock exchange or other market
      quotation system on which Common Shares are listed or traded.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The validity,
      construction, interpretation, administration and effect of this Plan, and of its rules and regulations, and rights relating to this Plan and to Grants under this Plan, shall be governed by the substantive laws, but not the choice of law rules, of the
      state of Delaware.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(j)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Records of Valhi shall
      be conclusive for all purposes under this Plan or any Grant, unless determined by the Committee to be incorrect.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(k)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>If any provision of this
      Plan or any specific Grant is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of this Plan, the specific Grant or any other Grant, but such provision shall be fully severable, and
      this Plan, such specific Grant and any other Grant, as applicable, shall be construed and enforced as if the illegal or invalid provision had never been included in this Plan, the specific Grant or any other Grant, as applicable.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 3 of 4</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(l)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The terms of this Plan
      shall govern all Grants under this Plan and in no event shall the Committee have the power to authorize a Grant under this Plan that is contrary to any of the provisions of this Plan.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section&#160;7.&#160;&#160;</font><font style="font-weight: bold; font-style: italic;">Plan Amendment or Suspension</font><font style="font-weight: bold;">.</font>&#160;&#160;This Plan may be
      amended or suspended in whole or in part at any time from time to time by the Board.&#160; No amendment of this Plan shall adversely affect in a material manner any right of any person with respect to any Grant previously granted without such person&#8217;s
      written consent.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section&#160;8.&#160;&#160;</font><font style="font-weight: bold; font-style: italic;">Plan Termination</font><font style="font-weight: bold;">.</font>&#160;&#160;This Plan shall terminate
      upon the earlier of the following dates or events to occur:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>upon the adoption of a
      resolution of the Board terminating this Plan; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>when no more Common
      Shares are authorized to be issued under this Plan.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">No termination of this Plan shall materially alter or impair any of the rights or obligations of any person, without his or her consent, under any Grant previously granted under this Plan.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Section&#160;9.&#160;&#160;</font><font style="font-weight: bold; font-style: italic;">Effective Date</font><font style="font-weight: bold;">.</font>&#160;&#160;This Plan shall be effective,
      and Grants awarded under this Plan, on or after the Effective Date.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z389308d61a0946bfa0ca7d90199a1ca9">

        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">ADOPTED BY THE BOARD:</div>
          </td>
          <td style="width: 27.68%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">March 4, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">APPROVED BY THE STOCKHOLDERS:</div>
          </td>
          <td style="width: 27.68%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">May 27, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.32%; vertical-align: middle;">
            <div style="text-align: justify;"><font style="font-weight: bold;">EFFECTIVE DATE:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 217.6pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 27.68%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">May 27, 2021</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-weight: bold;">EXECUTED </font>to evidence this Valhi, Inc. 2021 Non-Employee Director Stock Plan adopted by the Board on March 4, 2021 and the stockholders of Valhi on May 27, 2021.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -27.35pt; margin-left: 261.35pt; font-variant: small-caps; font-weight: bold;">Valhi, Inc.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="ze3547afa2b8943c99ae0c146db429027">

            <tr>
              <td style="width: 234pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">By:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt" id="TRGRRTFtoHTMLTab">&#160;</font></td>
              <td style="width: 207pt; vertical-align: top; align: right;"><u>/s/ Jane R. Grimm</u></td>
              <td style="width: auto; vertical-align: top; text-align: justify;"><br>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -27.35pt; margin-left: 261.35pt; font-style: italic;">Jane R. Grimm, Vice President and Secretary</div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 4 of 4</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>exh51.htm
<DESCRIPTION>OPINION
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Contran Corporation
         Document created using EDGARfilings PROfile 7.4.1.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z11a4340242474c4781ead025473bbd47">

        <tr>
          <td style="width: 27.76%; vertical-align: middle;">
            <div><img width="119" height="72" src="image00001.jpg"></div>
          </td>
          <td style="width: 44.72%; vertical-align: top;">
            <div>&#160;</div>
            <div style="text-align: center; font-size: 18pt; font-variant: small-caps; font-weight: bold;">Valhi, Inc.</div>
            <div style="text-align: center; font-size: 12pt; font-variant: small-caps; font-weight: bold;">Three Lincoln Centre</div>
            <div style="text-align: center; font-size: 12pt; font-variant: small-caps; font-weight: bold;">5430 LBJ Freeway, Suite 1700</div>
            <div style="text-align: center; font-size: 12pt; font-variant: small-caps; font-weight: bold;">Dallas, Texas&#160;&#160; 75240</div>
          </td>
          <td style="width: 27.52%; vertical-align: top;">
            <div style="text-align: center; margin-right: 8.15pt; margin-left: 39.6pt; font-size: 12pt;">Exh<a name="exh51"><!--Anchor--></a>ibit 5.1</div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">May 27, 2021</div>
    <div style="text-align: justify; font-size: 12pt;">Valhi, Inc.</div>
    <div style="text-align: justify; font-size: 12pt;">Three Lincoln Centre</div>
    <div style="text-align: justify; font-size: 12pt;">5430 LBJ Freeway, Suite 1700</div>
    <div style="text-align: justify; font-size: 12pt;">Dallas, Texas 75240</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">I am Vice President, Secretary and Associate General Counsel of Valhi, Inc., a Delaware corporation (the &#8220;Company&#8221;), and am an employee of Contran Corporation, a Delaware corporation that is an
      indirect parent corporation of the Company.&#160;&#160; I am rendering my opinion in connection with the filing by the Company with the Shares and Exchange Commission of a Registration Statement on Form S-8 (the &#8220;Registration Statement&#8221;) for the purpose of
      registering under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), the grant from time to time of up to 100,000 shares of common stock, par value $0.01 per share, of the Company (the &#8220;Shares&#8221;) available for issuance under the Valhi,
      Inc. 2021 Non-Employee Director Stock Plan (the &#8220;Plan&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">I have examined originals or copies of such documents, corporate records, certificates of public officials and other instruments as I have deemed necessary or advisable for the purpose of rendering
      this opinion.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">In rendering the opinion expressed herein, I have, without independent inquiry or investigation, assumed that (i) all documents submitted to me as originals are authentic and complete, (ii) all
      documents submitted to me as copies conform to authentic, complete originals, (iii) all signatures on all documents that I reviewed are genuine, (iv) all natural persons executing documents had and have the legal capacity to do so, (v) all statements
      in certificates of public officials and officers of the Company that I reviewed were and are accurate and (vi) all representations made by the Company as to matters of fact in the documents that I reviewed were and are accurate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">Based upon the foregoing, and subject to the additional assumptions and qualifications set forth below, I am of the opinion that the issuance of the Shares has been duly authorized and the Shares, when
      issued, will be validly issued, fully paid and non-assessable.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">I have assumed that (a) grants of shares of Common Stock under the Plan (&#8220;Grants&#8221;), which Grants are yet to be granted, will be duly granted in accordance with the terms of the Plan; (b) the Shares
      will be duly issued in accordance with the terms of the Plan; (c) the Company maintains an adequate number of authorized but unissued shares and/or treasury shares of Common Stock available for issuance to those directors of the Company who receive
      Grants; and (d) the consideration actually received by the Company (or the increase in the Company&#8217;s capital on the books of the Company, if applicable) for each issued Share is equal to or exceeds the par value thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">I am a member of the Bar of the State of Texas, and the foregoing opinion is limited to the General Corporation Law of the State of Delaware.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">I hereby consent to the filing of this opinion as an exhibit to the Registration Statement referred to above. In giving this consent, I do not admit that I am in the category of persons whose consent
      is required under Section 7 of the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">Very truly yours,</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">/s/ Jane R. Grimm</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">Jane R. Grimm</div>
    <div style="text-align: justify; font-size: 12pt;">Vice President, Secretary and</div>
    <div style="text-align: justify; font-size: 12pt;">Associate General Counsel</div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>exh232.htm
<DESCRIPTION>PWC CONSENT
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Contran Corporation
         Document created using EDGARfilings PROfile 7.4.1.0
         Copyright 1995 - 2021 Broadridge -->
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  <div>
    <div style="text-align: right; margin-bottom: 48pt;">Exhibit 23.2</div>
    <div style="text-align: center; margin-top: 18pt; font-weight: bold;">CONSENT OF INDEPEN<a name="exh232"><!--Anchor--></a>DENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Valhi, Inc. of our report dated March 11, 2021 relating to the financial statements, which appears in Valhi, Inc.&#8217;s Annual
      Report on Form 10&#8209;K for the year ended December 31, 2020.</div>
    <div><br>
    </div>
    <div>/s/PricewaterhouseCoopers LLP</div>
    <div><br>
    </div>
    <div>Dallas, Texas<br>
      May 27, 2021</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
    </div>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image00001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
