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<SEC-DOCUMENT>0000059255-07-000091.txt : 20071017
<SEC-HEADER>0000059255-07-000091.hdr.sgml : 20071017
<ACCEPTANCE-DATETIME>20071017112857
ACCESSION NUMBER:		0000059255-07-000091
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071017
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071017
DATE AS OF CHANGE:		20071017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000072162
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		IRS NUMBER:				135267260
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00640
		FILM NUMBER:		071175713

	BUSINESS ADDRESS:	
		STREET 1:		5430 LBJ FREEWAY
		STREET 2:		SUITE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240-2697
		BUSINESS PHONE:		972-233-1700

	MAIL ADDRESS:	
		STREET 1:		5430 LBJ FREEWAY
		STREET 2:		SUITE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240-2697

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL LEAD CO
		DATE OF NAME CHANGE:	19710520
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>nl8k101707.htm
<DESCRIPTION>NL FORM 8-K DATED OCTOBER 11, 2007
<TEXT>
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      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2):</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
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            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
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                herewith.</font></div>
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    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>NL
                Industries, Inc.</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Registrant)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="40%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;/s/
                A. Andrew R. Louis<font id="TAB1" style="MARGIN-LEFT: 5.4pt;"></font></font></div>
            </td>
          </tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Date:&#160;&#160;October
                17, 2007</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>A.
                Andrew R. Louis, Secretary</em></font></div>
            </td>
          </tr>

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      Index</strong></font></div>
    <div><br></div>
    <div><br></div>
    <div>
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          <tr>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="67%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
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                  No.</strong></font></div>
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              </div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="67%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
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            </td>
            <td align="justify" valign="top" width="67%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Stock
                Purchase Agreement dated as of October 11, 2007 between NL Industries,
                Inc. and Valhi, Inc.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="67%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="67%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
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          <tr>
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                herewith.</font></div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>

  <head>
    <title>exhibit101.htm</title>
<!-- Licensed to: Contran-->
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</head>
  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>STOCK
      PURCHASE AGREEMENT</strong></font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      Stock Purchase Agreement (the &#8220;<em>Agreement</em>&#8221;) is made and entered into as
      of October 11, 2007 between NL Industries, Inc., a Delaware corporation
      (&#8220;<em>Seller</em>&#8221;), and Valhi, Inc., a Delaware corporation
      (&#8220;<em>Valhi</em>&#8221;).</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Recitals</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Seller
      wishes to sell 800,000 shares (the &#8220;<em>Shares</em>&#8221;) of the common stock, $0.01
      par value per share, of Titanium Metals Corporation owned by Seller, to Valhi,
      and Valhi wishes to purchase the Shares, on the terms and subject to the
      conditions of this Agreement (the &#8220;<em>Transaction</em>&#8221;).</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Agreement</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      parties agree as follows:</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE&#160;I.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>THE
      TRANSACTION</em></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>1.1.&#160;&#160;<strong><em>Purchase
      and Sale of Shares</em></strong>.&#160;&#160;Against payment of the purchase
      price therefor as specified in <strong>Section 1.2</strong>, Seller hereby
      sells, transfers, assigns and delivers to Valhi the Shares.&#160;&#160;The
      Shares will be delivered electronically to Valhi.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>1.2.&#160;&#160;<strong><em>Purchase
      Price and Payment</em></strong>.&#160;&#160;Valhi hereby purchases all of the
      Shares for a purchase price of $33.50 per Share in cash, payment for which
      is
      hereby made by means of a transfer of $26.8 million to an account specified
      by
      Seller.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE&#160;II.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>REPRESENTATIONS
      AND WARRANTIES OF THE SELLER</em></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Seller
      hereby represents and warrants to Valhi as of the date of this Agreement as
      follows:</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>2.1.&#160;&#160;<strong><em>Authority</em></strong>.&#160;&#160;It
      is a corporation validly existing and in good standing under the laws of the
      state of its incorporation.&#160;&#160;It has full corporate power and
      authority, without the consent or approval of any other person, to execute
      and
      deliver this Agreement and to consummate the Transaction.&#160;&#160;All
      corporate action required to be taken by or on behalf of it to authorize the
      execution, delivery and performance of this Agreement has been duly and properly
      taken.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>2.2.&#160;&#160;<strong><em>Validity</em></strong>.&#160;&#160;This
      Agreement is duly executed and delivered by it and constitutes its lawful,
      valid
      and binding obligation, enforceable in accordance with its terms.&#160;&#160;The
      execution and delivery of this Agreement and the consummation of the Transaction
      by it are not prohibited by, do not violate or conflict with any provision
      of,
      and do not result in a default under (a) its charter or bylaws; (b) any material
      contract, agreement or other instrument to which it is a party or by which
      it is
      bound; (c) any order, writ, injunction, decree or judgment of any court or
      governmental agency applicable to it; or (d) any law, rule or regulation
      applicable to it, except in each case for such prohibitions, violations,
      conflicts or defaults that would not have a material adverse consequence to
      the
      Transaction.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>2.3.&#160;&#160;<strong><em>Ownership
      of Shares</em></strong>.&#160;&#160;It is the record and beneficial owner of the
      Shares and upon consummation of the transactions contemplated by this Agreement,
      Valhi will acquire good and marketable title to the Shares, free and clear
      of
      any liens, encumbrances, security interests, restrictive agreements, claims
      or
      imperfections of any nature whatsoever, other than restrictions on transfer
      imposed by applicable securities laws.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE&#160;III.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>REPRESENTATIONS
      AND WARRANTIES OF THE PURCHASER</em></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Valhi
      hereby represents and warrants to the Seller as of the date of this Agreement
      as
      follows:</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>3.1.&#160;&#160;<strong><em>Authority</em></strong>.&#160;&#160;It
      is a corporation validly existing and in good standing under the laws of the
      State of Delaware. It has full corporate power and authority, without the
      consent or approval of any other person, to execute and deliver this Agreement
      and to consummate the Transaction. All corporate and other actions required
      to
      be taken by or on behalf of it to authorize the execution, delivery and
      performance of this Agreement have been duly and properly taken.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>3.2.&#160;&#160;<strong><em>Validity</em></strong>.&#160;&#160;This
      Agreement is duly executed and delivered by it and constitutes its lawful,
      valid
      and binding obligation, enforceable in accordance with its terms. The execution
      and delivery of this Agreement and the consummation of the Transaction by it
      are
      not prohibited by, do not violate or conflict with any provision of, and do
      not
      result in a default under (a) its charter or bylaws; (b) any material contract,
      agreement or other instrument to which it is a party or by which it is bound;
      (c) any order, writ, injunction, decree or judgment of any court or governmental
      agency applicable to it; or (d) any law, rule or regulation applicable to it,
      except in each case for such prohibitions, violations, conflicts or defaults
      that would not have a material adverse consequence to the
      Transaction.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>3.3.&#160;&#160;<strong><em>Purchase
      for Investment</em></strong>.&#160;&#160;It is purchasing the Shares sold and
      delivered to it hereunder for investment solely for its own account and not
      with
      a view to, or for resale in connection with, the distribution
      thereof.&#160;&#160;It understands that such Shares are restricted securities
      under the Securities Act of 1933, as amended (the &#8220;<em>Securities Act</em>&#8221;),
      and that such Shares must be held indefinitely unless they are registered under
      the Securities Act and any applicable state securities or blue sky laws or
      an
      exemption from such registration is available.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>3.4.&#160;&#160;<strong><em>Nature
      of Purchaser</em></strong>.&#160;&#160;It has such knowledge and experience in
      financial and business matters that it is capable of evaluating the merits
      and
      risks of the purchase of the Shares.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE&#160;IV.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>GENERAL
      PROVISIONS</em></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>4.1.&#160;&#160;<strong><em>
      Survival</em></strong>.&#160;&#160;The representations and warranties set forth
      in this Agreement shall survive the execution of this Agreement and the
      consummation of the transactions contemplated herein.&#160;&#160;The covenants
      and other agreements set forth in this Agreement shall terminate on the tenth
      anniversary of this Agreement.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>4.2.&#160;&#160;<strong><em>Amendment
      and Waiver</em></strong>.&#160;&#160;No amendment or waiver of any provision of
      this Agreement shall in any event be effective unless the same shall be in
      a
      writing referring to this Agreement and signed by the parties hereto, and then
      such amendment, waiver or consent shall be effective only in the specific
      instance and for the specific purpose for which given.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>4.3.&#160;&#160;<strong><em>Parties
      and Interest</em></strong>.&#160;&#160;This Agreement shall bind and inure to
      the benefit of the parties named herein and their respective heirs, successors
      and assigns.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>4.4.&#160;&#160;<strong><em>Entire
      Transaction</em></strong>.&#160;&#160;This Agreement contains the entire
      understanding among the parties with respect to the transactions contemplated
      hereby and supersedes all other agreements and understandings among the parties
      with respect to the subject matter of this Agreement.</font></div>
    <div><br></div>
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      Law</em></strong>.&#160;&#160;This Agreement shall be governed by and construed
      in accordance with the domestic laws of the State of Delaware, without giving
      effect to any choice of law or conflict of law provision or rule (whether of
      the
      State of Delaware or any other jurisdiction) that would cause the application
      of
      the laws of any jurisdiction other than the State of Delaware.</font></div>
    <div><br></div>
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      any provision of this Agreement is found to violate any statute, regulation,
      rule, order or decree of any governmental authority, court, agency or exchange,
      such invalidity shall not be deemed to effect any other provision hereof or
      the
      validity of the remainder of this Agreement and such invalid provision shall
      be
      deemed deleted to the minimum extent necessary to cure such
      violation.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>4.7.&#160;&#160;<strong><em>Notice</em></strong>.&#160;&#160;All
      notices, requests, demands and other communications hereunder shall be in
      writing and shall be sent by registered or certified mail, postage prepaid
      as
      follows:</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      to the
      Seller:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;NL
      Industries, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">5430
      LBJ
      Freeway</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Three
      Lincoln Centre, Suite 1700</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Dallas,
      Texas 75240-2697</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Attention:&#160;&#160;General
      Counsel</font></div>
    <div><br></div>
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      to the
      Purchaser:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Valhi,
      Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">5430
      LBJ
      Freeway</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Three
      Lincoln Centre, Suite 1700</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Dallas,
      Texas 75240-2697</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Attention:&#160;&#160;General
      Counsel</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>4.8.&#160;&#160;<strong><em>Headings</em></strong>.&#160;&#160;The
      sections and other headings contained in this Agreement are for reference
      purposes only and shall not effect in any way the meaning or interpretation
      of
      this Agreement.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section&#160;</strong>4.9.&#160;&#160;<strong><em>Expenses</em></strong>.&#160;&#160;Except
      as otherwise expressly provided herein, each party to this Agreement shall
      pay
      its own costs and expenses in connection with the transactions contemplated
      hereby.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      parties hereto have caused this Agreement to be executed by their duly
      authorized officers as of the date first written above.</font></div>
    <div><br></div>
    <div><br></div>
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              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>NL
                Industries, Inc.</strong></font></div>
            </td>
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    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
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                <u>/s/ Gregory M. Swalwell</u></font></div>
            </td>
            <td>&#160;</td>
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              <div>&#160;</div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>&#160;&#160;
                Gregory M. Swalwell, Vice
                President</em></font></div>
            </td>
          </tr>

      </table>
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    <div><br></div>
    <div><br></div>
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              <div>&#160;</div>
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                Inc.</strong></font></div>
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    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
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            <td>&#160;</td>
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">By:&#160;
                <u>/s/ Steven L. Watson</u></font></div>
            </td>
            <td>&#160;</td>
          </tr>

      </table>
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              <div>&#160;</div>
            </td>
            <td>
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                Steven L. Watson,
                President</em></font></div>
            </td>
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