10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal quarter ended June 30, 2025

or

☐ Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

for the Transition Period From ________To _______

Commission file number 0-31164

Preformed Line Products Company

(Exact name of registrant as specified in its charter)

Ohio	34-0676895
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)		660 Beta Drive<br><br>Mayfield Village, Ohio	44143
---	---
(Address of Principal Executive Office)	(Zip Code)		(440) 461‑5200
---
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, $2 par value per share	PLPC	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller Reporting Company	☐
Emerging Growth Company	☐

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 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding as of July 18, 2025: 4,924,854.

Table of Contents

		Page
Part I – Financial Information
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30
Part II – Other Information
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	31
Item 6.	Exhibits	32
SIGNATURES		33

ITEM 1. FINANCIAL STATEMENTS

PREFORMED LINE PRODUCTS COMPANY

CONSOLIDATED BALANCE SHEETS

	June 30, 2025		December 31, 2024
(Thousands of dollars, except share and per share data)	(Unaudited)
ASSETS
Cash, cash equivalents and restricted cash	$	66,908	$	57,244
Accounts receivable, net	123,877		111,402
Inventories, net	143,369		129,913
Prepaid expenses	12,735		11,720
Other current assets	6,277		5,514
TOTAL CURRENT ASSETS	353,166		315,793
Property, plant and equipment, net	211,923		195,086
Operating lease, right-of-use assets	10,458		10,117
Goodwill	29,518		26,685
Other intangible assets, net	9,966		9,656
Deferred income taxes	7,204		6,546
Other assets	9,226		9,994
TOTAL ASSETS	$	631,461	$	573,877
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade accounts payable	$	51,137	$	41,951
Notes payable to banks	4,414		7,782
Operating lease liabilities, current	1,798		1,588
Current portion of long-term debt	3,928		2,430
Accrued compensation and other benefits	25,574		25,904
Accrued expenses and other liabilities	25,582		25,503
Dividends payable	1,173		1,293
Income taxes payable	1,165		1,962
TOTAL CURRENT LIABILITIES	114,771		108,413
Long-term debt, less current portion	27,878		18,357
Operating lease liabilities, noncurrent	6,656		6,538
Deferred income taxes	3,497		3,766
Other noncurrent liabilities	17,883		14,479
SHAREHOLDERS' EQUITY
Common shares $2 par value per share, 15,000,000 shares authorized, 4,924,737 and 4,913,621 issued and outstanding, at June 30, 2025 and December 31, 2024	13,823		13,752
Common shares issued to rabbi trust, 223,168 and 222,887 shares at June 30, 2025 and December 31, 2024, respectively	(9,613)		(9,575)
Deferred compensation liability	9,613		9,575
Paid-in capital	64,019		65,093
Retained earnings	575,368		553,179
Treasury shares, at cost, 1,986,382 and 1,961,772 shares at June 30, 2025 and December 31, 2024, respectively	(130,163)		(126,800)
Accumulated other comprehensive loss	(62,311)		(82,909)
TOTAL PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS' EQUITY	460,736		422,315
Noncontrolling interest	40		9
TOTAL SHAREHOLDERS' EQUITY	460,776		422,324
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	631,461	$	573,877

See notes to consolidated financial statements (unaudited).

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED INCOME

(UNAUDITED)

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
(Thousands, except per share data)
Net sales	$	169,601	$	138,720	$	318,142	$	279,625
Cost of products sold	114,202		94,447		214,072		191,220
GROSS PROFIT	55,399		44,273		104,070		88,405
Costs and expenses
Selling	13,092		11,928		25,273		23,828
General and administrative	18,665		15,250		36,291		31,858
Research and engineering	5,695		5,358		11,174		10,789
Other operating expense (income), net	823		445		1,078		(921)
	38,275		32,981		73,816		65,554
OPERATING INCOME	17,124		11,292		30,254		22,851
Other income (expense)
Interest income	384		346		894		1,318
Interest expense	(318)		(568)		(694)		(1,276)
Other income, net	116		91		523		126
	182		(131)		723		168
INCOME BEFORE INCOME TAXES	17,306		11,161		30,977		23,019
Income tax expense	4,606		1,794		6,724		4,049
NET INCOME	$	12,700	$	9,367	$	24,253	$	18,970
Net expense (income) attributable to noncontrolling interests	5		(1)		(31)		(8)
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	12,705	$	9,366	$	24,222	$	18,962
AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING:
Basic	4,932		4,915		4,930		4,915
Diluted	4,955		4,964		4,955		4,955
EARNINGS PER SHARE OF COMMON STOCK ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS:
Basic	$	2.58	$	1.91	$	4.91	$	3.86
Diluted	$	2.56	$	1.89	$	4.89	$	3.83

See notes to consolidated financial statements (unaudited).

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

(UNAUDITED)

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
(Thousands of dollars)
Net income	$	12,700	$	9,367	$	24,253	$	18,970
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	13,681		(5,971)		20,352		(12,536)
Pension adjustment, net of tax	123		89		246		178
Other comprehensive income (loss), net of tax	13,804		(5,882)		20,598		(12,358)
Comprehensive expense (income) attributable to noncontrolling interests	5		(1)		(31)		(8)
COMPREHENSIVE INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	26,509	$	3,484	$	44,820	$	6,604

See notes to consolidated financial statements (unaudited).

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

(UNAUDITED)

	Six Months Ended June 30,
	2025		2024
(Thousands of dollars)
OPERATING ACTIVITIES
Net income	$	24,253	$	18,970
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	11,083		10,660
Deferred income taxes	(806)		(1,913)
Share-based compensation expense	2,598		1,317
Gain on sale of property and equipment	(18)		(1,852)
Other, net	1,043		467
Changes in operating assets and liabilities	(5,570)		6,398
NET CASH PROVIDED BY OPERATING ACTIVITIES	32,583		34,047
INVESTING ACTIVITIES
Capital expenditures	(19,354)		(7,646)
Proceeds from the sale of property and equipment	97		3,365
Proceeds from sale of investments	1,679		—
Purchases of investments	(451)		—
Acquisition of businesses, net of cash	(4,180)		—
NET CASH USED IN INVESTING ACTIVITIES	(22,209)		(4,281)
FINANCING ACTIVITIES
(Payments) proceeds of notes payable to banks	(3,436)		163
Proceeds from long-term debt	10,837		53,099
Payments of long-term debt	(1,563)		(76,219)
Dividends paid	(2,152)		(2,114)
Proceeds from issuance of common shares	160		61
Stock incentive plan payments	(3,799)		—
Purchase of common shares for treasury	(131)		(113)
Purchase of common shares for treasury from related parties	(3,232)		(5,908)
Other	(1,474)		(2,473)
NET CASH USED IN FINANCING ACTIVITIES	(4,790)		(33,504)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	4,080		(2,445)
Net increase (decrease) in cash, cash equivalents and restricted cash	9,664		(6,183)
Cash, cash equivalents and restricted cash at beginning of year	57,244		53,607
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	66,908	$	47,424

See notes to consolidated financial statements (unaudited).

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY

(UNAUDITED)

												Accumulated Other<br>Comprehensive Income<br>(Loss)
(In thousands, except share and per share data)		Common Shares Issued to Rabbi Trust		Deferred Compensation Liability		Paid in Capital		Retained Earnings		Treasury Shares		Cumulative Translation Adjustment		Unrecognized Pension Benefit Cost		Total Preformed Line Products Company Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2024	13,752	$	(9,575)	$	9,575	$	65,093	$	553,179	$	(126,800)	$	(77,536)	$	(5,373)	$	422,315	$	9	$	422,324
Net income								11,517								11,517		36		11,553
Foreign currency translation adjustment												6,671				6,671				6,671
Pension adjustment, net of tax														123		123				123
Total comprehensive income																18,311		36		18,347
Purchase of 860 common shares										(131)						(131)				(131)
Stock incentive plan activity						(2,888)				(881)						(3,701)				(3,701)
Common shares issued to rabbi trust of 147, net		(19)		19												—				—
Cash dividends declared – 0.20 per share								(1,018)								(1,018)				(1,018)
Balance at March 31, 2025	13,820	$	(9,594)	$	9,594	$	62,205	$	563,678	$	(127,812)	$	(70,865)	$	(5,250)	$	435,776	$	45	$	435,821
Net income								12,705								12,705		(5)		12,700
Foreign currency translation adjustment												13,681				13,681				13,681
Pension adjustment, net of tax														123		123				123
Total comprehensive income																26,509		(5)		26,504
Purchase of 17,028 common shares										(2,351)						(2,351)				(2,351)
Stock incentive plan activity						1,814										1,817				1,817
Common shares issued to rabbi trust of 134, net		(19)		19												—				—
Cash dividends declared – 0.20 per share								(1,015)								(1,015)				(1,015)
Balance at June 30, 2025	13,823	$	(9,613)	$	9,613	$	64,019	$	575,368	$	(130,163)	$	(57,184)	$	(5,127)	$	460,736	$	40	$	460,776

All values are in US Dollars.

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY

												Accumulated Other Comprehensive Income (Loss)
(In thousands, except share and per share data)		Common Shares Issued to Rabbi Trust		Deferred Compensation Liability		Paid in Capital		Retained Earnings		Treasury Shares		Cumulative Translation Adjustment		Unrecognized Pension Benefit Cost		Total Preformed Line Products Company Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2023	13,607	$	(10,183)	$	10,183	$	60,958	$	520,154	$	(118,249)	$	(55,828)	$	(4,478)	$	416,164	$	(8)	$	416,156
Net income								9,596								9,596		7		9,603
Foreign currency translation adjustment												(6,565)				(6,565)				(6,565)
Pension adjustment, net of tax														89		89				89
Total comprehensive income																3,120		7		3,127
Stock incentive plan activity						450				(5,452)						(4,898)				(4,898)
Common shares distributed from rabbi trust of 4,477, net		(31)		31												—				—
Cash dividends declared – 0.20 per share								(1,017)								(1,017)				(1,017)
Balance at March 31, 2024	13,711	$	(10,214)	$	10,214	$	61,408	$	528,733	$	(123,701)	$	(62,393)	$	(4,389)	$	413,369	$	(1)	$	413,368
Net income								9,366								9,366		1		9,367
Foreign currency translation adjustment												(5,971)				(5,971)				(5,971)
Pension adjustment, net of tax														89		89				89
Total comprehensive income																3,484		1		3,485
Stock incentive plan activity						953										953				953
Purchase of 4,540 common shares										(568)						(568)				(568)
Common shares distributed from rabbi trust of 146, net		(19)		19												—				—
Cash dividends declared – 0.20 per share								(1,020)								(1,020)				(1,020)
Balance at June 30, 2024	13,711	$	(10,233)	$	10,233	$	62,361	$	537,079	$	(124,269)	$	(68,364)	$	(4,300)	$	416,218	$	-	$	416,218

All values are in US Dollars.

See notes to consolidated financial statements (unaudited).

PREFORMED LINE PRODUCTS COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(Tables in thousands of dollars, except share and per share data, unless specifically noted)

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited consolidated financial statements of Preformed Line Products Company and subsidiaries (the “Company” or “PLPC”) have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. This Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Form 10-K for the year ended December 31, 2024 filed on March 13, 2025 with the Securities and Exchange Commission. Management has evaluated subsequent events through the date this Form 10-Q was filed with the Securities and Exchange Commission.

The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from these estimates. In the opinion of management, these consolidated financial statements contain all estimates and adjustments, consisting of normal recurring accruals, required to fairly present the financial position, results of operations, and cash flows for the interim periods. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2025.

Noncontrolling interests are presented in the Company’s consolidated financial statements as if parent company investors (controlling interests) and other minority investors (noncontrolling interests) in partially-owned subsidiaries have similar economic interests in a single entity. As a result, investments in noncontrolling interests are reported as equity in the Company’s consolidated financial statements. Additionally, the Company’s consolidated financial statements include 100% of a controlled subsidiary’s earnings, rather than only its share. Transactions between the parent company and noncontrolling interests are reported in equity as transactions between stockholders, provided that these transactions do not create a change in control.

Certain prior year amounts have been reclassified to conform to the current year presentation.

Recently Adopted or Issued Accounting Pronouncements and Regulations

Adopted

In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU enhances reportable segment disclosures on both an annual and interim basis primarily in regards to the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within the reported measure(s) of segment profit or loss. In addition, the ASU requires disclosure, by segment, of other items included in the reported measure(s) of segment profit or loss, including qualitative information describing the composition, nature and type of each item. The ASU also expands disclosure requirements related to the CODM, including how the reported measure(s) of segment profit or loss are used to assess segment performance and allocate resources, the method used to allocate overhead for significant segment expenses and others. Lastly, all current required annual segment reporting disclosures under Topic 280 are now effective for interim periods. The ASU was effective for the Company's 2024 fiscal year and interim periods beginning with the quarter ended March 31, 2025. The adoption of this new standard did not have a material impact on the consolidated financial statements, other than the updated segment disclosures included within Note 13, "Segment Information".

Not Yet Adopted

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU enhances income tax disclosures by providing information to better assess how an entity's operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU requires additional disclosures to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold. Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions. This ASU is effective for fiscal years beginning after December 15, 2024. The Company is evaluating the impact of adopting this ASU and expects the standard will only impact its income tax disclosures with no material impact to the consolidated financial statements.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU improves disclosures about a public business entity’s expenses and addresses requests from investors for more detailed information about the types of expenses commonly presented in expense captions. Coupled with recent standards that enhanced the disaggregation of revenue and income tax information, the disaggregated expense information required by the amendments in this ASU will enable investors to better understand the major components of an entity’s income statement. This ASU is effective for annual reporting

periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of adopting this ASU.

New Regulations

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain businesses. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing its impact on the consolidated financial statements.

NOTE 2 - REVENUE

Revenue Recognition

Sales are recognized when obligations under the terms of the contract are satisfied and control of promised goods or services have transferred to our customers. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods or services and is primarily based on shipping terms. Sales are measured as the amount of consideration the Company expects to receive in exchange for transferring products.

Disaggregated Revenue

The Company’s revenues by segment and product type are as follows:

	Three Months Ended June 30, 2025
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	63%	83%	69%	76%	70%
Communications	32%	16%	21%	4%	22%
Special Industries	5%	1%	10%	20%	8%
Total	100%	100%	100%	100%	100%
	Three Months Ended June 30, 2024
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	63%	80%	71%	79%	71%
Communications	30%	18%	24%	4%	22%
Special Industries	7%	2%	5%	17%	7%
Total	100%	100%	100%	100%	100%
	Six Months Ended June 30, 2025
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	61%	84%	71%	76%	70%
Communications	34%	15%	21%	3%	23%
Special Industries	5%	1%	8%	21%	7%
Total	100%	100%	100%	100%	100%
	Six Months Ended June 30, 2024
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	66%	78%	71%	78%	71%
Communications	28%	21%	24%	4%	22%
Special Industries	6%	1%	5%	18%	7%
Total	100%	100%	100%	100%	100%

Credit Losses for Receivables

The Company maintains an allowance for credit losses for estimated losses resulting from the inability of its customers to make required payments. The Company uses a current expected credit loss model in order to immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments, mainly trade receivables. Additionally, the allowance is based upon identified delinquent accounts, customer payment patterns and other analyses of historical data trends. Receivable balances are written off against an allowance for credit losses after a final determination has been made. The change in the allowance for credit losses includes expense and net write-offs, which are identified in the following table:

	Six Months Ended June 30,
	2025		2024
Allowance for credit losses, beginning of period	$	6,958	$	8,260
Additions (reductions) charged to costs and expenses	296		(1,409)
Write-offs	(141)		(199)
Foreign exchange and other	50		(329)
Allowance for credit losses, end of period	$	7,163	$	6,323

NOTE 3 - INVENTORIES, NET

Inventories, net

Inventory is carried at lower of cost or net realizable value. The components of inventory are as follows:

	June 30, 2025		December 31, 2024
Raw materials	$	86,143	$	75,138
Work-in-process	16,911		12,225
Finished products	52,956		52,792
Inventories, net of excess and obsolete inventory reserve	156,010		140,155
Excess of current cost over LIFO cost	(12,641)		(10,242)
Inventories at LIFO cost	$	143,369	$	129,913

Costs for inventories of certain material, mainly in the U.S., are determined using the Last-In First-Out ("LIFO") method and totaled approximately $41.3 million at June 30, 2025 and $46.5 million at December 31, 2024. An actual valuation of inventories under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation. During the three-month periods ended June 30, 2025 and 2024, the net change in LIFO inventories resulted in expense of $1.9 million and $0.3 million, respectively, to Cost of products sold. During the six-month periods ended June 30, 2025 and 2024, the net change in LIFO inventories resulted in expense of $2.4 million and of $0.4 million, respectively, to Cost of products sold. The Company’s reserves for slow moving and obsolete inventory were $17.5 million at June 30, 2025 and $17.7 million at December 31, 2024.

NOTE 4 - PROPERTY AND EQUIPMENT, NET

Major classes of property, plant and equipment are as follows:

	June 30, 2025		December 31, 2024
Land and improvements	$	27,141	$	20,204
Buildings and improvements	130,899		125,076
Machinery, equipment and aircraft	267,767		252,759
Construction in progress	15,422		10,884
Property, plant and equipment, gross	441,229		408,923
Less accumulated depreciation	(229,306)		(213,837)
Property, plant and equipment, net	$	211,923	$	195,086

NOTE 5 - CONTINGENT AND OTHER LIABILITIES

The Company can be party to a variety of pending legal proceedings and claims arising in the normal course of business, including, but not limited to, litigation relating to employment, workers’ compensation, product liability, environmental and intellectual property. The Company has liability insurance to cover many of these claims. Although the outcomes of these matters are not predictable with certainty, the Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In the event the Company determines that a loss is not probable, but is reasonably possible, and the likelihood to develop what the Company believes to be a reasonable range of potential loss exists, the Company will include disclosure related to such matters. To the extent that there is a reasonable possibility the losses could exceed amounts already accrued, the Company will adjust the accrual in the period in which the determination is made, disclose an estimate of the additional loss or range of loss and if the amount of such adjustment cannot be reasonably estimated, disclose that an estimate cannot be made.

The Company is not a party to any pending legal proceedings that the Company believes would, individually or in the aggregate, have a material adverse effect on its financial condition, results of operations or cash flow. As of June 30, 2025 and December 31, 2024, there were zero reserves for known global legal matters.

As of June 30, 2025 and December 31, 2024, the Company has included $8.1 million and $6.7 million, respectively, of advanced payments by customers for future projects in Accrued expenses and other liabilities on the Consolidated Balance Sheet.

NOTE 6 - PENSION PLANS

The Company uses a December 31 measurement date for the Preformed Line Products Company Employees’ Retirement Plan (the “U.S. Plan”). Net periodic pension expense for the U.S. Plan for the three- and six-month periods ended June 30, 2025 and 2024, respectively, follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest cost	$	395	$	387	$	790	$	775
Expected return on plan assets	(352)		(485)		(703)		(971)
Recognized net actuarial loss	161		117		322		234
Net periodic pension expense	$	204	$	19	$	409	$	38

Components of pension expense are included in Other income, net in the Consolidated Statements of Income.

The Company is in the process of terminating the U.S. Plan. In July 2025, the Company settled the majority of its obligations under the U.S. Plan by providing lump-sum payments of $13.1 million to eligible participants who elected to receive them, and the Company expects to settle the remaining future obligations under the U.S. Plan through the purchase of annuity contracts from one or more highly rated insurance companies in the third quarter of 2025. The Company estimates that it will record a total non-cash pre-tax charge associated with the U.S. Plan termination during the third quarter of 2025 of between $8.5 million and $9.5 million, which primarily represents the acceleration of deferred charges currently accrued in accumulated other comprehensive loss. Prior to termination, the Company expects to contribute between $2.5 million and $3.5 million to fully fund the U.S. Plan. There were no contributions to the U.S. Plan during the six months ended June 30, 2025 and 2024.

NOTE 7 - ACCUMULATED OTHER COMPREHENSIVE INCOME ("AOCI")

The following tables set forth the total changes in AOCI by component, net of tax:

	Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
	Unrecognized<br>Benefit Cost		Cumulative<br>Translation<br>Adjustment		Total		Unrecognized<br>Benefit Cost		Cumulative<br>Translation<br>Adjustment		Total
Balance at April 1	$	(5,250)	$	(70,865)	$	(76,115)	$	(4,389)	$	(62,393)	$	(66,782)
Other comprehensive income (loss) before reclassifications:
Foreign currency translation adjustment	—		13,681		13,681		—		(5,971)		(5,971)
Loss on pension asset	—		—		—		—		—		—
Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain (a)	123		—		123		89		—		89
Net current period other comprehensive income (loss)	123		13,681		13,804		89		(5,971)		(5,882)
Balance at June 30	$	(5,127)	$	(57,184)	$	(62,311)	$	(4,300)	$	(68,364)	$	(72,664)			Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Unrecognized<br>Benefit Cost		Cumulative<br>Translation<br>Adjustment		Total		Unrecognized<br>Benefit Cost		Cumulative<br>Translation<br>Adjustment		Total
Balance at January 1	$	(5,373)	$	(77,536)	$	(82,909)	$	(4,478)	$	(55,828)	$	(60,306)
Other comprehensive income (loss) before reclassifications:
Foreign currency translation adjustment	—		20,352		20,352		—		(12,536)		(12,536)
Loss on pension asset	—		—		—		—		—		—
Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain (a)	246		—		246		178		—		178
Net current period other comprehensive income (loss)	246		20,352		20,598		178		(12,536)		(12,358)
Balance at June 30	$	(5,127)	$	(57,184)	$	(62,311)	$	(4,300)	$	(68,364)	$	(72,664)

(a)This AOCI component is included in the computation of net periodic pension expense as noted in Note 6 – Pension Plans.

NOTE 8 - DEBT AND CREDIT ARRANGEMENTS

As of June 30, 2025, the Company maintained a credit facility (the "Facility") with PNC Bank, National Association ("PNC") with a capacity of $90.0 million. On March 14, 2025, the Company amended the Facility to extend the maturity date from March 2, 2026 to June 30, 2028. In addition, the amendment increased the amount of unsecured borrowings that the Company is permitted to incur outside of the Facility from $40.0 million to $60.0 million and included PLP Spain as an additional borrower.

The interest rate for U.S. borrowing is defined as the Secured Overnight Financing Rate (“SOFR”) plus 1.225% unless the Company’s funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 3.00 to 1, at which point the SOFR spread becomes 1.600%. At June 30, 2025, the Company had utilized $10.4 million with $79.6 million available on the Facility. There were no long-term outstanding letters of credit on the Facility as of June 30, 2025. Our bank debt to equity percentage was 7.9%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At June 30, 2025, the Company was in compliance with these covenants.

On January 19, 2021, the Company received funding for a term loan from PNC Equipment Finance, LLC in the principal amount of $20.5 million for the full amount of the purchase price for a new corporate aircraft. The term of the loan is 120 months at a fixed interest rate of 2.744%. The loan is payable in 119 equal monthly installments, which commenced on March 1, 2021 with a final payment of any outstanding principal and accrued interest due and payable on the final monthly payment date. Of the $11.6 million outstanding on this debt facility at June 30, 2025, $2.1 million was classified as current. The aircraft has been pledged as collateral against the loan.

The Company has other borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. At June 30, 2025, and December 31, 2024, $14.2 million and $8.8 million were outstanding, of which $6.3 million and $8.2 million were classified as current, respectively. These facilities support commitments made in the ordinary course of business.

The Company's Asia-Pacific segment had $0.1 million in restricted cash used to secure bank guarantees at June 30, 2025 and December 31, 2024. The restricted cash is shown on the Company’s Consolidated Balance Sheets in Cash, cash equivalents and restricted cash.

Subsequent Event - Facility Borrowing Capacity:

On July 30, 2025, the Company amended the Facility to reduce the borrowing capacity from $90.0 million to $60.0 million as well as increase the indebtedness limit secured by mortgages, security interests or other liens permitted from $35.0 million to $55.0 million. There were no other material changes to the Facility.

Subsequent Event - Additional Foreign Borrowings:

On July 16, 2025, PLP Poland (Belos) S.A. ("PLP Poland"), a subsidiary of the Company, entered into a non-revolving investment loan with Bank Polska Kasa Opieki Spolka Akcynja ("Bank Pekao S.A") to finance the construction of a new manufacturing plant for an amount up to PLN100.3 million ($27.4 million). The maturity date of the loan is January 31, 2035 and is payable in annual installments in the amounts of PLN5.3 million ($1.5 million) in 2026, PLN9.0 million ($2.5 million) in 2027, PLN9.6 million ($2.6 million) in 2028 through 2034, and PLN18.8 million ($5.2 million) in 2035.

The loan will bear interest at the one month Warsaw Interbank Offered Rate ("WIBOR") plus 1.0% unless the Company does not meet the covenants as set forth in the Facility with PNC, at which point the WIBOR spread becomes 1.5%. The current manufacturing plant owned by PLP Poland, the plant under construction and all fixed assets within the plants are pledged as collateral against the loan. The loan also is guaranteed by the Company.

NOTE 9 - INCOME TAXES

For the three-month period ended June 30, 2025 and 2024, the Company’s effective tax rate was 27% and 16%, respectively. For the six-month period ended June 30, 2025 and 2024, the Company’s effective tax rate was 22% and 18%, respectively. The higher effective tax rates for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 were due to the unfavorable impact from certain adjustments including nondeductible compensation and non-recurring rate benefits received in 2024 from amending prior year returns, partially offset by a favorable impact from the mix of earned income in certain foreign jurisdictions.

The Company provides valuation allowances against deferred tax assets when it is more likely than not that some portion or all of its deferred tax assets will not be realized. During the period ended June 30, 2025, the Company did not record any additional valuation allowances in various jurisdictions on its deferred tax assets.

For the six-month periods ending June 30, 2025 and 2024, the Company did not record any new uncertain tax positions.

NOTE 10 - COMPUTATION OF EARNINGS PER SHARE

Basic earnings per share were computed by dividing net income by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing net income by the weighted-average of all potentially dilutive common shares that were outstanding during the periods presented.

The calculation of basic and diluted earnings per share for the three and six months ended June 30, was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator
Net income	$	12,705	$	9,366	$	24,222	$	18,962
Denominator
Determination of shares (in thousands)
Weighted-average common shares outstanding	4,932		4,915		4,930		4,915
Dilutive effect – share-based awards	23		49		25		40
Diluted weighted-average common shares outstanding	4,955		4,964		4,955		4,955
Earnings per common share
Basic	$	2.58	$	1.91	$	4.91	$	3.86
Diluted	$	2.56	$	1.89	$	4.89	$	3.83

For the three months ended June 30, 2025 and 2024, there were 13,293 and 5,570 share-based awards respectively, excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. For the six months ended June 30, 2025 and 2024, there were 7,500 and zero share-based awards excluded from the calculation of diluted earnings per share as there was no anti-dilutive effect.

NOTE 11 - GOODWILL AND OTHER INTANGIBLES

The Company’s finite and indefinite-lived intangible assets consist of the following:

	June 30, 2025				December 31, 2024
	Gross Carrying<br><br>Amount		Accumulated<br>Amortization		Gross Carrying<br><br>Amount		Accumulated<br>Amortization
Finite-lived intangible assets
Patents	$	4,806	$	(4,806)	$	4,806	$	(4,806)
Land use rights	722		(142)		637		(122)
Trademark	1,950		(1,714)		1,910		(1,685)
Technology	7,240		(4,537)		6,582		(3,933)
Customer relationships	18,684		(12,237)		17,399		(11,132)
	$	33,402	$	(23,436)	$	31,334	$	(21,678)
Indefinite-lived intangible assets
Goodwill	$	29,518			$	26,685

The Company’s measurement date for its annual impairment test for goodwill is October 1st of each year. The Company performs additional interim impairment assessments as circumstances warrant. There were no indicators of impairment noted for the period ending June 30, 2025.

The Company may use both quantitative and qualitative approaches when testing goodwill for impairment. For selected reporting units where the qualitative approach is utilized, a qualitative evaluation of events and circumstances impacting the reporting unit is performed to determine if it is more likely than not that the fair value of the reporting unit exceeds its carrying amount. If that determination is made, no further evaluation is necessary. Otherwise, the Company performs a quantitative impairment test on the reporting unit.

For the quantitative approach, the Company uses a combination of the income approach, which uses a discounted cash flow methodology, and the market approach, which uses comparable market multiples in computing fair value by reporting unit. The Company then compares the fair value of the reporting unit with its carrying value to assess if goodwill has been impaired. The fair value estimates are subjective and sensitive to significant assumptions, such as revenue growth rates, operating margins, the weighted average cost of capital, and estimated market multiples, of which are affected by expectations of future market or economic conditions. The Company believes that the methodologies, significant assumptions, and weightings used are reasonable and result in appropriate fair values of the reporting units.

The Company’s only intangible asset with an indefinite life is goodwill. The Company’s goodwill is not deductible for tax purposes. Changes in the carrying amount of goodwill by reporting unit are shown in the following table:

	PLP-USA		The Americas		EMEA		Asia-Pacific		Total
Balance at January 1, 2025	$	3,078	$	8,858	$	14,749	$	—	$	26,685
Currency translation	—		856		1,977		—		2,833
Balance at June 30, 2025	$	3,078	$	9,714	$	16,726	$	—	$	29,518

NOTE 12 - FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

Fair value is measured based on an exit price, representing the amount that would be received to sell an asset or paid to satisfy a liability in an orderly transaction between market participants. The Company measures and records certain assets and liabilities at fair value. A fair value hierarchy is used for those assets and liabilities measured at fair value that distinguishes between assumptions based on market data (observable inputs), and the Company’s assumptions (unobservable inputs). The hierarchy consists of the following three levels: (Level 1 Inputs) quoted market prices in active markets for identical assets or liabilities; (Level 2 Inputs) observable market-based inputs or unobservable inputs that are corroborated by market data; and (Level 3 Inputs) unobservable inputs that are not corroborated by market data.

The following table summarizes the Company’s assets and liabilities, recorded and measured at fair value, in the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024:

Description	Balance as of<br>June 30, 2025		Quoted Prices in Active Markets for<br><br>Identical Assets or Liabilities<br><br>(Level 1)		Significant Other Observable Inputs<br><br>(Level 2)		Significant Unobservable Inputs<br><br>(Level 3)
Assets:
Foreign currency forward contracts	$	—	$	—	$	—	$	—
Fixed income investments	—		—		—		—
Total assets	$	—	$	—	$	—	$	—
Liabilities:
Foreign currency forward contracts	$	4	$	—	$	4	$	—
Supplemental profit sharing plan	10,105		—		10,105		—
Total liabilities	$	10,109	$	—	$	10,109	$	—
Description	Balance as of December 31, 2024		Quoted Prices in Active Markets for<br><br>Identical Assets or Liabilities<br><br>(Level 1)		Significant Other Observable Inputs<br><br>(Level 2)		Significant Unobservable Inputs<br><br>(Level 3)
---	---	---	---	---	---	---	---	---
Assets:
Foreign currency forward contracts	$	65	$	—	$	65	$	—
Fixed income investments	1,142		1,142		—		—
Total assets	$	1,207	$	1,142	$	65	$	—
Liabilities:
Foreign currency forward contracts	$	71	$	—	$	71	$	—
Supplemental profit sharing plan	9,031		—		9,031		—
Total liabilities	$	9,102	$	—	$	9,102	$	—

The Company operates internationally and enters into intercompany transactions denominated in foreign currencies. Consequently, the Company is subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. The Company currently uses foreign currency forward contracts to reduce the risk related to some of these transactions. These contracts usually have maturities of 90 days or less and generally require an exchange of foreign currencies for U.S. dollars at maturity at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in Other operating expense (income), net on the Consolidated Statements of Income together with the transaction gain or loss from the related balance sheet position. For the three and six months ended June 30, 2025, the Company recognized net losses of zero and net gains of $0.1 million, respectively, on foreign currency forward contracts. For the three and six months ended June 30, 2024, the Company recognized net losses of zero and $0.2 million, respectively, on foreign currency forward contracts.

The Company has a non-qualified supplemental profit sharing plan for its executives (the "Supplemental Profit Sharing Plan"). The liability for the unfunded Supplemental Profit Sharing Plan was $10.1 million at June 30, 2025 and $9.0 million at December 31, 2024. These amounts are recorded within Other noncurrent liabilities on the Company’s Consolidated Balance Sheets. The Supplemental Profit Sharing Plan allows participants the ability to hypothetically invest their proportionate award into various investment options, which primarily includes mutual funds. The Company credits earnings, gains and losses to the participants’ deferred compensation account balances based on the investments selected by the participants. The Company measures the fair value of the Supplemental Profit Sharing Plan liability using the market values of the participants’ underlying investment accounts.

The Company had zero fixed income investments as of June 30, 2025. The Company’s fixed income investments as of December 31, 2024 of $1.1 million are recorded in Other assets on the Consolidated Balance Sheet and are valued using the closing price on the active market on which the securities are traded. There were no unrealized gains on the fixed income investments for the periods ended June 30, 2025 and 2024.

The carrying value of the Company’s current financial instruments, which include cash, cash equivalents and restricted cash, accounts receivable, accounts payable and short-term debt, approximates fair value because of the short-term maturity of these instruments.

At June 30, 2025 and December 31, 2024, the fair value of the Company’s long-term debt was estimated using discounted cash flows analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements that are considered to be Level 2 inputs. Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt are as follows:

	June 30, 2025				December 31, 2024
	Fair Value		Carrying Value		Fair Value		Carrying Value
Long-term debt and related current maturities	$	28,638	$	31,806	$	17,474	$	20,787

NOTE 13 - SEGMENT INFORMATION

The Company reports its segments in four geographic regions: PLP-USA, The Americas, EMEA (Europe, Middle East & Africa) and Asia-Pacific in accordance with accounting standards codified in FASB ASC 280, "Segment Reporting". Each segment distributes a full range of the Company’s primary products. The PLP-USA segment is comprised of U.S. operations manufacturing the Company’s traditional products primarily supporting domestic energy, telecommunications and special industries products. The other three segments, The Americas, EMEA and Asia-Pacific, support the Company’s energy, telecommunications, data communication and special industries products in each respective geographical region.

The segment managers responsible for each region report directly to the Company’s Executive Chairman, who is the CODM, and are accountable for the financial results and performance of their entire segment for which they are responsible. The business components within each segment are managed to maximize the results of the entire Company rather than the results of any individual business component of the segment.

The amount of each segment’s performance reported to the CODM is for purposes of making decisions about allocating resources to the segment and assessing its performance. The Company evaluates segment performance and allocates resources based on several factors primarily based on gross sales and income before income taxes.

The CODM uses both gross sales and income before income taxes for each segment predominantly in the annual budget and forecasting process as well as monitoring actual results. The CODM considers forecast-to-actual and actual to prior period variances for both measures when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment gross sales and income before income taxes for the performance of each segment by comparing the results of each segment with one another and in determining the incentive compensation of certain employees.

The following tables present a summary of the Company’s reportable segments for the three- and six-month periods ended June 30, 2025 and 2024. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profit in inventory.

	Three Months Ended June 30, 2025
	PLP-USA		The Americas		EMEA		Asia-Pacific		Total
Gross sales	$	81,703	$	30,856	$	33,575	$	34,673	$	180,807
Intersegment sales	(2,413)		(2,348)		(1,665)		(4,780)		(11,206)
Net sales	79,290		28,508		31,910		29,893		169,601
Less:
Cost of products sold	51,228		20,084		22,399		20,491		114,202
Gross profit	28,062		8,424		9,511		9,402		55,399
Costs and expenses	17,413		6,736		7,950		6,176		38,275
Operating Income	10,649		1,688		1,561		3,226		17,124
Interest income	102		182		70		30		384
Interest expense	(10)		(26)		(164)		(118)		(318)
Other (expense) income, net	(204)		42		248		30		116
Income before income taxes	10,537		1,886		1,715		3,168		17,306
Income tax expense	2,792		584		353		877		4,606
Total noncontrolling interest	—		—		5		—		5
Total net income attributable to Preformed Line Products Company shareholders	$	7,745	$	1,302	$	1,367	$	2,291	$	12,705
	Three Months Ended June 30, 2024
	PLP-USA		The Americas		EMEA		Asia-Pacific		Total
Gross sales	$	62,712	$	23,762	$	33,463	$	28,467	$	148,404
Intersegment sales	2,812		1,947		1,424		3,501		9,684
Net sales	59,900		21,815		32,039		24,966		138,720
Less:
Cost of products sold	39,157		15,103		22,675		17,512		94,447
Gross profit	20,743		6,712		9,364		7,454		44,273
Costs and expenses	16,939		4,644		5,388		6,010		32,981
Operating Income	3,804		2,068		3,976		1,444		11,292
Interest income	—		279		50		18		346
Interest expense	(251)		(36)		(149)		(133)		(568)
Other (expense) income, net	(19)		56		54		—		91
Income before income taxes	3,534		2,367		3,931		1,329		11,161
Income tax expense	189		572		954		79		1,794
Total noncontrolling interest	—		—		(1)		—		(1)
Total net income attributable to Preformed Line Products Company shareholders	$	3,345	$	1,796	$	2,975	$	1,250	$	9,366
	Six Months Ended June 30, 2025
---	---	---	---	---	---	---	---	---	---	---
	PLP-USA		The Americas		EMEA		Asia-Pacific		Total
Gross sales	$	158,123	$	55,314	$	65,152	$	59,678	$	338,267
Intersegment sales	(4,827)		(4,527)		(3,249)		(7,522)		(20,125)
Net sales	153,296		50,787		61,903		52,156		318,142
Less:
Cost of products sold	98,396		35,276		43,515		36,885		214,072
Gross profit	54,900		15,511		18,388		15,271		104,070
Costs and expenses	34,567		12,224		15,300		11,725		73,816
Operating income	20,333		3,287		3,088		3,546		30,254
Interest income	181		520		125		68		894
Interest expense	(95)		(33)		(315)		(251)		(694)
Other (expense) income, net	(403)		73		270		583		523
Income before income taxes	20,016		3,847		3,168		3,946		30,977
Income tax expense	3,834		1,149		582		1,159		6,724
Total noncontrolling interest	—		—		(31)		—		(31)
Total net income attributable to Preformed Line Products Company shareholders	$	16,182	$	2,698	$	2,555	$	2,787	$	24,222
	Six Months Ended June 30, 2024
	PLP-USA		The Americas		EMEA		Asia-Pacific		Total
Gross sales	$	135,795	$	44,587	$	63,491	$	55,387	$	299,260
Intersegment sales	(5,158)		(4,414)		(2,798)		(7,265)		(19,635)
Net sales	130,637		40,173		60,693		48,122		279,625
Less:
Cost of products sold	85,198		28,496		43,012		34,515		191,220
Gross profit	45,439		11,678		17,682		13,606		88,405
Costs and expenses	35,102		9,364		11,519		9,569		65,554
Operating income	10,337		2,314		6,163		4,037		22,851
Interest income	—		1,194		86		38		1,318
Interest expense	(684)		(47)		(304)		(241)		(1,276)
Other (expense) income, net	(29)		74		79		2		126
Income before income taxes	9,624		3,535		6,024		3,836		23,019
Income tax expense	961		842		1,462		784		4,049
Total noncontrolling interest	—		—		(8)		—		(8)
Total net income attributable to Preformed Line Products Company shareholders	$	8,661	$	2,693	$	4,555	$	3,053	$	18,962
	Three Months Ended June 30,				Six Months Ended June 30,
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Expenditure for long-lived assets
PLP-USA	$	2,213	$	2,210	$	2,914	$	4,504
The Americas	717		377		1,799		1,082
EMEA	4,742		739		13,499		1,507
Asia-Pacific	707		402		1,142		553
Total expenditure for long-lived assets	$	8,379	$	3,728	$	19,354	$	7,646
Depreciation and amortization
---	---	---	---	---	---	---	---	---
PLP-USA	$	3,118	$	2,929	$	6,257	$	5,715
The Americas	880		834		1,687		2,203
EMEA	970		827		1,838		1,663
Asia-Pacific	760		731		1,471		1,447
Total depreciation and amortization	$	5,728	$	5,321	$	11,253	$	11,028
	June 30, 2025		December 31, 2024
---	---	---	---	---
Identifiable assets
PLP-USA	$	256,013	$	245,388
The Americas	113,229		103,456
EMEA	156,931		125,013
Asia-Pacific	105,288		100,020
Total identifiable assets	$	631,461	$	573,877		Long-lived assets
---	---	---	---	---
PLP-USA	$	115,874	$	119,114
The Americas	24,485		20,446
EMEA	36,455		21,243
Asia-Pacific	35,109		34,283
Total long-lived assets	$	211,923	$	195,086

NOTE 14 - ACQUISITION OF BUSINESSES

Acquisition of JAP Telecom

On May 1, 2025, the Company acquired all issued and outstanding shares of J.A.P. Industria De Materiais Para Telefonia Ltda., (JAP Telecom) an entity headquartered in Pedreira, Brazil. JAP Telecom is a leading Brazilian designer, manufacturer, and supplier of connectivity solutions for the South American telecommunications infrastructure market with a product portfolio including fiber optic splice closures, connectivity devices, and infrastructure accessories tailored to the specific needs of the local market. JAP Telecom's annual sales for the year ending December 31, 2024 were approximately $4.6 million. The acquisition expands the Company's operational capabilities in the region and strengthens the Company's position in the global communications market. The purchase price was approximately $5.3 million, net of cash as of the closing date.

The acquisition of JAP Telecom is accounted for using the acquisition method of accounting, which requires the assets acquired and liabilities assumed to be recognized at their respective fair values on the acquisition date. The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The opening balance sheet is preliminary, and no measurement period adjustments have been recorded as of June 30, 2025. Future adjustments are not expected to have a material impact to the Consolidated Statements of Income.

From the date of the acquisition through June 30, 2025, the Company’s consolidated financial statements included JAP Telecom sales of approximately $1.0 million and is reported in The Americas segment.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the readers of our financial statements better understand our results of operations, financial condition and present business environment. The MD&A is provided as a supplement to, and should be read in conjunction with, our unaudited consolidated financial statements and related notes included elsewhere in this report.

OVERVIEW

Preformed Line Products Company (the “Company”, “PLPC”, “we”, “us”, or “our”) was incorporated in Ohio in 1947. We are an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operators, information (data communication), and other similar industries. Our primary products support, protect, connect, terminate, and secure cables and wires. We provide helical solutions, connectors, fiber optic and copper splice closures, solar hardware mounting applications, and electric vehicle charging station foundations. We also provide aerial drone inspection services for utility assets including transmission and distribution power lines, substations, and generation facilities. We are respected around the world for quality, dependability and market-leading customer service. Our goal is to continue to achieve profitable growth as a leader in the research, innovation, development, manufacture, and marketing of technically advanced products and services related to energy, communications and cable systems and to take advantage of this leadership position to sell additional quality products in familiar markets. We have sales and manufacturing operations in 20 different countries.

We report our segments in four geographic regions: PLP-USA (including corporate), The Americas (includes operations in North and South America, excluding PLP-USA), EMEA (Europe, Middle East & Africa) and Asia-Pacific, in accordance with accounting standards codified in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280, “Segment Reporting”. Each segment distributes a full range of our primary products. Our PLP-USA segment is comprised of our U.S. operations manufacturing our traditional products primarily supporting our domestic energy, telecommunications, solar framing products and inspection services. Our other three segments, The Americas, EMEA and Asia-Pacific, support our energy, telecommunications, data communication, solar and other products in each respective geographical region.

The segment managers responsible for each region report directly to the Company’s Executive Chairman, who is the chief operating decision maker, and are accountable for the financial results and performance of their entire segment for which they are responsible. The business components within each segment are managed to maximize the results of the entire operating segment and the Company rather than the results of any individual business component of the segment.

We evaluate segment performance and allocate resources based on several factors primarily based on gross sales and income before income taxes.

PREFACE

The following discussion describes our results of operations for the three and six months ended June 30, 2025 and 2024. Our consolidated financial statements are prepared in conformity with United States ("U.S.") generally accepted accounting principles ("GAAP"). Our discussions of the financial results include non-GAAP measures (e.g., foreign currency impact) to provide additional information concerning our financial results and provide information that we believe is useful to the readers of our financial statements in the assessment of our performance and operating trends.

Net sales of $169.6 million increased $30.9 million for the three months ended June 30, 2025 year-over-year and net sales of $318.1 million increased $38.5 million for the six months ended June 30, 2025 year-over-year, mainly due to an increase in energy and communication sales for the quarter. While our significant domestic manufacturing footprint provides a competitive advantage in the current high tariff environment, raw materials imports, particularly steel and aluminum, continue to be most impacted. While we continue to manage trade matters proactively, further tariff increases may give rise to inflationary pressures, which may require further price adjustments to maintain profit margin, and any price increases may have a negative effect on demand.

Our financial statements are subject to fluctuations in the exchange rates of foreign currencies in relation to the U.S. dollar. The fluctuations of foreign currencies during the three and six months ended June 30, 2025 had an unfavorable impact on net sales of $0.5 million and $4.9 million, respectively. The fluctuations on foreign currencies had a de minimis impact on net income for the three-month period ended June 30, 2025 and an unfavorable impact on net income of $0.3 million, for the six-month period ended June 30, 2025. The fluctuations of foreign currencies during the three and six months ended June 30, 2024 had an unfavorable impact on net sales of $1.1 million and $0.3 million, respectively. The fluctuations on foreign currencies during the three and six months ended June 30, 2024 had a de minimis impact on net income. On a reportable segment basis, the impact of foreign currency translation on net sales and net income for the three and six months ended June 30, 2025, was as follows:

	Foreign Currency Translation Impact
	Three Months Ended June 30, 2025				Six Months Ended June 30, 2025
(Thousands of dollars)	Net Sales		Net Income		Net Sales		Net Income
The Americas	$	(2,065)	$	(84)	$	(5,270)	$	(290)
EMEA	1,521		51		1,081		81
Asia-Pacific	11		6		(740)		(41)
Total	$	(533)	$	(27)	$	(4,929)	$	(250)

While uncertainty remains in the global economy due to tariffs and trade matters, we believe our business portfolio, including our significant U.S. manufacturing footprint, as well as our financial position, are sound and strategically well-positioned. We remain focused on assessing our global market opportunities and overall manufacturing capacity in conjunction with the requirements of local manufacturing in the markets that we serve. As necessary, we will modify redundant processes and further utilize our global manufacturing network to manage costs, including tariff-related impacts, increase sales volume and deliver value to our customers. Period cost containment continues to be a priority for the Company in 2025, and we continue to monitor and control discretionary spending where necessary. We have continued to invest in the business to expand into new markets for the Company, evaluate strategic mergers and acquisitions, improve efficiency, develop new products and increase our capacity. As of June 30, 2025, our liquidity remains strong with our bank debt to equity percentage at 7.9%. We can borrow needed funds at a competitive interest rate under the Facility.

RESULTS OF OPERATIONS

The following table sets forth a summary of the Company’s Statements of Consolidated Income and the percentage of net sales for the three months ended June 30, 2025 and 2024. The Company’s past operating results are not necessarily indicative of future operating results.

	Three Months Ended June 30,
(Thousands of dollars)	2025				2024				Change
Net sales	$	169,601	100.0	%	$	138,720	100.0	%	$	30,881
Cost of products sold	114,202		67.3		94,447		68.1		19,755
GROSS PROFIT	55,399		32.7		44,273		31.9		11,126
Costs and expenses	38,275		22.6		32,981		23.8		5,294
OPERATING INCOME	17,124		10.1		11,292		8.1		5,832
Other income (expense), net	182		0.1		(131)		(0.1)		313
INCOME BEFORE INCOME TAXES	17,306		10.2		11,161		8.0		6,145
Income taxes	4,606		2.7		1,794		1.3		2,812
NET INCOME	12,700		7.5		9,367		6.8		3,333
Net loss (income) attributable to noncontrolling interests	5		0.0		(1)		0.0		6
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	12,705	7.5	%	$	9,366	6.8	%	$	3,339

Net sales. In 2025, net sales were $169.6 million, an increase of $30.9 million, or 22%, compared to 2024. Excluding the effect of currency translation, net sales increased 23% as summarized in the following table:

	Three Months Ended June 30,
(Thousands of dollars)	2025		2024		Change		Change<br><br>Due to<br><br>Currency<br><br>Translation		Change<br><br>Excluding<br><br>Currency<br><br>Translation		%<br><br>Change
Net sales
PLP-USA	$	79,290	$	59,900	$	19,390	$	—	$	19,390	32	%
The Americas	28,508		21,815		6,693		(2,065)		8,758		40	%
EMEA	31,910		32,039		(129)		1,521		(1,650)		(5)	%
Asia-Pacific	29,893		24,966		4,927		11		4,916		20	%
Consolidated	$	169,601	$	138,720	$	30,881	$	(533)	$	31,414	23	%

The increase in PLP-USA net sales of $19.4 million, or 32%, was primarily due to higher volumes in energy and communications sales. International net sales for the three months ended June 30, 2025 were unfavorably affected by $0.5 million when local currencies were converted to U.S. dollars. The following discussion of changes in net sales excludes the effect of currency translation. The Americas net sales of $28.5 million increased $8.8 million, or 40%, primarily due to higher volumes in energy product sales and an increase in communications sales due to the acquisition of JAP Telecom in May 2025. EMEA net sales of $31.9 million decreased $1.7 million, or 5%, primarily due to lower volume in communications product sales, partially offset by an increase in special industry sales. Asia-Pacific net sales of $29.9 million increased $4.9 million, or 20%, primarily due to higher volumes in energy product sales.

Gross profit. Gross profit of $55.4 million for 2025 increased $11.1 million, or 25%, compared to 2024. Excluding the effect of currency translation, gross profit increased $11.3 million, or 26%, as summarized in the following table:

	Three Months Ended June 30,
(Thousands of dollars)	2025		2024		Change		Change<br><br>Due to<br><br>Currency<br><br>Translation		Change<br><br>Excluding<br><br>Currency<br><br>Translation		%<br><br>Change
Gross profit
PLP-USA	$	28,062	$	20,743	$	7,319	$	—	$	7,319	35	%
The Americas	8,424		6,712		1,712		(614)		2,326		35	%
EMEA	9,511		9,364		147		438		(291)		(3)	%
Asia-Pacific	9,402		7,454		1,948		(23)		1,971		26	%
Consolidated	$	55,399	$	44,273	$	11,126	$	(199)	$	11,325	26	%

PLP-USA gross profit of $28.1 million increased by $7.3 million, or 35%, compared to the same period in 2024, primarily due to higher sales volumes and favorable product mix, partially offset by higher tariff and manufacturing costs. International gross profit for the period ended June 30, 2025 was unfavorably impacted by $0.2 million when local currencies were translated to U.S. dollars. The following discussion of gross profit changes excludes the effects of currency translation. The Americas gross profit increased $2.3 million, or 35%, which was primarily the result of higher sales volumes. EMEA gross profit decreased $0.3 million, or 3%, primarily due to lower sales volumes. Asia-Pacific gross profit increased $2.0 million, or 26%, which was primarily driven by higher sales volumes.

Costs and expenses. Costs and expenses of $38.3 million for the three months ended June 30, 2025 increased $5.3 million, or 16%, when compared to 2024, which are similar results when the effect of currency translation and intercompany transactions is excluded, as summarized in the following table:

	Three Months Ended June 30,
(Thousands of dollars)	2025		2024		Change		Change<br><br>Due to<br><br>Currency<br><br>Translation		Change Due to Intercompany Transactions		Change Excluding<br><br>Currency<br><br>and Intercompany Transactions		%<br><br>Change
Costs and expenses
PLP-USA	$	17,413	$	16,939	$	474	$	—	$	(1,756)	$	2,230	13	%
The Americas	6,736		4,644		2,092		(398)		967		1,523		33	%
EMEA	7,950		5,388		2,562		353		428		1,781		33	%
Asia-Pacific	6,176		6,010		166		9		361		(204)		(3)	%
Consolidated	$	38,275	$	32,981	$	5,294	$	(36)	$	—	$	5,330	16	%

Excluding intercompany transactions, PLP-USA costs and expenses increased $2.2 million, or 13% year-over-year, primarily due to higher selling costs and personnel costs. International costs and expenses for the three months ended June 30, 2025 were nominally impacted when local currencies were translated to U.S. dollars and unfavorably impacted by intercompany transactions with PLP-USA. The following discussion of costs and expenses excludes the effect of currency translation and intercompany transactions. The Americas costs and expenses of $6.7 million increased $1.5 million primarily due to an increase in selling, general, and administrative and the impact of foreign currency remeasurement. EMEA costs and expenses of $8.0 million increased by $1.8 million primarily due to a recovery of bad debt in the second quarter of 2024 that did not recur. Asia-Pacific costs and expenses of $6.2 million decreased $0.2 million primarily due to a reduction in selling costs.

Other Income (Expense), net. Other income, net of $0.2 million for the three months ended June 30, 2025 was favorable by $0.3 million when compared to Other expense, net for the three months ended June 30, 2024 of $0.1 million. The favorable movement was mainly due to lower interest expense from reduced debt balances.

Income taxes. Income taxes for the three months ended June 30, 2025 and 2024 were $4.6 million and $1.8 million based on pre-tax income of $17.3 million and $11.2 million, respectively. The tax rate for the three months ended June 30, 2025 and 2024 was 27% and 16%, respectively. The effective tax rate for the three months ended June 30, 2025 was higher than the effective tax rate for the same period in 2024 mainly due to the unfavorable impact from certain adjustments including nondeductible compensation and non-recurring rate benefits received in 2024 from amending prior year returns, partially offset by a favorable impact from the mix of earned income in certain foreign jurisdictions.

Net income. As a result of the preceding items, net income for the three months ended June 30, 2025 was $12.7 million, compared to $9.4 million for 2024. Excluding the effect of currency translation, net income increased $3.4 million as summarized in the following table. The increase in net income was due to increases in operating income described above as well as lower interest expense, partially offset by higher tax expense:

	Three Months Ended June 30,
(Thousands of dollars)	2025		2024		Change		Change<br><br>Due to<br><br>Currency<br><br>Translation		Change<br><br>Excluding<br><br>Currency<br><br>Translation		%<br><br>Change
Net income (loss)
PLP-USA	$	7,745	$	3,345	$	4,400	$	—	$	4,400	132	%
The Americas	1,302		1,796		(494)		(84)		(410)		(23)	%
EMEA	1,367		2,975		(1,608)		51		(1,659)		(56)	%
Asia-Pacific	2,291		1,250		1,041		6		1,035		83	%
Consolidated	$	12,705	$	9,366	$	3,339	$	(27)	$	3,366	36	%

SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO SIX MONTHS ENDED JUNE 30, 2024

The following table sets forth a summary of the Company’s Statements of Consolidated Income and the percentage of net sales for the six months ended June 30, 2025 and 2024. The Company’s past operating results are not necessarily indicative of future operating results.

	Six Months Ended June 30,
(Thousands of dollars)	2025				2024				Change
Net sales	$	318,142	100.0	%	$	279,625	100.0	%	$	38,517
Cost of products sold	214,072		67.3		191,220		68.4		22,852
GROSS PROFIT	104,070		32.7		88,405		31.6		15,665
Costs and expenses	73,816		23.2		65,554		23.4		8,262
OPERATING INCOME	30,254		9.5		22,851		8.2		7,403
Other income, net	723		0.2		168		0.1		555
INCOME BEFORE INCOME TAXES	30,977		9.7		23,019		8.2		7,958
Income taxes	6,724		2.1		4,049		1.4		2,675
NET INCOME	24,253		7.6		18,970		6.8		5,283
Net income attributable to noncontrolling interests	(31)		(0.0)		(8)		(0.0)		(23)
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	24,222	7.6	%	$	18,962	6.8	%	$	5,260

Net sales. In 2025, net sales were $318.1 million, an increase of $38.5 million, or 14%, compared to 2024. Excluding the effect of currency translation, net sales increased 16% as summarized in the following table:

	Six Months Ended June 30,
(Thousands of dollars)	2025		2024		Change		Change <br>Due to <br>Currency <br>Translation		Change <br>Excluding <br>Currency <br>Translation		% <br>Change
Net sales
PLP-USA	$	153,296	$	130,637	$	22,659	$	—	$	22,659	17	%
The Americas	50,787		40,173		10,614		(5,270)		15,884		40	%
EMEA	61,903		60,693		1,210		1,081		129		—	%
Asia-Pacific	52,156		48,122		4,034		(740)		4,774		10	%
Consolidated	$	318,142	$	279,625	$	38,517	$	(4,929)	$	43,446	16	%

The increase in PLP-USA net sales of $22.7 million, or 17%, was primarily due to higher volumes in energy and communications product sales. International net sales for the six months ended June 30, 2025 were unfavorably affected by $4.9 million when local currencies were converted to U.S. dollars. The following discussion of changes in net sales excludes the effect of currency translation. The Americas net sales of $50.8 million increased $15.9 million, or 40%, primarily due to an increase in energy product sales. EMEA net sales of $61.9 million increased $0.1 million, primarily due to higher volume in energy product sales. Asia-Pacific net sales of $52.2 million increased $4.8 million, or 10%, primarily due to volume increases in energy product and special industries sales.

Gross profit. Gross profit of $104.1 million for 2025 increased $15.7 million, or 18%, compared to 2024. Excluding the effect of currency translation, gross profit increased $17.2 million, or 19%, as summarized in the following table:

	Six Months Ended June 30,
(Thousands of dollars)	2025		2024		Change		Change <br>Due to <br>Currency <br>Translation		Change <br>Excluding <br>Currency <br>Translation		% <br>Change
Gross profit
PLP-USA	$	54,900	$	45,439	$	9,461	$	—	$	9,461	21	%
The Americas	15,511		11,678		3,833		(1,640)		5,473		47	%
EMEA	18,388		17,682		706		357		349		2	%
Asia-Pacific	15,271		13,606		1,665		(231)		1,896		14	%
Consolidated	$	104,070	$	88,405	$	15,665	$	(1,514)	$	17,179	19	%

PLP-USA gross profit of $54.9 million increased by $9.5 million, or 21%, compared to the same period in 2024, primarily due to higher sales volumes and favorable product mix, partially offset by higher tariff and manufacturing costs. International gross profit for the period ended June 30, 2025 was unfavorably impacted by $1.5 million when local currencies were translated to U.S. dollars. The following discussion of gross profit changes excludes the effects of currency translation. The Americas gross profit increased $5.5 million, or 47%, which was primarily the result of higher sales volumes and favorable product mix. EMEA gross profit increased $0.3 million, or 2%, primarily due to favorable product mix. Asia-Pacific gross profit increased $1.9 million, or 14%, which was primarily driven by higher sales volume and favorable product mix.

Costs and expenses. Costs and expenses of $73.8 million for the six months ended June 30, 2025 increased $8.3 million, or 13%, when compared to 2024. Excluding the effect of currency translation and intercompany transactions, costs and expenses increased $9.2 million, or 14%, as summarized in the following table:

	Six Months Ended June 30,
(Thousands of dollars)	2025		2024		Change		Change <br>Due to <br>Currency <br>Translation		Change Due to Intercompany Transactions		Change Excluding<br><br>Currency<br><br>and Intercompany Transactions		% <br>Change
Costs and expenses
PLP-USA	$	34,567	$	35,102	$	(535)	$	—	$	(3,553)	$	3,018	9	%
The Americas	12,224		9,364		2,860		(1,016)		1,921		1,955		21	%
EMEA	15,300		11,519		3,781		237		900		2,644		23	%
Asia-Pacific	11,725		9,569		2,156		(121)		732		1,545		16	%
Consolidated	$	73,816	$	65,554	$	8,262	$	(900)	$	—	$	9,162	14	%

PLP-USA costs and expenses of $34.6 million increased $3.0 million, or 9% year-over-year. PLP-USA’s increase was primarily attributable to higher selling costs and personnel costs. International costs and expenses for the six months ended June 30, 2025 were favorably impacted by $0.9 million when local currencies were translated to U.S. dollars and unfavorably impacted by intercompany transactions with PLP-USA. The following discussion of costs and expenses excludes the effect of currency translation and intercompany transactions. The Americas costs and expenses of $12.2 million increased $2.0 million primarily due to an increase in personnel costs and the impact of foreign currency remeasurement. EMEA costs and expenses of $15.3 million increased by $2.6 million primarily due to higher personnel cost and a recovery of bad debt in the second quarter of 2024 that did not recur. Asia-Pacific costs and expenses of $11.7 million increased $1.5 million primarily due to a gain on the sale of capital assets in the first quarter of 2024 that did not recur.

Other income, net. Other income, net of $0.7 million for the six months ended June 30, 2025 was favorable by $0.5 million when compared to Other income, net for the six months ended June 30, 2024 of $0.2 million. The favorable movement was due to lower interest expense from reduced debt balances and a government incentive received in the first quarter of 2025 related to our facility in China, partially offset by lower interest income for the six months ended June 30, 2025.

Income taxes. Income taxes for the six months ended June 30, 2025 and 2024 were $6.7 million and $4.0 million based on pre-tax income of $31.0 million and $23.0 million, respectively. The tax rate for the six months ended June 30, 2025 and 2024 was 22% and 18%, respectively. The effective tax rate for the six months ended June 30, 2025 was higher than the effective tax rate for the same period in 2024 mainly due to the unfavorable impact from certain adjustments including nondeductible compensation and non-recurring rate benefits received in 2024 from amending prior year returns, partially offset by a favorable impact from the mix of earned income in certain foreign jurisdictions.

Net income. As a result of the preceding items, net income for the six months ended June 30, 2025 was $24.2 million, compared to $19.0 million for 2024. Excluding the effect of currency translation, net income increased $5.5 million as summarized in the following table. The increase in net income was due to increases in operating income described above, partially offset by lower interest income and higher tax expense:

	Six Months Ended June 30,
(Thousands of dollars)	2025		2024		Change		Change <br>Due to <br>Currency <br>Translation		Change <br>Excluding <br>Currency <br>Translation		% <br>Change
Net income (loss)
PLP-USA	$	16,182	$	8,661	$	7,521	$	—	$	7,521	87	%
The Americas	2,698		2,693		5		(290)		295		11	%
EMEA	2,555		4,555		(2,000)		81		(2,081)		(46)	%
Asia-Pacific	2,787		3,053		(266)		(41)		(225)		(7)	%
Consolidated	$	24,222	$	18,962	$	5,260	$	(250)	$	5,510	29	%

APPLICATION OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our critical accounting policies are consistent with the information set forth in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Form 10-K for the year ended December 31, 2024 filed on March 13, 2025 with the Securities and Exchange Commission and are, therefore, not presented herein.

WORKING CAPITAL, LIQUIDITY AND CAPITAL RESOURCES

Management Assessment of Liquidity

We measure liquidity on the basis of our ability to meet short-term and long-term operating needs, repay debt, fund additional investments, including acquisitions, and make dividend payments to shareholders. Significant factors affecting the management of liquidity are cash flows from operating activities, capital expenditures, cash dividends, business acquisitions and access to bank lines of credit.

Our investments include expenditures required for equipment and facilities as well as expenditures in support of our strategic initiatives. During the first six months of 2025, we used cash of $19.4 million for capital expenditures. We ended the first six months of 2025 with $66.9 million of cash, cash equivalents and restricted cash (collectively, “Cash”). Our Cash is held in various locations throughout the world. At June 30, 2025, the majority of our Cash was held outside the U.S. We expect most accumulated non-U.S. Cash balances will remain outside of the U.S. and that we will meet U.S. liquidity needs through future operating cash flows, use of U.S. Cash balances, external borrowings, or some combination of these sources. We complete comprehensive reviews of our significant customers and their creditworthiness by analyzing financial statements for customers where we have identified a measure of increased risk. We closely monitor payments and developments which may signal possible customer credit issues. We currently have not identified any potential material impact on our liquidity from customer credit issues.

Total debt, including notes payable, at June 30, 2025 was $36.2 million. The Company maintained a credit facility (the "Facility") with a capacity of $90.0 million. On March 14, 2025, the Company amended the Facility to extend the maturity date from March 2, 2026 to June 30, 2028. In addition, the amendment increased the amount of unsecured borrowings that the Company is permitted to incur outside of the Facility from $40.0 million to $60.0 million and included PLP Spain as an additional borrower.

Subsequently, on July 30, 2025, the Company amended the Facility to reduce the borrowing capacity from $90.0 million to $60.0 million as well as increase the indebtedness limit secured by mortgages, security interests or other liens permitted from $35.0 million to $55.0 million. There were no other material changes to the Facility.

At June 30, 2025, our unused availability under the Facility was $79.6 million and our bank debt to equity percentage was 7.9%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At June 30, 2025, the Company was in compliance with these covenants.

Our Asia-Pacific segment had $0.1 million in restricted cash for the periods ended June 30, 2025 and December 31, 2024, respectively. The restricted cash was used to secure bank guarantees and is included in Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets.

On January 19, 2021, the Company received funding for a term loan from PNC Equipment Finance, LLC in the principal amount of $20.5 million for the full amount of the purchase price for a new corporate aircraft. As of June 30, 2025, $11.6 million was outstanding on this debt facility, of which $2.1 million was classified as current. The aircraft has been pledged as collateral against the loan.

Subsequently, on July 16, 2025, PLP Poland (Belos) S.A. ("PLP Poland"), a subsidiary of the Company, entered into a non-revolving investment loan with Bank Polska Kasa Opieki Spolka Akcynja ("Bank Pekao S.A") to finance the construction of a new manufacturing plant for an amount up to PLN100.3 million ($27.4 million). The maturity date of the loan is January 31, 2035 and is payable in annual installments in the amounts of PLN5.3 million ($1.5 million) in 2026, PLN9.0 million ($2.5 million) in 2027, PLN9.6 million ($2.6 million) in 2028 through 2034, and PLN18.8 million ($5.2 million) in 2035.

The loan will bear interest at the one month Warsaw Interbank Offered Rate ("WIBOR") plus 1.0% unless the Company does not meet the covenants as set forth in the Facility with PNC, at which point the WIBOR spread becomes 1.5%. The current manufacturing plant owned by PLP Poland, the plant under construction and all fixed assets within the plants are pledged as collateral against the loan. The loan also is guaranteed by the Company

We expect that our major source of funding for 2025 and beyond will be our operating cash flows, our existing Cash as well as our Facility agreement. Except for current earnings in certain jurisdictions, our operating income is deemed to be indefinitely reinvested in foreign jurisdictions. We currently do not intend nor foresee a need to repatriate these funds. We believe our future operating cash flows will be more than sufficient to cover debt repayments, other contractual obligations, capital expenditures and dividends for the next 12 months and thereafter for the foreseeable future. In addition, we believe our borrowing capacity provides substantial financial resources, if needed, to supplement funding of capital expenditures and/or acquisitions. We also believe that we can further expand our borrowing capacity, if necessary; however, we do not believe we would increase our debt to a level that would have a material adverse impact upon results of operations or financial condition.

Sources and Uses of Cash

Net cash provided by operating activities for the six months ended June 30, 2025 was $32.6 million compared to $34.0 million in the comparable prior year six-month period. The $1.4 million decrease was primarily a result of changes in operating assets and liabilities offset by an increase in net income.

Net cash used in investing activities for the six months ended June 30, 2025 was $22.2 million compared to $4.3 million in the comparable prior year six-month period. The $17.9 million change was primarily a result of the acquisition of JAP Telecom in May 2025 and an increase in capital expenditures, primarily related to the acquisition of new land and a building in Spain and the construction of a new manufacturing plant in Poland.

Net cash used in financing activities for the six months ended June 30, 2025 was $4.8 million compared to $33.5 million in the comparable prior year six-month period. The $28.7 million change was primarily the result of a reduction in net payments of long-term debt.

We have commitments under operating leases primarily for office and manufacturing space, transportation equipment, office and computer equipment and finance leases primarily for equipment. At June 30, 2025, we had $1.8 million of current operating lease liabilities and $6.7 million of noncurrent operating lease liabilities. Total liabilities related to finance lease obligations were less than $0.7 million at June 30, 2025.

As of June 30, 2025, the Company had total outstanding guarantees of $14.6 million. Additionally, certain domestic and foreign customers require the Company to issue letters of credit or performance bonds as a condition of placing an order. As of June 30, 2025, the Company had total outstanding letters of credit of $2.9 million.

The Company has borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. At June 30, 2025, and December 31, 2024, $14.2 million and $8.8 million was outstanding, of which $6.3 million and $8.2 million were classified as current, respectively. These facilities support commitments made in the ordinary course of business.

FORWARD LOOKING STATEMENTS

Cautionary Statement for “Safe Harbor” Purposes Under The Private Securities Litigation Reform Act of 1995

This Form 10-Q and other documents we file with the SEC contain forward-looking statements regarding the Company’s and management’s beliefs and expectations. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. As a general matter, forward-looking statements are those focused upon future plans, objectives or performance (as opposed to historical items) and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Use of words such “anticipates,” “believes,” “may,” “should,” “will,” “would,” “could,” “plans,” “projects,” “expects,” “estimates,” “predicts,” “targets,” “forecasts,” “intends,” “contemplates,” and similar words may identify forward-looking statements. Such forward-looking statements are subject to uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control. Such uncertainties and factors could cause the Company’s actual results to differ materially from those matters expressed in or implied by such forward-looking statements.

The following factors, among others, could affect the Company’s future performance and cause the Company’s actual results to differ materially from those expressed or implied by forward-looking statements made in this report:

•The overall demand for cable anchoring and control hardware for electrical transmission and distribution lines on a worldwide basis, which has a slow growth rate in mature markets such as the United States (“U.S.”), Canada, Australia and Western Europe and may grow slowly or experience prolonged delay in developing regions despite expanding power needs;

•The potential impact of global economic conditions, including the impact of inflation, recently enacted tariffs and related economic uncertainty, and rising interest rates, on the Company’s ongoing profitability and future growth opportunities in the Company’s core markets in the U.S. and other foreign countries, which may experience continued or further instability due to political and economic conditions, social unrest, acts of war, military conflict (including the ongoing Russian-Ukrainian, Israeli-Palestinian and Iranian conflicts), international hostilities or the perception that hostilities may be imminent, terrorism, changes in diplomatic and trade relationships and public health concerns (including viral outbreaks such as COVID-19);

•The ability of the Company’s customers to raise funds needed to build the infrastructure projects their customers require;

•Technological developments that affect longer-term trends for communication lines, such as wireless communication;

•The decreasing demand for product supporting copper-based infrastructure due to the introduction of products using new technologies or adoption of new industry standards;

•The Company’s success at continuing to develop proprietary technology and maintaining high quality products and customer service to meet or exceed new industry performance standards and individual customer expectations;

•The Company’s success in strengthening and retaining relationships with the Company’s customers, growing sales at targeted accounts and expanding geographically;

•The extent to which the Company is successful at expanding the Company’s product line or production facilities into new areas or implementing efficiency measures at existing facilities;

•The effects of fluctuation in currency exchange rates upon the Company’s foreign subsidiaries’ operations and reported results from international operations, together with non-currency risks of investing in and conducting significant operations in foreign countries, including those relating to political, social, economic, trade and regulatory factors;

•The Company’s ability to identify, complete, obtain funding for and integrate acquisitions for profitable growth;

•The potential impact of consolidation, deregulation and bankruptcy among the Company’s suppliers, competitors and customers and of any legal or regulatory claims;

•The relative degree of competitive and customer price pressure on the Company’s products;

•The cost, availability and quality of raw materials required for the manufacture of products and any tariffs that may be associated with the purchase of these products or components of these products. The Company’s supply chain could face disruptions and constraints from such tariffs, inflationary pressures and ongoing wars and military conflicts, which could have a material, adverse effect on the ability to secure raw materials and supplies;

•Strikes, labor disruptions and other fluctuations in labor costs;

•Changes and uncertainty in significant government regulations and funding priorities, including those affecting environmental compliance or regulatory or third-party litigation matters;

•Security breaches or other disruptions to the Company’s information technology structure;

•The telecommunication market’s continued deployment of Fiber-to-the-Premises;

•The impact of any failure to timely implement and maintain adequate financial, information technology and management processes and controls and procedures; and

•Those factors described under the heading “Risk Factors” in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 which was filed on March 13, 2025.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company operates manufacturing facilities and offices around the world and uses fixed and floating rate debt to finance the Company’s global operations. As a result, the Company is subject to business risks inherent in non-U.S. activities, including political and economic uncertainty, import and export limitations and market risk related to changes in interest rates and foreign currency exchange rates. The Company believes that the political and economic risks related to the Company’s international operations are mitigated due to the geographic diversity in which the Company’s international operations are located.

There have been no material changes in the Company’s disclosed exposure to market risk since December 31, 2024. See “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company’s Principal Executive Officer and Principal Accounting Officer have concluded that the Company’s disclosure controls and procedures, as defined in Rule 13a-15(e) or Rule 15d-15(e) of the Securities Exchange Act of 1934, as amended, were effective as of June 30, 2025.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting as defined in Rule 13a-15(f) and 15d-15(f) of the Securities and Exchange Act of 1934, as amended, during the six-month period ended June 30, 2025 that materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

ITEM 1. LEGAL PROCEEDINGS

Information regarding the Company’s current legal proceedings is presented in Note 5 of the Notes to the Consolidated Financial Statements.

ITEM 1A. RISK FACTORS

There were no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 13, 2025. In addition, the escalating tariffs between the U.S. and other countries could potentially exacerbate other risks discussed, any of which could have a material adverse effect on the Company. The situation continues to change, and additional impacts may arise that the Company is not aware of currently.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On November 1, 2023, the Board of Directors authorized a new plan to repurchase up to an additional 212,952 of Preformed Line Products Company common shares, resulting in a total of 250,000 shares available for repurchase with no expiration date. The following table reflects repurchases for the three-month period ended June 30, 2025.

Period	Total <br>Number of <br>Shares <br>Purchased	AveragePrice Paidper Share ()	Total Number of<br>Shares Purchased as<br>Part of Publicly<br>Announced Plans or<br>Programs	Maximum Number<br>of Shares that may<br>yet be Purchased under the Plans or<br>Programs
April	—		—	171,915
May	14,473		14,473	157,442
June	2,555		2,555	154,887
Total	17,028

All values are in US Dollars.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

On July 30, 2025, PLPC and certain of its subsidiaries and PNC Bank, National Association ("PNC"), entered into a Joinder and Amendment No. 9 (the "Amendment") to the Amended and Restated Loan Agreement dated September 24, 2015, as amended between the parties (as amended, the "Amended Loan Agreement") and the Fifteenth Amended and Restated Line of Credit Note (as amended and restated, the "Amended Note"), which amended and restated the outstanding line of credit note under the Amended Loan Agreement. The Amended Loan Agreement and the Amended Note Provide for the Company's Facility under which it and certain subsidiaries were able to borrow up to $90 million prior to the amendment. The changes to the Facility caused by the Amendment and the Amended Note include (1) the reduction of the borrowing capacity from $90.0 million to $60.0 million and (2) the increase of the indebtedness limit secured by mortgages, security interests or other liens permitted from $35.0 million to $55.0 million. Copies of the Amendment and Amended Note are attached hereto as Exhibits 10.1 and 10.2, respectively

ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Exhibit<br>Number	Exhibit
4.4	Preformed Line Products Company 2025 Incentive Plan (previously filed as Appendix A to the Registrant’s Proxy Statement for its 2025 Annual Meeting, Schedule 14A (File No. 0-31164), filed on March 21, 2025 and incorporated herein by reference).
10.1	Joinder andAmendmentplpc-10qxex101x2025q2.htmNo.9totheCredit Facilitydated July 30, 2025,as amended,between the Company and PNC Bank, National Association, filed herewith.
10.2	Fifteenth Amended and RestatedLine of Credit Note, dated July30, 2025,between the Company and PNC, National Association, filed herewith.
10.3	Investment Loan Agreement, dated July 16, 2025, between PLP Poland (Belos) S.A. and Bank Pekao S.A.,(Englishtranslation)https://www.sec.gov/Archives/edgar/data/80035/000008003525000006/plpc-20258xkxex101debtarra.htmpreviously filed as Exhibit 10.1 to Form 8-K(File No.0-31164),filed on July 22, 2025 and incorporated herein by reference).
31.1	Certification of the Principal Executive Officer, Robert G. Ruhlman, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.2	Certification of the Principal Accounting Officer, Andrew S. Klaus, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.1	Certification of the Principal Executive Officer, Robert G. Ruhlman, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished.
32.2	Certification of the Principal Accounting Officer, Andrew S. Klaus, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished.
101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
104	Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Preformed Line Products Company
July 31, 2025	/s/ Robert G. Ruhlman
	Robert G. Ruhlman
	Executive Chairman
	(principal executive officer)
July 31, 2025	/s/ Andrew S. Klaus
	Andrew S. Klaus
	Chief Financial Officer
	(principal financial and accounting officer)

33

Document

Exhibit 10.1

Execution Copy

AMENDMENT NO. 9

TO AMENDED AND RESTATED LOAN AGREEMENT

This AMENDMENT NO. 9 TO AMENDED AND RESTATED LOAN AGREEMENT (this “Amendment”) is entered into as of July 30, 2025, by and among PREFORMED LINE PRODUCTS COMPANY, an Ohio corporation (“PLP”), PREFORMED LINE PRODUCTS (AUSTRALIA) PTY LTD., a corporation incorporated under the laws of the Commonwealth of Australia (“PLP Australia”), PLP SUBCON GMBH, a limited liability company established and existing under the laws of Austria (“PLP Austria”), PLP POLAND (BELOS) S.A. (formerly known as BELOS-PLP S.A.), a company organized under the laws of Poland (“PLP Poland”), APRESA PLP SPAIN, S.A.U. (formerly known as APRESA – PLP SPAIN, S. A.), a company organized under the laws of Spain (“PLP Spain” and collectively with PLP Poland, PLP, PLP Australia and PLP Austria, the “Borrowers” and each a “Borrower”) and PNC BANK, NATIONAL ASSOCIATION, a national banking association, its successors and assigns, as lender (“Bank”).

WITNESSETH:

WHEREAS, PLP, PLP Australia and Bank have entered into that certain Amended and Restated Loan Agreement, dated as of September 24, 2015, as amended pursuant to that certain (1) Amendment No. 1 to Amended and Restated Loan Agreement, dated as of November 6, 2015, by and among PLP, PLP Australia, and Bank, (2) Amendment No. 2 to Amended and Restated Loan Agreement, dated as of August 22, 2016, by and among PLP, PLP Australia, and Bank, (3) Joinder and Amendment No. 3 to Amended and Restated Loan Agreement, dated as of March 13, 2018, by and among PLP, PLP Australia, BELOS-PLP S.A., a company organized under the laws of Poland (“PLP Poland”) and Bank, (4) Amendment No. 4 to Amended and Restated Loan Agreement, dated as of November 30, 2018, by and among PLP, PLP Australia, PLP Poland and Bank, (5) Amendment No. 5 to Amended and Restated Loan Agreement, dated as of April 25, 2019, by and among PLP, PLP Australia, PLP Poland, PT PREFORMED LINE PRODUCTS INDONESIA, a company organized under the laws of Indonesia (“PLP Indonesia”), and Bank, (6) Joinder and Amendment No. 6 to Amended and Restated Loan Agreement, dated as of March 25, 2020, by and among PLP, PLP Australia, PLP Indonesia, PLP Poland, PLP Austria and Bank, (7) Amendment No. 7 to Amended and Restated Loan Agreement, dated as of March 2, 2022, by and among PLP, PLP Australia, PLP Poland, PLP Indonesia, PLP Austria and Bank and (8) Joinder and Amendment No. 8 to Amended and Restated Loan Agreement, dated as of March 14, 2025, by and among PLP, PLP Australia, PLP Poland, PLP Indonesia, PLP Austria, PLP Spain and Bank (as amended by this Amendment, and as further amended, restated, modified or supplemented from time to time, the “Loan Agreement”), pursuant to which Bank has made certain loans and financial accommodations available to the Borrowers;

WHEREAS, the loans to PLP Indonesia were repaid in full in 2024 and the Borrowers have requested that PLP Indonesia be removed as a Borrower under the Loan Agreement; and

WHEREAS, the parties desire to amend the Loan Agreement as hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto do hereby agree as follows:

1.DEFINED TERMS.

Each defined term used herein and not otherwise defined herein shall have the meaning ascribed to such term in the Loan Agreement.

2.AMENDMENT TO THE LOAN AGREEMENT.

2.1    Amendment to Entity Names. The Loan Agreement is hereby amended to replace all references to “BELOS-PLP S.A.” and “APRESA – PLP SPAIN, S. A.” throughout the Loan Agreement with “PLP POLAND (BELOS) S.A.” and “APRESA PLP SPAIN, S.A.U.”, respectively.

2.2    Removal of PLP Indonesia as a Borrower. The Loan Agreement and all other Loan Documents are hereby amended to remove PLP Indonesia from the definition of “Borrower” and “Borrowers.”

2.3    Amendment to Liens and Encumbrances Provisions. Section 5.2 of the Loan Agreement is hereby amended to delete subpart (v) therefrom and replace it with the following:

(v) (a) any mortgage, security interest, capitalized lease or other lien (each a “purchase money security interest”) which is created or assumed in purchasing, constructing or improving any real property or equipment or to which any such property is subject when purchased, provided, however, that (A) the purchase money security interest shall be confined to the aforesaid property, (B) the indebtedness secured thereby does not exceed the total cost of the purchase, construction or improvement, and (C) any such indebtedness, if repaid in whole or in part, cannot be reborrowed, (b) any mortgage, security interest or other lien (other than any purchase money security interest) which encumbers any fixed asset of any corporation or other business entity that is not a Subsidiary of any Borrower on the date of this Agreement but which becomes, by acquisition, a subsidiary of a Borrower after the date of this Agreement, but only if the mortgage, security interest or other lien in question encumbered the fixed asset in question at the time such subsidiary is acquired, and (c) any security interest or lien on property and equipment acquired in an acquisition but not in contemplation thereof, provided, however, that the aggregate amount of all indebtedness secured by mortgages, security interests or other liens permitted by this clause (v) shall not at any time exceed an aggregate amount equal to fifty-five million dollars ($55,000,000) at any one time outstanding for all Companies;

3.    REPRESENTATIONS AND WARRANTIES.

Each of the Borrowers hereby represents and warrants to Bank as follows:

3.1    The Amendment. This Amendment has been duly and validly executed by an authorized officer of such Borrower and constitutes the legal, valid and binding obligation of such Borrower enforceable against such Borrower in accordance with its terms.

3.2 Loan Agreement. The Loan Agreement, as amended by this Amendment, remains in full force and effect and remains the valid and binding obligation of each Borrower enforceable against each Borrower in accordance with its terms. Each Borrower hereby ratifies and confirms the Loan Agreement.

3.3    Claims and Defenses. As of the date of this Amendment, no Borrower has any defenses, claims, counterclaims or setoffs with respect to the Loan Agreement or its Obligations thereunder or with respect to any actions of Bank or any of its respective officers, directors, shareholders, employees, agents or attorneys, and each Borrower irrevocably and absolutely waives any such defenses, claims, counterclaims and setoffs and releases Bank and each of its respective officers, directors, shareholders, employees, agents and attorneys from the same.

3.4    Representations and Warranties. The representations and warranties of each Borrower contained in the Loan Agreement (as amended hereby) and the other Loan Documents (as amended in connection herewith), are true and correct.

3.5    No Event of Default. No Event of Default or condition which, but for the giving of notice or passage of time, would give rise to an Event of Default has occurred and is continuing.

3.6    Material Adverse Change. No material adverse change has occurred since the date of the most recent Financial Statements delivered to the Bank.

4.    REAFFIRMATION.

Each of the Borrowers hereby acknowledges and agrees that the terms and provisions hereof shall not affect in any way any payment, performance, observance or other obligations or liabilities of such Borrower under the Loan Agreement or under any of the other Loan Documents, all of which obligations and liabilities shall remain in full force and effect and extend to the further loans, extensions of credit and other obligations incurred under the Loan Documents, and each of which obligations and liabilities are hereby ratified, confirmed and reaffirmed in all respects.

5.    CONDITIONS PRECEDENT TO EFFECTIVENESS OF THIS AMENDMENT.

In addition to all of the other conditions and agreements set forth herein, the effectiveness of this Amendment is subject to each of the following conditions precedent:

5.1 Amendment No. 9 to Amended and Restated Loan Agreement. Bank shall have received an original counterpart of this Amendment, executed and delivered by a duly authorized officer of each Borrower.

5.2 Fifteenth Amended and Restated Line of Credit Note. Bank shall have received that certain Fifteenth Amended and Restated Line of Credit Note, dated as of the date hereof,

executed and delivered by a duly authorized officer of PLP, PLP Australia, PLP Poland, PLP Spain and PLP Austria, in favor of Bank.

5.3    Fees and Expenses. Borrowers shall have paid all fees of Bank in connection with this Amendment including, without limitation, all legal fees.

5.4    Other Documents and Deliveries. Bank shall have received such other agreements, documents, and instruments executed in connection with this Amendment and any other materials as reasonably requested by Bank.

6.    MISCELLANEOUS.

6.1    Governing Law. This Amendment shall be governed by and construed in accordance with the law of the State of Ohio, without regard to principles of conflict of law.

6.2    Severability. Each provision of this Amendment shall be interpreted in such manner as to be valid under applicable law, but if any provision hereof shall be invalid under applicable law, such provision shall be ineffective to the extent of such invalidity, without invalidating the remainder of such provision or the remaining provisions hereof.

6.3    Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart hereof by facsimile shall be effective as manual delivery of such counterpart; provided, however, that, each party hereto will promptly thereafter deliver counterpart originals of such counterpart facsimiles delivered by or on behalf of such party.

6.4    Nonwaiver. The execution, delivery, performance and effectiveness of this Amendment shall not operate nor be deemed to be nor construed as a waiver (i) of any right, power or remedy of Bank under the Loan Agreement, nor (ii) of any term, provision, representation, warranty or covenant contained in the Loan Agreement or any other documentation executed in connection therewith. Further, none of the provisions of this Amendment shall constitute, be deemed to be or construed as, a waiver of any Event of Default under the Loan Agreement, as amended by this Agreement.

6.5    Reference to and Effect on the Loan Agreement. Upon the effectiveness of this Amendment, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Loan Agreement, as amended hereby, and each reference to the Loan Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Loan Agreement shall mean and be a reference to the Loan Agreement, as amended hereby.

[Remainder of this page intentionally left blank; Signature page follows]

Document

Exhibit 10.2

Execution Copy

FIFTEENTH AMENDED AND RESTATED LINE OF CREDIT NOTE

$60,000,000 July 30, 2025

FOR VALUE RECEIVED, PREFORMED LINE PRODUCTS COMPANY, a corporation incorporated under the laws of the State of Ohio (“PLP”) with an address at 660 Beta Drive, Mayfield Village, Ohio 44143, PREFORMED LINE PRODUCTS (AUSTRALIA) PTY LTD, a corporation incorporated under the laws of the Commonwealth of Australia (“PLP Australia”) with an address at 190 Power Street, Glendenning NSW 2761, Australia, PLP POLAND (BELOS) S.A. (formerly known as BELOS-PLP S.A.), a company organized under the laws of Poland (“PLP Poland”), with an address at 43-301 Bielsko-Biała, ul. Gen. J. Kustronia 74, Poland, PLP SUBCON GMBH, a limited liability company established and existing under the laws of Austria (“PLP Austria”) with an address at Schwefel 93/7, 6850 Dornbirn, Austria, ELECTROPAR LTD., a limited liability company established and existing under the laws of New Zealand (“PLP New Zealand”) with an address at 35 Lady Ruby Drive East, Tāmaki, Auckland 2013, APRESA PLP SPAIN, S.A.U. (formerly known as APRESA – PLP SPAIN, S. A.), a company organized under the laws of Spain (“PLP Spain”), with an address at Avenida Roberto Osborne 11, Sevilla, 41007, Spain (PLP, PLP Australia, PLP Poland, PLP Austria, PLP New Zealand and PLP Spain are each a “Borrower” and collectively, the “Borrowers”), jointly and severally, promise to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), in lawful money of the United States of America in immediately available funds at its offices located at 1900 East Ninth Street, Cleveland, Ohio 44114, or at such other location as the Bank may designate from time to time, the principal sum of SIXTY MILLION DOLLARS ($60,000,000) (the “Facility”) or such lesser amount as may be advanced to or for the benefit of the Borrowers hereunder, together with interest accruing on the outstanding principal balance from the date hereof, all as provided below.

This Fifteenth Amended and Restated Line of Credit Note evidences, but does not extinguish or satisfy, and is not a novation of, the pre-existing indebtedness of PLP, PLP Australia, PLP New Zealand and PLP Austria to the Bank under, and amends and restates that certain Fourteenth Amended and Restated Line of Credit Note, dated March 14, 2025, in the original principal amount of $90,000,000, made by the Borrowers (the “Existing Note”), amending and restating that certain Thirteenth Amended and Restated Line of Credit Note, dated August 31, 2022, in the original principal amount of $90,000,000, made by the Borrowers, amending and restating that certain Twelfth Amended and Restated Line of Credit Note, dated March 2, 2022, in the original principal amount of $90,000,000, made by the Borrowers, amending and restating that certain Eleventh Amended and Restated Line of Credit Note, dated December 28, 2021, in the original principal amount of $65,000,000, made by PLP, PLP Australia, PLP Austria and PLP Poland in favor of Bank, amending and restating that certain Tenth Amended and Restated Line of Credit Note, dated April 17, 2020, in the original principal amount of $65,000,000, made by PLP, PLP Australia and PLP Poland in favor of Bank, amending and restating that certain Ninth Amended and Restated Line of Credit Note, dated August 26, 2019, in the original principal amount of $65,000,000, made by PLP, PLP Australia and PLP Poland in favor of Bank, amending and restating that certain Eighth Amended and Restated Line of Credit Note, dated November 30, 2018, in the original principal amount of $65,000,000, made by PLP, PLP Australia and PLP Poland in favor of Bank, amending and restating that certain Seventh Amended and Restated Line of Credit Note, dated March 13, 2018, in the original principal amount of $65,000,000, made by PLP, PLP Australia and PLP Poland in favor of Bank, amending and restating that certain Sixth Amended and Restated Line of Credit Note, dated as of August 22, 2016, in the original principal amount of $65,000,000, made by PLP and PLP Australia in favor of the Bank, amending and restating that certain Fifth Amended and Restated Line of Credit Note, dated as of September 24, 2015, in the original principal amount of $50,000,000, made by PLP and PLP Australia in favor of the Bank, amending and restating that certain Fourth Amended and Restated Line of Credit Note,

dated as of January 23, 2014, in the original principal amount of $50,000,000, made by PLP in favor of the Bank, amending and restating that certain Third Amended and Restated Line of Credit Note, dated as of May 24, 2012, in the original principal amount of $90,000,000, made by PLP in favor of the Bank, amending and restating that certain Second Amended and Restated Line of Credit Note, dated as of November 7, 2011, in the original principal amount of $70,000,000, made by PLP in favor of the Bank, amending and restating that certain Amended and Restated Line of Credit Note, dated as of May 31, 2011, in the original principal amount of $35,000,000, made by PLP in favor of the Bank, amending and restating that certain Line of Credit Note, dated as of February 5, 2010, in the original principal amount of $30,000,000, made by PLP in favor of the Bank (collectively, the “Original Note”). All agreements, instruments, documents and obligations related to the Original Note remain in full force and effect.

1.     Advances.  \(a\)    The Borrower Representative \(as defined in the Loan Agreement \(as hereinafter defined\)\) may request advances, repay and request additional advances hereunder until the Expiration Date, subject to the terms and conditions of this Note and the Loan Documents \(as hereinafter defined\).  The “Expiration Date” shall mean June 30, 2028, or such later date as may be designated by the Bank by written notice from the Bank to the Borrower Representative.  Each Borrower acknowledges and agrees that in no event will the Bank be under any obligation to extend or renew the Facility or this Note beyond the Expiration Date.  The Borrower Representative may request advances hereunder upon giving oral or written notice to the Bank by 11:00 a.m. \(Cleveland, Ohio time\) \(a\) on the day of the proposed Borrowing Date, in the case of advances to bear interest under the Base Rate Option \(as hereinafter defined\), \(b\) three \(3\) Business Days prior to the proposed Borrowing Date, in the case of advances to bear interest under the Daily Simple SOFR Rate Option \(as hereinafter defined\), \(c\) four \(4\) Business Days prior to the proposed Borrowing Date with respect to the making of Revolving Credit Loans denominated in Agreed Foreign Currencies to which the Eurocurrency Rate Option applies, or the conversion to or renewal of a Eurocurrency Rate Option for any Revolving Credit Loans denominated in Agreed Foreign Currencies, and \(d\) four \(4\) Business Days prior to the proposed Borrowing Date with respect to the making of Revolving Credit Loans denominated in Polish Zloty, or the conversion to or renewal of a Eurocurrency Rate Option for any Revolving Credit Loans denominated in Agreed Foreign Currencies, followed promptly thereafter by the Borrower Representative’s written confirmation to the Bank of any oral notice.  The aggregate unpaid principal amount of advances under this Note plus the LC Exposure \(as defined in the Loan Agreement \(as hereinafter defined\)\) shall not exceed the face amount of this Note.
   

(b) The Borrower Representative may request that advances under this Note and subject LCs under the Loan Documents be made or issued in an Agreed Foreign Currency. As used herein, the term “Agreed Foreign Currencies” shall mean Australian Dollars, Polish Zloty, Euros, New Zealand Dollars and any other foreign currency requested by the Borrower Representative and approved by the Bank in its sole discretion, and “Agreed Foreign Currency” shall mean any one of such currencies. The Bank may, with respect to advances made in an Agreed Foreign Currency, engage in reasonable rounding of the Agreed Foreign Currency amounts requested. As used herein, the term “Currency” means Dollars or any Agreed Foreign Currency and “Currencies” shall mean, collectively, Dollars and each Agreed Foreign Currency.

(c) All advances under this Note and subject LCs under the Loan Documents made or issued in Agreed Foreign Currencies shall be governed by the Bank’s standard fees, charges, agreements, policy guidelines and other terms and provisions relating to such advances and issuances as in effect from time to time (collectively, the “Bank’s Standard Foreign Currency Terms”), in addition to the specific provisions set forth herein. In the event of any conflict between the Bank’s Standard Foreign Currency Terms and the terms of this Note or any other Loan Document, the Bank’s Standard Foreign Currency Terms shall govern.

(d) All payments due hereunder shall be made free and clear of and without deduction for any and all present or future taxes, levies, imports, deductions, charges or withholdings imposed by any jurisdiction or taxing authority, domestic or foreign, and all liabilities with respect thereto, excluding (i)

taxes imposed on the Bank's net income and (ii) taxes imposed on the Bank’s net income and franchise taxes imposed on the Bank, by the jurisdiction of the Bank’s lending office or any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions, charges withholdings and liabilities being hereinafter referred to as “Taxes”). If any Borrower shall be required by law to deduct or withhold any Taxes from or in respect of any sum payable hereunder (i) the sum payable shall be increased as may be necessary so that after making all required deductions and withholdings (including deductions applicable to additional sums payable under this paragraph) the Bank will receive an amount equal to the sum the Bank would have received had no such deductions or withholdings been made, and (ii) each Borrower agrees to pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable law and promptly provide to the Bank the official receipt or other document evidencing such payment. In addition, each Borrower agrees to pay any present or future stamp or document taxes or any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Note (hereinafter referred to as “Other Taxes”). If any Taxes or Other Taxes required to be paid by any Borrower hereunder are not paid and are imposed on and paid by the Bank, the Borrowers shall indemnify the Bank and reimburse the Bank for the amount of such payment, together with any interest, penalties and expenses in connection therewith, whether or not such tax shall have been correctly or legally imposed. Such reimbursement shall be made within thirty (30) days from the date the Bank makes written demand therefor.

Payment under this Note and the other Loan Documents shall be made in the relevant Agreed Foreign Currency or Dollars, as the case may be, at 1900 East Ninth Street, Cleveland, Ohio 44114 or such other location as may be designated by the Bank from time to time, is of the essence hereof. If payment is not made in the currency due hereunder or under any other Loan Document (the “Contractual Currency”) or if any court or tribunal shall render a judgment or order for the payment of amounts due hereunder or under any other Loan Document and such judgment is expressed in a currency other than the Contractual Currency, each Borrower shall indemnify and hold the Bank harmless against any deficiency in terms of the amount received by the Bank arising or resulting from any variation as between (i) the rate of exchange at which the Contractual Currency is converted into the currency actually received or the currency in which the judgment is expressed (the “Received Currency”) and (ii) the rate of exchange at which the Bank would, in accordance with normal banking procedures, be able to purchase the Contractual Currency with the Received Currency by the Bank on the Business Day following receipt of the Received Currency. If the court or tribunal has fixed the date on which the rate of exchange is determined for the conversion of the judgment currency into the Contractual Currency (the “Conversion Date”) and if there is a change in the rate of exchange prevailing between the Conversion Date and the date of receipt by the Bank, then the Borrowers will, notwithstanding such judgment or order, pay such additional amount as may be necessary to ensure that the amount paid in the Received Currency when converted at the rate of exchange prevailing on the date of receipt will produce the amount then due to the Bank from the Borrowers hereunder in the Contractual Currency.

If a Borrower shall wind up, liquidate, dissolve or become bankrupt while there remains outstanding (i) any amounts owing to the Bank under this Note or under any other Loan Document, (ii) any damages owing to the Bank in respect of a breach of any of the terms hereof or (iii) any judgment or order rendered in respect of such amounts or damages, each Borrower shall indemnify and hold the Bank harmless against any deficiency in terms of the Contractual Currency in the amounts received by the Bank arising or resulting from any variation as between (a) the rate of exchange at which the Contractual Currency is converted into another currency (the “Liquidation Currency”) for purposes of such winding-up, liquidation, dissolution or bankruptcy with regard to the amount in the Contractual Currency due or contingently due hereunder or under any other Loan Document or under any judgment or order into which the relevant obligations hereunder or under any other Loan Document shall have been merged and (b) the rate of exchange at which the Bank could, in accordance with normal banking procedures be able to purchase the Contractual Currency with the Liquidation Currency at the earlier of (1) the date of payment

of such amounts or damages and (2) the final date or dates for the filing of proofs of a claim in a winding-up, liquidation, dissolution or bankruptcy. As used in the preceding sentence, the “final date” or “dates for the filing of proofs of a claim in a winding-up, liquidation, dissolution or bankruptcy” shall be the date fixed by the liquidator or other appropriate person or otherwise applicable under the applicable law as being the last practicable date as of which the liabilities of a Borrower may be ascertained for such winding-up, liquidation, dissolution or bankruptcy before payment by the liquidator or other appropriate person in respect thereof.

2.     Rate of Interest.  Each advance outstanding under this Note will bear interest at a rate or rates per annum as may be selected by the Borrowers from the interest rate options set forth below \(other than advances denominated in Australian Dollars which shall bear interest at the rate per annum set forth in subpart \(iv\) below and other than advances denominated in Polish Zloty which shall bear interest at the rate per annum set forth in subpart \(v\) below\) \(each, an “Option”\):
   

(i) Base Rate Option. A rate of interest per annum which is at all times equal to (A) the Base Rate plus (B) the Applicable Margin per annum, then in effect. If and when the Base Rate (or any component thereof) changes, the rate of interest with respect to any advance to which the Base Rate Option applies will change automatically without notice to the Borrowers, effective on the date of any such change. There are no required minimum interest periods for advances bearing interest under the Base Rate Option.

(ii) Daily Simple SOFR Rate Option. In the case of Daily Simple SOFR Rate Loans denominated in Dollars, a rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal to the Daily Simple SOFR Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the Daily Simple SOFR Rate.

(iii) [Reserved].

(iv) Australian Dollar Loans. The rate per annum equal to (A) the Australian Bank Bill Swap Bid Rate or the successor thereto as approved by the Bank as published by Bloomberg (or on any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by the Bank from time to time), rounded to the nearest 1/100th of 1% (with .005% being rounded up) per annum at approximately 10:00 a.m., Sydney, Australia time, two (2) Business Days prior to the commencement of such Australian Dollar Loan Interest Period, as the rate for deposits in Australian Dollars with a maturity comparable to such Australian Dollar Loan Interest Period plus (B) the Applicable Margin per annum, then in effect, for the applicable Australian Dollar Loan Interest Period.

(v) Polish Zloty Loans. The rate per annum equal to (A) WIBOR plus (B) the Applicable Margin per annum, then in effect, for the applicable Polish Zloty Loan Interest Period.

(vi) Euros Loans. (A) Prior to the Term RFR Transition Date with respect to Loans that bear interest at a rate based on Daily Simple RFR denominated in Euro, a fluctuating rate per annum (computed on the basis of a year of 360 days and actual days elapsed, except that interest on Loans denominated in Euro as to which market practice differs from the foregoing shall be computed in accordance with market practice for such Loans) equal to the Daily Simple RFR for Euros plus the RFR Adjustment plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the applicable Daily Simple RFR. (B) On and after the Term RFR Transition Date with respect to Euros, in the case of Loans denominated in Euros that bear interest based on Term RFR, a rate per annum (computed on the basis of a year of 360 days and actual days elapsed, except that interest on Loans denominated in Euros as to which market practice differs from the foregoing shall be computed in accordance with market practice for such Loans) equal to the Term

RFR for Euros as determined for each applicable Interest Period plus the RFR Adjustment plus the Applicable Margin.

(vii)    New Zealand Dollar Loans. The rate per annum equal to the NZFMA Bank Bill Reference Rate or the successor thereto as approved by the Administrative Agent as published by Bloomberg (or on any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by the Administrative Agent from time to time), rounded upwards, at the Administrative Agent’s discretion, to the nearest 1/100th of 1% per annum at approximately 10:00 a.m. (Auckland, New Zealand time), two (2) Eurocurrency Banking Days prior to the commencement of such Interest Period (such day, the “New Zealand Rate Lookback Day”), as the rate for deposits in New Zealand Dollars with a maturity comparable to such Interest Period plus the Applicable Margin; provided, that if by such time the NZFMA Bank Bill Reference Rate in respect of such day has not been so published, or such day is not a Business Day, then the NZFMA Bank Bill Reference Rate for such day will be the NZFMA Bank Bill Reference Rate as published in respect of the first preceding Business Day for which such NZFMA Bank Bill Reference Rate was published thereon; provided further that any NZFMA Bank Bill Reference Rate so determined based on the first preceding Business Day shall be utilized for purposes of calculation of the Eurocurrency Rate for no more than three (3) consecutive Business Days (any such day, collectively, the “New Zealand Rate Lookback Day”).

(viii)    Rate Unascertainable; Increased Costs; Illegality; Benchmark Replacement Setting.

a.    Unascertainable; Increased Costs. If at any time:

i.    (i) the Bank shall have determined (which determination shall be conclusive and binding absent manifest error) that (x) the Eurocurrency Rate, Daily Simple SOFR Rate, Daily Simple RFR or Term RFR applicable to a Loan (in each case whether in Dollars or an Agreed Foreign Currency) cannot be determined pursuant to the definition thereof, including, without limitation, because such rate for the corresponding applicable Currency is not available or published on a current basis or (y) a fundamental change has occurred in the foreign exchange or interbank markets with respect to such Currency or with respect to such rate (including, without limitation, changes in national or international financial, political or economic conditions or currency exchange rates or exchange controls), or

ii.    the Bank determines (which determination shall be conclusive and binding absent manifest error) that the Daily Simple SOFR Rate, Eurocurrency Rate, prior to the Term RFR Transition Date with respect to any Loans that bear interest based on Daily Simple RFR denominated in any Agreed Foreign Currency, or Daily Simple RFR with respect to any Currency, cannot be determined pursuant to the definition thereof or, on and after the Term RFR Transition Date with respect to any Loans that bear interest based Term RFR denominated in any Currency, Term RFR for such Currency cannot be determined pursuant to the definition thereof on or prior to the first day of any Interest Period, or

iii.    the Bank determines that for any reason in connection with any request for a Term Rate Loan (in each case whether denominated in Dollars or an Agreed Foreign Currency) or a conversion thereto or a continuation thereof that (A) deposits in the applicable Currency are not available to Bank in connection with such Term Rate Loan, or are not being offered to banks in the market for the applicable Currency, amount, and Interest Period of such Term Rate Loan, or (B) the Term Rate Loan Option for any requested Currency or Interest Period with respect to a proposed Term Rate Loan, as applicable, does not adequately and fairly reflect the cost to such Lenders of funding, establishing or maintaining such Loan,

then the Bank shall have the rights specified in Section 2(vii)(c) [Bank’s Rights].

b.    Illegality. If at any time Bank shall have determined, or any Official Body shall have

asserted, that the making, maintenance or funding of any Loan to which any Interest Rate Option applies, or the determination or charging of interest rates based upon any Interest Rate Option has been made impracticable or unlawful, by compliance by such Lender in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law), or any Official Body has imposed material restrictions on the authority of such Lender to purchase, sell, or take deposits of any Currency in the applicable interbank market for the applicable Currency, then the Bank shall have the rights specified in Section 2(vii)(c) [Bank’s Rights].

c.    Bank’s Rights. In the case of any event specified in Section 2(vii)(a) [Unascertainable; Increased Costs; Deposits Not Available] above, the Bank shall promptly so notify the Borrower thereof, and in the case of an event specified in Section 2(vii)(b) [Illegality] above, the Bank shall endorse a certificate to such notice as to the specific circumstances of such notice, and promptly send copies of such notice and certificate to the Borrowers.

i. Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of the Bank, to allow the Borrower to select, convert to or renew a Loan under the affected Interest Rate Option in each such Currency shall be suspended (to the extent of the affected Interest Rate Option, or the applicable Interest Periods) until the Bank shall have later notified the Borrower Representative, of the Bank’s, determination that the circumstances giving rise to such previous determination no longer exist.

ii. If at any time the Bank makes a determination under Section 2(vii)(a) [Unascertainable; Increased Costs; Deposits Not Available] (a) if the Borrowers have previously notified the Bank of its selection of, conversion to or renewal of a an affected Interest Rate Option, and such Interest Rate Option has not yet gone into effect, such notification shall (i) with regard to any such pending request for Loans denominated in Dollars, be deemed to provide for selection of, conversion to or renewal of the Base Rate Option otherwise available with respect to such Loans in the amount specified therein and (ii) with regard to any such pending request for Loans denominated in an Agreed Foreign Currency, be deemed ineffective (in each case to the extent of the affected Interest Rate Option, or the applicable Interest Periods), (b) any outstanding affected Loans denominated in Dollars shall be deemed to have been converted into Base Rate Loans immediately, and (c) any outstanding affected Loans denominated in an Agreed Foreign Currency shall, at the Borrower Representative’s election, either be converted into Base Rate Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Agreed Foreign Currency) immediately or prepaid in full immediately; provided, however that absent notice from the Borrower Representative of conversion or prepayment, such Loans shall automatically be converted to Base Rate Loans (in an amount equal to the Dollar Equivalent of such Agreed Foreign Currency).

iii.If Bank notifies the Borrower Representative of a determination under Section 2(vii)(b) [Illegality], the Borrowers shall, subject to the Borrowers’ indemnification Obligations under Section 8 [Yield Protection; Break Funding Indemnification], as to any Loan of Bank, on the date specified in such notice either convert such Loan to the Base Rate Option otherwise available with respect to such Loan (which shall be, with respect to Loans denominated in an Agreed Foreign Currency, in an amount equal to the Dollar Equivalent of such Agreed Foreign Currency) or prepay such Loan in accordance with Section 7 [Prepayment; Reduction of Facility]. Absent due notice from the Borrower

Representative of conversion or prepayment, such Loan shall automatically be converted to the Base Rate Option otherwise available with respect to such Loan (which shall be, with respect to Loans denominated in an Agreed Foreign Currency, in an amount equal to the Dollar Equivalent of such Agreed Foreign Currency) upon such specified date.

d.    Benchmark Replacement Setting

i. Benchmark Replacement.

1.Notwithstanding anything to the contrary herein or in any other Loan Document (and any agreement executed in connection with an Interest Rate Hedge shall be deemed not to be a “Loan Document” for purposes of this Section titled “Benchmark Replacement Setting”), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark for any Currency, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” (except as set forth in clause (y) below) for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Note or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3), (4), or (5) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Bank without any amendment to, or further action or consent of any other party to, this Note or any other Loan Document.

2.Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a Term RFR Transition Date has occurred prior to the Reference Time in respect of any setting of the then-current Benchmark consisting of a Daily Simple RFR for the applicable Currency, then the applicable Benchmark Replacement will replace such Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark for the applicable Currency setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Note or any other Loan Document; provided that this clause (2) shall not be effective unless the Bank has delivered to the Borrower Representative a Term RFR Notice with respect to the applicable Term RFR Transition Event. For the avoidance of doubt, the Bank shall not be required to deliver a Term RFR Notice after a Term RFR Transition Event and may elect or not elect to do so in its sole discretion.

ii. Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Bank will have the right to make Conforming Changes from time to time and, notwithstanding

anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Note or any other Loan Document.

iii. Notices; Standards for Decisions and Determinations. The Bank will promptly notify the Borrower Representative of (A) the implementation of any Benchmark Replacement, and (B) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Bank will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to paragraph (iv) below and (y) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Bank pursuant to this Section, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Note or any other Loan Document except, in each case, as expressly required pursuant to this Section.

e. Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary

herein or in any other Loan Document, at any time (including in connection with the

implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a

term rate and either (A) any tenor for such Benchmark is not displayed on a screen or

other information service that publishes such rate from time to time as selected by the

Bank in its reasonable discretion, or (B) the administrator or regulatory supervisor of the

administrator of such Benchmark or an Official Body having jurisdiction over such

administrator with respect to its publication of such Benchmark or an Official Body

having jurisdiction over the Bank, in each case acting in such capacity, has provided a

public statement or publication of information identifying a specific date after which any

tenor shall or will no longer be made available, or will not be representative, or will not

be permitted to be used for determining the interest rate for syndicated loans denominated

in the applicable Currency, and (ii) if a tenor that was removed pursuant to clause (i)

above either (A) is subsequently displayed on a screen or information service for a

Benchmark (including a Benchmark Replacement) or (B) is not (or is no longer) subject

to an announcement described in clause (i)(B) or clause (i)(C) above, then the Bank may

modify the definition of “Interest Period” (or any similar or analogous definition) for all

Benchmark settings at or after such time to reinstate such previously removed tenor.

f. Benchmark Unavailability Period. Upon the Borrower Representative’s receipt of

notice of the commencement of a Benchmark Unavailability Period, the Borrower

Representative may revoke any pending request for, conversion to or continuation of a

Loan bearing interest based on the Daily Simple SOFR Rate, Eurocurrency Rate or RFR

to be made, converted or continued during any Benchmark Unavailability Period and,

failing that, the Borrower Representative will be deemed to have converted any such

request into a request for a Loan of or conversion to Loans bearing interest under the

Base Rate Option. During a Benchmark Unavailability Period or at any time that a tenor

for the then-current Benchmark is not an Available Tenor, the component of the Base

Rate based upon such then-current Benchmark or the tenor for such Benchmark, as

applicable, will not be used in any determination of the Base Rate.

g. Inconsistencies with Loan Agreement. The Borrowers hereby agree that if any

provision of this Section 2(vii) is inconsistent with Section 9 of the Loan Agreement, this

Section 2(vii) shall govern.

(ix) “Benchmark Replacement Notification”. Section (vii) [Benchmark Replacement

Setting] of this Note provides a mechanism for determining an alternative rate of interest in the

event that the Daily Simple SOFR Rate, Eurocurrency Rate, Daily Simple RFR or Term RFR for

any applicable Currency is no longer available or in certain other circumstances. The Bank does

not warrant or accept any responsibility for and shall not have any liability with respect to, the

administration, submission or any other matter related to the Daily Simple SOFR Rate,

Eurocurrency Rate, Daily Simple RFR or Term RFR for any applicable Currency, or with respect

to any alternative or successor rate thereto, or replacement rate therefor.

(x) Term RFR Transition Event. Notwithstanding anything to the contrary in this Note or in

any other Loan Document and subject to the proviso below in this paragraph, if a Term RFR

Transition Date has occurred prior to the Reference Time in respect of any setting of the then-

current Benchmark consisting of a Daily Simple RFR for the applicable Currency, then the

applicable Term RFR, if any, will replace such Benchmark for all purposes hereunder or under

any Loan Document in respect of such Benchmark for the applicable Currency setting and

subsequent Benchmark settings, without any amendment to, or further action or consent of any

other party to, this Note or any other Loan Document; provided that this clause (i) shall not be

effective unless the Bank has delivered to the Borrowers a Term RFR Notice with respect to the

applicable Term RFR Transition Event. For the avoidance of doubt, the Bank shall not be

required to deliver a Term RFR Notice after a Term RFR Transition Event and may elect or not

elect to do so in its sole discretion.

(xi) If at any time the designated rate applicable to any Loan made by Bank exceeds Bank’s

highest lawful rate, the rate of interest on such Loan shall be limited to such highest lawful rate.

The applicable Base Rate, Eurocurrency Rate, Daily Simple SOFR Rate, Daily Simple RFR, or

Term RFR shall be determined by the Bank, and such determination shall be conclusive absent

manifest error. Interest on the principal amount of each Advance denominated in an Agreed

Currency shall be paid by the Borrowers in such Agreed Currency.

For purposes hereof, the following terms shall have the following meanings:

“Adjustment Date” means the date, with respect to each fiscal quarter of PLP in each fiscal year,

commencing with the first (1st) fiscal quarter end immediately following the date hereof, that is

the first day of the first calendar month after the date on which PLP delivers the financial

statements required hereunder to be delivered with respect to such fiscal quarter, together with a

Compliance Certificate.

“Applicable Margin” shall mean, for any day, with respect to any advance made under

the Facility, (i) from the date hereof until the first Adjustment Date thereafter, (x) the

percentage per annum applicable to subject LCs, Base Rate Option, Daily Simple SOFR

Rate Option, Benchmark Option, Australian Dollar Loans or Polish Zloty Loans, as the

case may be in Tier 1 in the table set forth below, and (ii) from and after such first

Adjustment Date and any subsequent Adjustment Date, the percentage per annum

applicable to subject LCs, Base Rate Option, Daily Simple SOFR Rate Option,

Benchmark Option, Australian Dollar Loans or Polish Zloty Loans, as the case may be,

corresponding to the level of the Funded Debt to EBITDA Ratio in the table set forth

below for the trailing twelve month period ending on the last day of the most recently

completed fiscal quarter prior to the applicable Adjustment Date, provided, however, that

notwithstanding clauses (i) and (ii) above, to the extent that either (A) the financial

statements or the Compliance Certificate required to be delivered following any fiscal

quarter are not delivered by the due date therefor, or (B) any Event of Default has

occurred and is continuing, then the Applicable Margin shall be, from and after such due

date or the date of such Event of Default (as applicable) until the date on which such

financial statements and Compliance Certificate are delivered or such Event of Default is

no longer continuing (as applicable), the percentage per annum applicable to subject LCs,

Base Rate Option, Daily Simple SOFR Rate Option, Benchmark Option, Australian

Dollar Loans or Polish Zloty Loans, as the case may be, set forth in Tier 2; provided,

further, however, that nothing in herein shall limit the applicability of Section 6 with

respect to the imposition of a default rate of interest:

	Funded Debt to<br>EBITDA Ratio	Applicable Margin for Base Rate Option (bps)	Applicable Margin for Daily Simple SOFR Rate Option<br>(bps)**	Applicable Margin for Euro Loans<br>(bps)	Applicable Margin for Australian Dollar Loans<br>(bps)	Applicable Margin for subject LCs<br>(bps)	Applicable Margin<br>For<br>Polish Zloty Loans<br>(bps)	Applicable Margin for New Zealand Dollar Loans (bps)
Tier 1	Less than or equal to 2.25x	0	122.5	112.5	112.5	112.5	112.5	112.5
Tier 2	Greater than 2.25x	37.5	160	150	150	150	150	150

** Includes a 10 bps SOFR adder.

“Australian Bank Bill Swap Bid Rate” shall mean the bank bill interest rate, the wholesale

interbank rate within Australia as published by the Australian Financial Markets Association

(AFMA). It is the borrowing rate among the country’s top market makers, and is widely used as

the benchmark interest rate for financial instruments.

“Australian Dollar Loan Interest Period” shall mean, as to any advance to which the

Australian Bank Bill Swap Bid Rate applies, the period of thirty (30) days, commencing on the

date of disbursement of an advance (or the date of conversion of an advance to the Australian

Bank Bill Swap Bid Rate, as the case may be) and each successive period of thirty (30) days

thereafter; provided that, if an Australian Dollar Loan Interest Period would end on a day which

is not a Business Day, it shall end on the next succeeding Business Day unless such day falls in

the next succeeding calendar month in which case the Australian Dollar Loan Interest Period shall

end on the next preceding Business Day.

“Available Tenor” means, as of any date of determination and with respect to the then-current

Benchmark for any Currency, as applicable, (x) if such Benchmark for such Currency is a term

rate or is based on a term rate, any tenor for such Benchmark (or component thereof) that is or

may be used for determining the length of an interest period pursuant to this Agreement or (y)

otherwise, any payment period for interest calculated with reference to such Benchmark (or

component thereof) for such Currency, that is or may be used for determining any frequency of

making payments of interest calculated with reference to such Benchmark pursuant to this

Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor

for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to

clause (iv) of this Section. For the avoidance of doubt, the Available Tenor for the a Daily Simple

RFR or Daily Simple SOFR Rate is one month.

“Base Rate” means the highest of (A) the Prime Rate, (B) the sum of the Overnight Bank

Funding Rate plus 50 basis points (0.50%), and (C) the sum of Daily Simple SOFR plus 100

basis points (1.00%), so long as Daily Simple SOFR is offered, ascertainable and not unlawful;

provided, however, if the Base Rate as determined above would be less than zero, then such rate

shall be deemed to be zero. If and when the Base Rate as determined above changes, the rate of

interest with respect to any amounts under this Note to which the Base Rate applies will change

automatically without notice to the Borrower, effective on the date of any such change.

“Benchmark” means, initially, with respect to Obligations, interest, fees, commissions, or other

amounts denominated in, or calculated with respect to, (a) Dollars, Daily Simple SOFR Rate, (b)

Euros, the Daily Simple RFR or Term RFR, or (c) Australian Dollars, the Eurocurrency Rate;

provided that if a Benchmark Transition Event has occurred with respect to the then-current

Benchmark, or upon the occurrence of a Term RFR Transition Event, then “Benchmark” means

the applicable Benchmark Replacement to the extent that such Benchmark Replacement has

replaced such prior benchmark rate pursuant to this Section. Any reference to “Benchmark” shall

include, as applicable, the published component used in the calculation thereof.

“Benchmark Replacement” means, the sum of (a) the alternate benchmark rate and (b) an

adjustment (which may be a positive or negative value or zero), in each case, that has been

selected by the Bank, giving due consideration to (x) any selection or recommendation of a

replacement benchmark rate or the mechanism for determining such a rate by the Relevant

Governmental Body or (y) any evolving or then-prevailing market convention for determining

a benchmark rate as a replacement to the then-current Benchmark for U.S. dollar-denominated

syndicated or bilateral commercial credit facilities at such time; provided that if the Benchmark

Replacement as determined pursuant to the foregoing would be less than the Floor, the

Benchmark Replacement will be deemed to be the Floor for the purposes of this Note.

“Benchmark Replacement Date” means a date and time determined by the Bank, which date

shall be no later than the earliest to occur of the following events with respect to the then-current

Benchmark:

(1)    in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,”

the later of (A) the date of the public statement or publication of information referenced therein

and (B) the date on which the administrator of such Benchmark (or the published component used

in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of

such Benchmark (or such component thereof); or

(2)    in the case of clause (3) of the definition of “Benchmark Transition Event,” the date determined by the Bank, which date shall promptly follow the date of the public statement or publication of information referenced therein;

For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark available under this Note (or the published component used in the calculation

thereof).

“Benchmark Transition Event” means, the occurrence of one or more of the following

events, with respect to the then-current Benchmark for any currency:

(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

(2) a public statement or publication of information by an Official Body having jurisdiction over the Bank, the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) or an Official Body having jurisdiction over the Bank announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that

a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has

replaced the then-current Benchmark for all purposes under this Note in accordance with Section

2(viii)(d) and (y) ending at the time that a Benchmark Replacement has replaced the then-current

Benchmark for all purposes under this Note in accordance with Section 2(viii)(d).

“Bloomberg” means Bloomberg Index Services Limited (or a successor administrator).

“Borrowing Date” means, with respect to any Revolving Loan, the date of the making,

renewal, or conversion thereof, which shall be a Business Day.

“Borrowing Tranche” means specified portions of advanced outstanding under this Note as

follows: (i) any Daily Simple SOFR Rate Option advances or Benchmark Option advances

which have the same Interest Period under the same advance shall constitute one Borrowing

Tranche, and (ii) all Base Rate Loans shall constitute one Borrowing Tranche.

“Business Day” shall mean any day other than a Saturday or Sunday or a legal holiday on which

commercial banks are authorized or required by law to be closed for business in Cleveland, Ohio;

provided that for purposes of any direct or indirect calculation or determination of, or when used

in connection with any interest rate settings, fundings, disbursements, settlements, payments, or

other dealings with respect to any (i) Daily Simple SOFR Rate Loan, the term “Business Day”

means any such day that is also a U.S. Government Securities Business Day; (ii) Eurocurrency

Rate Loan, the term “Business Day” means any such day that is also a Eurocurrency Banking

Day; and (iii) RFR Loan, the term “Business Day” means any such day that is also an RFR

Business Day.

“CEA” means the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to

time, and any successor statute.

“Change of Control” shall mean (a) the Ruhlman Family shall cease to own directly or

beneficially at least 25% of the outstanding voting Equity Interests of PLP on a fully diluted

basis, in each case free and clear of all liens or other encumbrances; (b) PLP shall cease to own,

free and clear of all liens or other encumbrances, at least the percentage of the outstanding voting

Equity Interests of each of its subsidiaries on a fully diluted basis as is indicated on the corporate

structure chart delivered to Bank in connection with the initial closing of the Loan Agreement (as

hereinafter defined); (c) occupation of a majority of the seats (other than vacant seats) on the

board of directors of PLP or any of its subsidiaries, as the case may be, by Persons who were

neither (i) nominated by the board of directors of such entity nor (ii) appointed by directors so

nominated; (d) the acquisition of direct or indirect Control of PLP by any Person or group other

than the Ruhlman Family; or (e) PLP shall cease to own, free and clear of all liens or other

encumbrances 100% of the outstanding voting Equity Interests of PLP Australia, PLP New

Zealand, PLP Poland, PLP Austria and PLP Spain.

“Company” shall have the meaning ascribed thereto in the Loan Agreement (as hereinafter

defined).

“Conforming Changes” means, with respect to Daily Simple SOFR or any Benchmark

Replacement, any technical, administrative or operational changes (including changes to the

definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period” (or

other applicable provision regarding interest periods available), the definition of “U.S.

Government Securities Business Day,” timing and frequency of determining rates and making

payments of interest, timing of borrowing requests or prepayment, conversion or continuation

notices, the applicability and length of lookback periods, the applicability of breakage provisions,

and other technical, administrative or operational matters) that the Bank decides may be

appropriate to reflect the adoption and implementation of Daily Simple SOFR or such Benchmark

Replacement and to permit the administration thereof by the Bank in a manner substantially

consistent with market practice (or, if the Bank decides that adoption of any portion of such

market practice is not administratively feasible or if the Bank determines that no market practice

for the administration of Daily Simple SOFR or the Benchmark Replacement exists, in such other

manner of administration as the Bank decides is reasonably necessary in connection with the

administration of this Note).

“Control” means the possession, directly or indirectly, of the power to direct or cause the

direction of the management or policies of a Person, whether through the ability to exercise

voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings

correlative thereto.

“Daily Simple RFR” means, for any day (an “RFR Day”), a rate per annum determined by the

Bank, for any Obligations, interest, fees, commissions or other amounts denominated in, or

calculated with respect to any applicable Daily Simple RFR below by dividing (the resulting

quotient rounded upwards, at the Bank’s discretion, to the nearest 1/100 of 1%) (a) the applicable

Daily Simple RFR set forth below by (b) a number equal to 1.00 minus the RFR Reserve

Percentage:

(a) Euro, €STR for the day (such day, adjusted as applicable as set forth herein, the

“€STR Lookback Day”) that is two (2) Business Days prior to (A) if such RFR Day is a

Business Day, such RFR Day or (B) if such RFR Day is not a Business Day, the Business

Day immediately preceding such RFR Day, in each case, as such €STR is published by

the €STR Administrator on the €STR Administrator’s Website;

provided that if the adjusted rate as determined above would be less than the Floor, such rate shall

be deemed to be the Floor for purposes of this Note. The adjusted Daily Simple RFR rate for each

outstanding Daily Simple RFR Loan shall be adjusted automatically as of the effective date of

any change in the RFR Reserve Percentage. The Bank shall give prompt notice to the Borrower

Representative of the adjusted Daily Simple RFR Rate as determined or adjusted in accordance

herewith, which determination shall be conclusive absent manifest error.

If by 5:00 pm (local time for the applicable RFR) on the second (2nd) Business Day immediately

following any Daily Simple RFR Lookback Day, the RFR in respect of such Daily Simple RFR

Lookback Day has not been published on the applicable RFR Administrator’s Website and a

Benchmark Replacement Date with respect to the applicable Daily Simple RFR has not occurred,

then the RFR for such Daily Simple RFR Lookback Day will be the RFR as published in respect

of the first preceding Business Day for which such RFR was published on the RFR

Administrator’s Website; provided that any RFR determined pursuant to this sentence shall be

utilized for purposes of calculation of Daily Simple RFR for no more than three (3) consecutive

RFR Days. Any change in Daily Simple RFR due to a change in the applicable RFR shall be

effective from and including the effective date of such change in the RFR without notice to the

Borrower Representative.

“Daily Rate Loan” means a Loan that bears interest at a rate based on the (i) Base Rate, (ii)

Daily Simple RFR or (iii) Daily Simple SOFR Rate.

“Daily Simple RFR Lookback Days” means, €STR Lookback Day.

“Daily Simple RFR Option” means the option of the Borrowers to have Loans bear interest at

the rate and under the terms specified in Section 2(e)(B) [Daily Simple RFR Option].

“Daily Simple SOFR” means, for any day (a “SOFR Rate Day”), the interest rate per annum

determined by the Bank by dividing (the resulting quotient rounded upwards, at the Bank’s

discretion, to the nearest 1/100th of 1%) (A) SOFR for the day (the “SOFR Determination

Date”) that is 2 Business Days prior to (i) such SOFR Rate Day if such SOFR Rate Day is a

Business Day or (ii) the Business Day immediately preceding such SOFR Rate Day if such SOFR

Rate Day is not a Business Day, by (B) a number equal to 1.00 minus the SOFR Reserve

Percentage, in each case, as such SOFR is published by the Federal Reserve Bank of New York

(or a successor administrator of the secured overnight financing rate) on the website of the

Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor

source identified by the Federal Reserve Bank of New York or its successor administrator for the

secured overnight financing rate from time to time. If Daily Simple SOFR as determined above

would be less than the SOFR Floor, then Daily Simple SOFR shall be deemed to be the SOFR

Floor. If SOFR for any SOFR Determination Date has not been published or replaced with a

Benchmark Replacement by 5:00 p.m. (Pittsburgh, Pennsylvania time) on the second Business

Day immediately following such SOFR Determination Date, then SOFR for such SOFR

Determination Date will be SOFR for the first Business Day preceding such SOFR Determination

Date for which SOFR was published in accordance with the definition of “SOFR”; provided that

SOFR determined pursuant to this sentence shall be used for purposes of calculating Daily Simple

SOFR for no more than 3 consecutive SOFR Rate Days. If and when Daily Simple SOFR as

determined above changes, any applicable rate of interest based on Daily Simple SOFR will

change automatically without notice to the Borrower, effective on the date of any such change.

“Dollar”, “Dollars”, “U.S. Dollars” and the symbol “$” means, in each case, the lawful

money of the Unites States of America.

“Dollar Equivalent” means, for any amount, at the time of determination thereof, (a) if such

amount is expressed in Dollars, such amount, (b) if such amount is expressed in an Agreed

Foreign Currency, the equivalent of such amount in Dollars determined by using the rate of

exchange for the purchase of Dollars with the Agreed Foreign Currency last provided (either by

publication or otherwise provided to the Bank by the applicable Bloomberg source (or such other

publicly available source for displaying exchange rates as determined by the Bank from time to

time) on the date that is the applicable Daily RFR Lookback Day (for amounts relating to Daily

RFR Simple RFR Loans and letters of credit denominated in an Agreed Foreign Currency to

which a Daily Simple RFR would apply) immediately preceding the date of determination, or

otherwise on the date which is two (2) Business Days immediately preceding the date of

determination or otherwise with respect to Loans to which any other Interest Rate Option applies,

the lookback date applicable thereto (or if such service ceases to be available or ceases to provide

such rate of exchange, the equivalent of such amount in Dollars as determined by the Bank using

any method of determination it deems appropriate in its sole discretion) and (c) if such amount is

denominated in any other currency, the equivalent of such amount in Dollars as determined by the

Bank using any method of determination it deems appropriate in its sole discretion. Any

determination by the Banka pursuant to clauses (b) or (c) above shall be conclusive absent

manifest error.

“Effective Date” means the date of the Fifteenth Amended and Restated Line of Credit Note.

“Equity Interests” means shares of capital stock, partnership interests, membership interests in

a limited liability company, beneficial interests in a trust or other equity ownership interests in a

Person, and any warrants, options or other rights entitling the holder thereof to purchase or

acquire any such equity interest.

“€STR” means a rate equal to the Euro Short Term Rate as administered by the €STR

Administrator.

“€STR Administrator” means the European Central Bank (or any successor administrator of the

Euro Short Term Rate).

“€STR Administrator’s Website” means the European Central Bank’s website, currently at

http://www.ecb.europa.eu, or any successor source for the Euro Short Term Rate identified as

such by the €STR Administrator from time to time.

“Euro” or “€” mean the single currency of the Participating Member States.

“Eurocurrency Banking Day” means any day which is, as applicable, for Obligations, interest,

fees, commissions or other amounts denominated in, or calculated with respect to (i) Euros, a

TARGET Day and (ii) Australian Dollars, any day on which banks are open for business in

Australia.

“Eurocurrency Rate” means, with respect to any Eurocurrency Rate Borrowing for any Interest

Period, an interest rate per annum determined by Bank by dividing (the resulting quotient

rounded upwards, at the Bank’s discretion, to the nearest 1/100 of 1%)(a) the applicable

Eurocurrency Rate below for such Interest Period by (b) a number equal to 1.00 minus the

Eurocurrency Reserve Percentage:

(a) denominated in Australian Dollars, the rate per annum equal to the Australian Bank

Bill Swap Bid Rate or the successor thereto as approved by the Bank as published by

Bloomberg (or on any successor or substitute service providing rate quotations

comparable to those currently provided by such service, as determined by the Bank from

time to time) for the applicable Interest Period, rounded upwards, at the Bank’s

discretion, to the nearest 1/100th of 1% per annum at approximately 10:00 a.m. (Sydney,

Australia time), two (2) Eurocurrency Banking Days prior to the commencement of such

Interest Period, as the rate for deposits in Australian Dollars with a maturity comparable

to such Interest Period; provided, that if by such time the Australian Bank Bill Swap Bid

Rate in respect of such day has not been so published, or such day is not a Business Day,

then the Australian Bank Bill Swap Bid Rate for such day will be the Australian Bank

Bill Swap Bid Rate as published in respect of the first preceding Business Day for which

such Australian Bank Bill Swap Bid Rate was published thereon; provided further that

any Australian Bank Bill Swap Bid Rate so determined based on the first preceding

Business Day shall be utilized for purposes of calculation of the Eurocurrency Rate for no

more than three (3) consecutive Business Days (any such day, collectively, the

“Australian Rate Lookback Day”);

provided that if the adjusted Eurocurrency Rate as determined above would be less than

the Floor, such rate shall be deemed to be the Floor for purposes of this Note. The

Eurocurrency Rate for any Loans shall be based upon the Eurocurrency Rate for the

Currency in which such Loans are requested. The Eurocurrency Rate for each outstanding

Eurocurrency Rate Loan shall be adjusted automatically as of the effective date of any

change in the Eurocurrency Reserve Percentage. The Bank shall give prompt notice to the

Borrower Representative of the Eurocurrency Rate as determined or adjusted in

accordance herewith, which determination shall be conclusive absent manifest error.

“Eurocurrency Rate Lookback Days” means, collectively, Australian Rate Lookback Day and

New Zealand Rate Lookback Day and each such day is a “Eurocurrency Rate Lookback Day”,

“Eurocurrency Rate Borrowing” means, as to any Borrowing Tranche, a Eurocurrency Rate

Loan comprising such Borrowing Tranche.

“Eurocurrency Rate Loan” means a Loan that bears interest at a rate based on the Eurocurrency

Rate.

“Eurocurrency Rate Option” means the option of the Borrower to have Loans bear interest at

the rate and under the terms specified in Section 2(iv) [Australian Dollar Loans].

“Eurocurrency Reserve Percentage” means, for any day during any Interest Period, the reserve

percentage in effect on such day, whether or not applicable to any Lender, under regulations

issued from time to time by the Federal Reserve Board for determining the maximum reserve

requirement (including any emergency, special, supplemental or other marginal reserve

requirement) with respect to eurocurrency funding (currently referred to as “Eurocurrency

liabilities” in Regulation D) or any other reserve ratio or analogous requirement of any central

banking or financial regulatory authority imposed in respect of the maintenance of the

Commitments or the funding of the Loans.

“Excluded Hedge Liability or Liabilities” means, with respect to each Borrower, each of its

Swap Obligations if, and only to the extent that, all or any portion of this Agreement or any other

Loan Document that relates to such Swap Obligation is or becomes illegal under the CEA, or any

rule, regulation or order of the CFTC, solely by virtue of such Loan Party’s failure to qualify as

an Eligible Contract Participant on the Eligibility Date for such Swap. Notwithstanding anything

to the contrary contained in the foregoing or in any other provision of this Agreement or any

other Loan Document, the foregoing is subject to the following provisos: (a) if a Swap Obligation

arises under a master agreement governing more than one Swap, this definition shall apply only

to the portion of such Swap Obligation that is attributable to Swaps for which such guaranty or

security interest is or becomes illegal under the CEA, or any rule, regulations or order of the

CFTC, solely as a result of the failure by such Loan Party for any reason to qualify as an Eligible

Contract Participant on the Eligibility Date for such Swap, (b) if a guarantee of a Swap Obligation

would cause such obligation to be an Excluded Hedge Liability but the grant of a security interest

would not cause such obligation to be an Excluded Hedge Liability, such Swap Obligation shall

constitute an Excluded Hedge Liability for purposes of the guaranty but not for purposes of the

grant of the security interest, and (c) if there is more than one Loan Party executing this

Agreement or the other Loan Documents and a Swap Obligation would be an Excluded Hedge

Liability with respect to one or more of such Persons, but not all of them, the definition of

Excluded Hedge Liability or Liabilities with respect to each such Person shall only be deemed

applicable to (i) the particular Swap Obligations that constitute Excluded Hedge Liabilities with

respect to such Person, and (ii) the particular Person with respect to which such Swap Obligations

constitute Excluded Hedge Liabilities.

“Fallback Rate” means the Base Rate.

“Federal Funds Open Rate” shall mean, for any day, the rate per annum (based on a year of 360

days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North

America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day

opposite the caption “OPEN” (or on such other substitute Bloomberg Screen that displays such

rate), or as set forth on such other recognized electronic source used for the purpose of displaying

such rate as selected by the Bank (an “Alternate Source”) (or if such rate for such day does not

appear on the Bloomberg Screen BTMM (or any substitute screen) or on any Alternate Source, or

if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or any

substitute screen) or any Alternate Source, a comparable replacement rate determined by the

Bank at such time (which determination shall be conclusive absent manifest error); provided

however, that if such day is not a Business Day, the Federal Funds Open Rate for such day shall

be the “open” rate on the immediately preceding Business Day. The rate of interest charged shall

be adjusted as of each Business Day based on changes in the Federal Funds Open Rate without

notice to the Borrowers.

“Floor” means the benchmark rate floor, if any, provided in this Note with respect to

Daily Simple SOFR or if no floor is specified, zero.

“Foreign Currency Hedge” means any foreign exchange transaction, including spot and forward

foreign currency purchases and sales, listed or over-the-counter options on foreign currencies,

non-deliverable forwards and options, foreign currency swap agreements, currency exchange rate

price hedging arrangements, and any other similar transaction providing for the purchase of one

currency in exchange for the sale of another currency.

“Foreign Currency Hedge Liabilities” means as is specified in the definition of Lender

Provided Foreign Currency Hedge.

“Governmental Authority” means the government of the United States of America or any

other nation, or of any political subdivision thereof, whether state or local, and any agency,

authority, instrumentality, regulatory body, court, central bank or other entity exercising

executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or

pertaining to government (including any supra-national bodies such as the European Union or the

European Central Bank).

“Interest Period” means the period of time selected by the Borrower Representative in

connection with (and to apply to) any election permitted hereunder by the Borrower

Representative to have advances under this Note bear interest under a Term Rate Loan Option.

Subject to the last sentence of this definition and subject to availability for the interest rate

applicable to the relevant Currency, such period shall be one, three or six months. Such Interest

Period shall commence on the effective date of such Term Rate Loan Option, which shall be (i)

the Borrowing Date if the Borrower Representative is requesting new advances under this Note,

or (ii) the date of renewal of or conversion to a Term Rate Loan Option if the Borrower

Representative is renewing or converting to a Term Rate Loan Option applicable to outstanding

advances under this Note. Notwithstanding the second sentence hereof: (A) any Interest Period

which would otherwise end on a date which is not a Business Day shall be extended to the next

succeeding Business Day unless such Business Day falls in the next calendar month, in which

case such Interest Period shall end on the next preceding Business Day and (B) the Borrower

Representative shall not select, convert to or renew an Interest Period for any portion of the

advances under this Note that would end after the Expiration Date.

“IOSCO Principles” means the International Organization of Securities

Commissions’ (IOSCO) Principles for Financial Benchmarks, as the same may be amended or

supplemented from time to time.

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps

and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from

time to time, or any successor definitional booklet for interest rate derivatives published from

time to time by the International Swaps and Derivatives Association, Inc. or such successor

thereto.

“Lender Provided Foreign Currency Hedge” means a Foreign Currency Hedge which is

entered into between any Borrower and Bank that: (a) is documented in a standard International

Swaps and Derivatives Association Master Agreement or another reasonable and customary

manner, (b) provides for the method of calculating the reimbursable amount of the provider’s

credit exposure in a reasonable and customary manner, and (c) is entered into for hedging (rather

than speculative) purposes. The liabilities owing to Bank providing any Lender Provided Foreign

Currency Hedge (the “Foreign Currency Hedge Liabilities”) by any Borrower that is party to such

Lender Provided Foreign Currency Hedge shall, for purposes of this Note and all other Loan

Documents be “Obligations” of such Person and of each other Borrower, be guaranteed

obligations under this Note and otherwise treated as Obligations for purposes of the other Loan

Documents, except to the extent constituting Excluded Hedge Liabilities of such Person.

“Lender Provided Interest Rate Hedge” means an Interest Rate Hedge which is entered into

between any Loan Party and any Hedge Bank that: (a) is documented in a standard International

Swaps and Derivatives Association Master Agreement or another reasonable and customary

manner, (b) provides for the method of calculating the reimbursable amount of the provider’s

credit exposure in a reasonable and customary manner, and (c) is entered into for hedging (rather

than speculative) purposes. The liabilities owing to the Hedge Bank providing any Lender

Provided Interest Rate Hedge (the “Interest Rate Hedge Liabilities”) by any Loan Party that is

party to such Lender Provided Interest Rate Hedge shall, for purposes of this Agreement and all

other Loan Documents, be “Obligations” of such Person and of each other Loan Party, be

guaranteed obligations under any Guaranty Agreement and secured obligations under any other

Loan Document, as applicable, except to the extent constituting Excluded Hedge Liabilities of

such Person. The Liens securing the Hedge Liabilities shall be pari passu with the Liens securing

all other Obligations under this Agreement and the other Loan Documents, subject to the express

provisions of Section 10.3 [Application of Proceeds].

“Loans” means, collectively, and “Loan” means, separately, all Revolving Credit Loans.

“NZFMA Bank Bill Reference Rate” shall mean the bank bill benchmark rate published by

the New Zealand Financial Markets Association (NZFMA). It is the borrowing rate among the

country’s top market makers, and is widely used as the benchmark interest rate for financial

instruments.

“Obligation” means any obligation or liability of any of the Borrowers or other credit support

providers specified in the Loan Documents, howsoever created, arising or evidenced, whether

direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due,

under or in connection with (a) this Note or any other Loan Document whether to the Bank or its

affiliates or other persons provided for under such Loan Documents and (b) any Other Lender

Provided Financial Service Product. Notwithstanding anything to the contrary contained in the

foregoing, the Obligations shall not include any Excluded Hedge Liabilities.

“Official Body” means the government of the United States of America or any other nation, or

of any political subdivision thereof, whether state or local, and any agency, authority,

instrumentality, regulatory body, court, central bank or other entity exercising executive,

legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to

government (including any supra-national bodies such as the European Union or the European

Central Bank) and any group or body charged with setting financial accounting or regulatory

capital rules or standards (including the Financial Accounting Standards Board, the Bank for

International Settlements or the Basel Committee on Banking Supervision or any successor or

similar authority to any of the foregoing).

“Participating Member State” means any member state of the European Union that has the

euro as its lawful currency in accordance with legislation of the European Union relating to

Economic and Monetary Union.

“Person” means any natural person, corporation, limited liability company, trust, joint venture,

association, company, partnership, Governmental Authority or other entity.

“Polish Zloty Loan Interest Period” shall mean, as to any advance to which WIBOR applies,

the period of thirty (30) days, commencing on the date of disbursement of an advance (or the date

of conversion of an advance to WIBOR, as the case may be) and each successive period of thirty

(30) days thereafter; provided that, if a Polish Zloty Loan Interest Period would end on a day

which is not a Business Day, it shall end on the next succeeding Business Day unless such day

falls in the next succeeding calendar month in which case the Polish Zloty Loan Interest Period

shall end on the next preceding Business Day.

“Prime Rate” shall mean the rate publicly announced by the Bank from time to time as its prime

rate. The Prime Rate is determined from time to time by the Bank as a means of pricing some

loans to its borrowers. The Prime Rate is not tied to any external rate of interest or index, and

does not necessarily reflect the lowest rate of interest actually charged by the Bank to any

particular class or category of customers.

“Published Rate” shall mean the one-month Bloomberg Short-Term Bank Yield Index rate

administered by Bloomberg and published by Bloomberg or another commercially available

source providing such quotations as may be designated by the Bank from time to time.

“Reference Time” means, with respect to any setting of the then-current Benchmark, the time

determined by the Bank in its reasonable discretion.

“Relevant Governmental Body” means the Board of Governors of the Federal Reserve

System of the United States and/or the Federal Reserve Bank of New York, or a committee

officially endorsed or convened by the Board of Governors of the Federal Reserve System of the

United States and/or the Federal Reserve Bank of New York, or any successor thereto.

“Revolving Credit Loans” means, collectively, and Revolving Credit Loan means, separately,

all advances made by Bank to Borrowers pursuant to Section 1 [Advances] of this Note.

“RFR” means, for any Obligations, interest, fees, commissions or other amounts denominated

in, or calculated with respect to Euro, €STR.

“RFR Adjustment” means with respect to Daily Simple RFR Loans or Term RFR Rate Loans,

the adjustment set forth in the table below corresponding to such Currency for the corresponding

Daily Simple RFR Option or Term RFR Option:

Currency	Adjustment to Daily Simple RFR	Adjustment to Term RFR
Euros	0.0456%	0.0456%

“RFR Administrator” means the €STR Administrator.

“RFR Administrator’s Website” means the €STR Administrator’s Website.

“RFR Business Day” means as applicable, for any Obligations, interest, fees, commissions or

other amounts denominated in, or calculated with respect to Euro, a TARGET Day.

“RFR Loan” means a Loan that bears interest at a rate based on a Daily Simple RFR or, after

the replacement of the then-current Benchmark for any Currency for all purposes hereunder or

under any Loan Document with a Term RFR pursuant to Section 2(vii)(P) [Term RFR

Transition Event], the Term RFR for such Currency, as the context may require.

“RFR Reserve Percentage” means as of any day, the maximum effective percentage in effect on

such day, if any, as prescribed by the Board of Governors of the Federal Reserve System (or any

successor) for determining the reserve requirements (including, without limitation, supplemental,

marginal and emergency reserve requirements) with respect to RFR Loans.

“Ruhlman Family” shall mean Barbara P. Ruhlman Irrevocable Trust Dated July 29, 2008,

Barbara P. Ruhlman, Robert G. Ruhlman, Abigail Ruhlman, Randall M. Ruhlman, J. Ryan

Ruhlman, Maegan A. R. Cross, and each of such individual’s offspring.

“SOFR” means, for any day, a rate equal to the secured overnight financing rate as administered

by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight

financing rate).

“SOFR Floor” means a rate of interest per annum equal to zero basis points (0.00%).

“SOFR Reserve Percentage” means, for any day, the maximum effective percentage in effect

on such day, if any, as prescribed by the Board of Governors of the Federal Reserve System (or

any successor) for determining the reserve requirements (including, without limitation,

supplemental, marginal and emergency reserve requirements) with respect to SOFR funding.

“Swap” means any “swap” as defined in Section 1a(47) of the CEA and regulations thereunder,

other than (a) a swap entered into, or subject to the rules of, a board of trade designated as a

contract market under Section 5 of the CEA, or (b) a commodity option entered into pursuant to

CFTC Regulation 32.3(a).

“Swap Obligation” means any obligation to pay or perform under any agreement, contract or

transaction that constitutes a Swap which is also a Lender Provided Interest Rate Hedge or a

Lender Provided Foreign Currency Hedge.

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express

Transfer payment system which utilizes a single shared platform and which was launched on

November 19, 2007.

“TARGET Day” means any day on which TARGET2 is open for the settlement of payments in

Euros.

“Term Rate Loan” means a Loan that bears interest at a rate based on the Eurocurrency Rate or

Term RFR.

“Term Rate Loan Option” means the option of the Borrowers to have Loans bear interest at the

rate and under the terms specified in Section 2(vi)(B).sto

“Term RFR” means, with respect to Euros for any Interest Period, a rate per annum determined

by the Bank, for any Obligations, interest, fees, commissions or other amounts denominated in, or

calculated with respect to any applicable Term RFR Forward Looking Rate by dividing (the

resulting quotient rounded upwards, at the Bank’s discretion, to the nearest 1/100 of 1%) (a) the

applicable Term RFR Forward Looking Rate by (b) a number equal to 1.00 minus the Term RFR

Reserve Percentage; provided that if the adjusted rate as determined above would be less than the

Floor, such rate shall be deemed to be the Floor for purposes of this Note. The adjusted Term

RFR for each outstanding Term RFR Loan shall be adjusted automatically as of the effective date

of any change in the Term RFR Reserve Percentage. The Bank shall give prompt notice to the

Borrower Representative of the adjusted Term RFR Rate as determined or adjusted in accordance

herewith, which determination shall be conclusive absent manifest error.

“Term RFR Forward Looking Rate” means, with respect to Euros for any Interest Period, the

forward-looking term rate for a period comparable to such Interest Period based on the RFR for

such Currency that is published by an authorized benchmark administrator and is displayed on a

screen or other information service, each as identified or selected by the Bank in its reasonable

discretion at approximately a time and as of a date prior to the commencement of such Interest

Period determined by the Bank.

“Term RFR Notice” means a notification by the Bank to the Borrower Representative of the

occurrence of a Term RFR Transition Event.

“Term RFR Option” means the option of the Borrower Representative to have advanced under

this Note bear interest at the rate and under the terms specified in Section 2(e)(A) [Term RFR

Option].

“Term RFR Rate Loan” means a Loan in Euros that bears interest at a rate based on Term RFR.

“Term RFR Transition Date” means, in the case of a Term RFR Transition Event, the date that

is set forth in the Term RFR Notice provided to the Borrowers pursuant to Section 2(vii)(P)

[Term RFR Transition Event], which date shall be at least 30 (thirty) calendar days from the

date of the Term RFR Notice.

“Term RFR Transition Event” means, with respect to Euros for any Interest Period, the

determination by the Bank that (a) the applicable Term RFR for such Currency is determinable

for each Available Tenor, (b) the administration of such Term RFR is administratively feasible

for the Bank, and (c) the RFR Administrator publishes, publicly announces or makes publicly

available that such Term RFR is administered in accordance with the IOSCO Principles, and (d)

such Term RFR is used as a benchmark rate in at least five currently outstanding syndicated

credit facilities denominated in the applicable Currency (and such syndicated credit facilities are

identified and are publicly available for review), and (e) such Term RFR is recommended for use

by a Relevant Governmental Body.

“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a

Sunday or (c) a day on which the Securities Industry and Financial Markets Association

recommends that the fixed income departments of its members be closed for the entire day for

purposes of trading in United States government securities.

“WIBOR” shall mean, in relation to any Advance denominated in Zloty and any Polish Zloty

Loan Interest Period:

(a) a rate per annum determined by the Bank to be equal to the WIBOR Screen Rate

(rounded upwards to five decimal places); or

(b) in the event that no such WIBOR Screen Rate is available, the rate per annum

determined by the Bank to be the arithmetic mean (rounded upwards to five decimal

places) of the rates offered by prime banks in the Warsaw interbank market for deposits

in the relevant Currency and with a term equivalent to such Polish Zloty Loan Interest

Period,

in each case, at or about 11 a.m. (Warsaw time) on the first day of the relevant Polish Zloty Loan

Interest Period.

“WIBOR Screen Rate” shall mean the percentage rate per annum determined by the Polish

Association of Banking Dealers (Stowarzyszenie Dealerow Bankowych ACI Polska), as

displayed on the appropriate page of the Reuters screen (and, if such page is replaced or service

ceases to be available, the Bank may specify another page or service displaying the appropriate

rate).

“Zloty” shall mean the lawful currency of Poland.

The foregoing notwithstanding, it is understood that the Borrowers may select different Options to apply simultaneously to different portions of the advances and may select up to six (6) different Borrowing Tranches to apply simultaneously to different portions of the advances bearing interest under the Daily Simple SOFR Rate Option or Benchmark Option. Interest hereunder will be calculated based on the actual number of days that principal is outstanding over a year of 360 days. In no event will the rate of interest hereunder exceed the maximum rate allowed by law.

3.     Interest Rate Election.  The Borrowers shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by the Borrower Representative from the applicable Interest Rate Options specified above applicable to the Loans, it being understood that, subject to the provisions of this Note, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that there shall not be at any one time outstanding more than six \(6\) Borrowing Tranches; provided further that if an Event of Default exists and is continuing, the Borrowers upon notice from Bank, may not request, convert to, or renew the Daily Simple SOFR Rate Option or Daily Simple RFR Option for any Loans and the Bank may demand that all existing Borrowing Tranches \(i\) denominated in Dollars bearing interest under a Daily Simple SOFR Rate Option shall be converted immediately to the Base Rate Option and \(ii\) denominated in an Agreed Currency shall either \(x\) \(A\) in relation to Term Rate Loans, be converted immediately to the Base Rate Option denominated in Dollars \(in an amount equal to the Dollar Equivalent of such Agreed Currency\) at the end of the Interest Period therefor; and \(B\) in relation to Daily Rate Loans, be converted immediately to the Base Rate Option or \(y\) in relation to Term Rate Loans, be prepaid at the end of the applicable Interest Period in full, subject to the obligation of the Borrower to pay any indemnity under Section 8 \[Yield Protection; Break Funding Indemnification\] in connection with such conversion.
   

4.     Advance Procedures.  A request for advance made by telephone must be promptly confirmed in writing by such method as the Bank may require.  Each Borrower authorizes the Bank to accept telephonic requests for advances, and the Bank shall be entitled to rely upon the authority of the CFO,  VP – Finance, Controller, General Counsel, or Treasury Manager providing such instructions.  Each Borrower hereby indemnifies and holds the Bank harmless from and against any and all damages, losses, liabilities, costs and expenses \(including reasonable attorneys’ fees and expenses\) which may arise or be created by the acceptance of such telephone requests or making such advances.  The Bank will enter on its books and records, which entry when made will be presumed correct, the date and amount of each advance, the interest rate and interest period applicable thereto, as well as the date and amount of each payment; provided, however, that failure to make any such entry shall in no way detract from Borrowers’ obligations under this Note.
   

5.     Payment Terms; Commitment Fee.  The Borrowers shall pay accrued interest on the unpaid principal balance of this Note in arrears:  \(a\) for the portion of advances bearing interest under the Base Rate Option and the Benchmark Option, on the first day of each month during the term hereof, \(b\) for the portion of advances bearing interest under the Daily Simple SOFR Rate Option with respect to the Benchmark Option, on the last day of the respective Interest Period or Available Tenor, as applicable, for such advance, \(c\) if any Interest Period or Benchmark Option Available Tenor is longer than three \(3\) months, then also on the three \(3\) month anniversary of such interest period and every three \(3\) months thereafter, and \(d\) for all advances, at maturity, whether by acceleration of this Note or otherwise, and after maturity, on demand until paid in full.  All outstanding principal and accrued interest hereunder shall be due and payable in full on the Expiration Date.  All advances under this Note shall be repaid and each payment of interest thereon shall be paid in the currency in which such advance was made.  If for any reason any Borrower is prohibited by any law, rule, regulation or any other reason from making any required payment hereunder or under any of the other Loan Documents in an Agreed Foreign Currency,
   

such Borrower will make such payment in Dollars in the Dollar Amount of such Agreed Foreign Currency payment amount.

If any payment under this Note shall become due on a Saturday, Sunday or public holiday under the laws of the State where the Bank’s office indicated above is located, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in computing interest in connection with such payment. Each Borrower hereby authorizes the Bank to charge such Borrower’s deposit account at the Bank for any payment when due hereunder. Payments received will be applied to charges, fees and expenses (including attorneys’ fees), accrued interest and principal in any order the Bank may choose, in its sole discretion.

The Borrowers shall pay to the Bank quarterly in arrears, on the last day of each calendar quarter, a commitment fee in the amount of the product of twenty (20) basis points (0.20%) per annum multiplied by the average daily unused amount of the Facility during the most recently ended quarter.

Notwithstanding anything to the contrary set forth herein or in any of the other Loan Documents, if, after the making of any Revolving Loan in any currency other than Dollars, currency control or exchange regulations are imposed in the country which issues such currency with the result that the type of currency in which such advance was made (the "Original Currency") no longer exists or a Borrower is not able to make payment to the Bank in such Original Currency, then all payments to be made by such Borrower hereunder in such currency shall instead be made when due in Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Borrowers take all risks of the imposition of any such currency control or exchange regulations.

6.     Late Payments; Default Rate.  If any Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within fifteen \(15\) calendar days of the date due and payable, such Borrower also shall pay to the Bank a late charge equal to the lesser of five percent \(5%\) of the amount of such payment or $100.00 \(the “Late Charge”\).  Such fifteen \(15\) day period shall not be construed in any way to extend the due date of any such payment.  Upon maturity, whether by acceleration, demand or otherwise, and at the Bank’s option upon the occurrence of any Event of Default \(as hereinafter defined\) and during the continuance thereof, each advance outstanding under this Note shall bear interest at a rate per annum \(based on the actual number of days that principal is outstanding over a year of 360 days\) which shall be two percentage points \(2%\) in excess of the interest rate in effect from time to time under this Note but not more than the maximum rate allowed by law \(the “Default Rate”\).  The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.  Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying the Bank’s expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Bank’s exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which the Bank may employ.  In addition, the Default Rate reflects the increased credit risk to the Bank of carrying a loan that is in default.  Each Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated and actual harm incurred by the Bank, and that the actual harm incurred by the Bank cannot be estimated with certainty and without difficulty.
   

7.     Prepayment; Reduction of Facility.  The Borrowers shall have the right to prepay any advance hereunder at any time and from time to time, in whole or in part; subject, however, to payment of any break funding indemnification amounts owing pursuant to paragraph 8 below.  The Borrowers shall have the right to reduce the Facility from time to time in a minimum of $1,000,000 increments.
   

8.     Yield Protection; Break Funding Indemnification.  The Borrowers shall pay to the Bank on written demand therefor, together with the written evidence of the justification therefor, all direct costs
   

incurred, losses suffered or payments made by Bank by reason of any change in law or regulation or its interpretation imposing any reserve, deposit, allocation of capital, or similar requirement (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) on the Bank, its holding company or any of their respective assets. In addition, each Borrower agrees to indemnify the Bank against any liabilities, losses or expenses (including, without limitation, loss of margin, any loss or expense sustained or incurred in liquidating or employing deposits from third parties, and any loss or expense incurred in connection with funds acquired to effect, fund or maintain any advance (or any part thereof) bearing interest under the Daily Simple SOFR Rate Option) which the Bank sustains or incurs as a consequence of either (i) any Borrower’s failure to make a payment on the due date thereof, (ii) any Borrower’s revocation (expressly, by later inconsistent notices or otherwise) in whole or in part of any notice given to Bank to request, convert, renew or prepay any advance bearing interest under the Daily Simple SOFR Rate Option, or (iii) any Borrower’s payment or prepayment (whether voluntary, after acceleration of the maturity of this Note or otherwise) or conversion of any advance bearing interest under the Daily Simple SOFR Rate Option on a day other than the last day of the applicable Interest Period. A notice as to any amounts payable pursuant to this paragraph given to any Borrower by the Bank shall, in the absence of manifest error, be conclusive and shall be payable upon demand. Each Borrower’s indemnification obligations hereunder shall survive the payment in full of the advances and all other amounts payable hereunder.

9.     Other Loan Documents.  This Note is issued in connection with the Amended and Restated Loan Agreement between the Borrowers and the Bank, dated as of September 24, 2015 \(as further amended, modified or renewed from time to time, the “Loan Agreement”\), and the other agreements and documents now or hereafter executed and/or delivered in connection herewith or therewith or referred to herein or therein \(including, without limitation, the subject LCs\), the terms of which are incorporated herein by reference \(this Note, the Loan Agreement, and such other agreements and documents, each as amended, modified or renewed from time to time, being collectively referred to as the “Loan Documents”\), and is secured by the property \(if any\) described in the Loan Documents and by such other collateral as previously may have been or may in the future be granted to the Bank to secure this Note. Capitalized and other terms not defined herein shall have the meanings ascribed to them in the other Loan Documents.
   

10.   Events of Default.  The occurrence of any of the following events will be deemed to be an “Event of Default” under this Note: \(i\) \(A\) the nonpayment of \(1\) any principal under this Note when due and \(2\) interest, other indebtedness or any other amounts payable under this Note or any of the other Loan Documents \(other than reimbursements referred to in clause \(i\)\(B\) of this Section 10\) within ten \(10\) days after the same is due, and \(B\) failure to reimburse the Bank for any draft or other item paid by Bank pursuant to or otherwise in respect of any subject LC when obligated to do so; \(ii\) the occurrence of any event of default or any default and the lapse of any notice or cure period, or any Obligor’s failure to observe or perform any covenant or other agreement, under or contained in any Loan Document or any other document now or in the future, relating to, evidencing or securing any debt, liability or obligation of any Obligor to the Bank; \(iii\) the filing by or against any Obligor of any proceeding in bankruptcy, receivership, insolvency, reorganization, liquidation, conservatorship or similar proceeding \(and, in the case of any such proceeding instituted against any Obligor, such proceeding is not dismissed or stayed within 30 days of the commencement thereof, provided that the Bank shall not be obligated to advance additional funds hereunder during such period\); \(iv\) any assignment by any Obligor for the benefit of creditors, or any levy, garnishment, attachment or similar proceeding is instituted against any property of any Obligor held by or deposited with the Bank or the cessation of all or a substantial part of the business operations of any Obligor; \(v\) a default with respect to any other indebtedness of any Obligor for borrowed money, if the effect of such default is to cause or permit the acceleration of such debt, provided that this subsection shall not apply if and only so long as the aggregate unpaid principal balance of all such indebtedness in default does not exceed five million dollars \($5,000,000\) at any one time
    

outstanding; in this subsection, "default" means that (A) there shall have occurred (or shall exist) in respect of the indebtedness in question any event, condition or other thing that constitutes, or that with the giving of notice or the lapse of any applicable grace period or both would constitute, a default which accelerates (or permits any creditor or creditors or representative or creditors to accelerate) the maturity of any such indebtedness, (B) any such indebtedness (other than any payable on demand) shall not have been paid in full at its stated maturity, or (C) any such indebtedness payable on demand shall not have been paid in full within ten (10) banking days after any actual demand for payment); (vi) if at any time (A) the aggregate of all undischarged final judgments (excluding final judgments the execution of which, on the date of determination, are effectively stayed) against the Obligors or any thereof for the payment of money shall exceed $5,000,000 or (B) the aggregate of all liabilities of the Obligors arising from defaults under ERISA (as defined in the Loan Agreement) shall exceed $5,000,000; (vii) the commencement of any foreclosure or forfeiture proceeding, execution or attachment against any collateral securing the obligations of any Obligor to the Bank; (viii) any material adverse change in any Obligor’s business, assets, operations, financial condition or results of operations; (ix) any Obligor ceases doing business as a going concern; (x) any representation or warranty made by any Obligor to the Bank in any Loan Document or any other documents now or in the future evidencing or securing the obligations of any Obligor to the Bank, is false, erroneous or misleading in any material respect; (xi) if this Note or any guarantee executed by any Obligor is secured, the failure of any Obligor to provide the Bank with additional collateral if in the Bank’s opinion at any time or times, the market value of any of the collateral securing this Note or any guarantee has depreciated below that required pursuant to the Loan Documents or, if no specific value is so required, then in an amount deemed material by the Bank; (xii) the revocation or attempted revocation, in whole or in part, of any guarantee by any Obligor; or (xiii) the occurrence of a Change of Control. As used herein, the term “Obligor” means any Borrower, and any guarantor of the Borrowers’ obligations to the Bank existing on the date of this Note or arising in the future.

Upon the occurrence and during the continuance of an Event of Default: (a) the Bank shall be under no further obligation to make advances hereunder; (b) if an Event of Default specified in clause (iii) or (iv) above shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable hereunder shall be immediately due and payable without demand or notice of any kind; (c) if any other Event of Default shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable hereunder, at the Bank’s option and without demand or notice of any kind, may be accelerated and become immediately due and payable; (d) at the Bank’s option, this Note will bear interest at the Default Rate from the date of the occurrence of the Event of Default; and (e) the Bank may exercise from time to time any of the rights and remedies available under the Loan Documents or under applicable law.

11.    Power to Confess Judgment. Each Borrower hereby irrevocably authorizes any attorney‑at‑law, including an attorney employed by or retained and paid by the Bank, to appear in any court of record in or of the State of Ohio, or in any other state or territory of the United States, at any time after the indebtedness evidenced by this Note becomes due, whether by acceleration or otherwise, to waive the issuing and service of process and to confess a judgment against any Borrower in favor of the Bank, and/or any assignee or holder hereof for the amount of principal and interest and expenses then appearing due from the Borrowers under this Note, together with costs of suit and thereupon to release all errors and waive all right of appeal or stays of execution in any court of record. Each Borrower hereby expressly (i) waives any conflict of interest of the attorney(s) retained by the Bank to confess judgment against any Borrower upon this Note, and (ii) consents to the receipt by such attorney(s) of a reasonable legal fee from the Bank for legal services rendered for confessing judgment against any Borrower upon this Note. A copy of this Note, certified by the Bank, may be filed in each such proceeding in place of filing the original as a warrant of attorney.

12.   Right of Setoff.  In addition to all liens upon and rights of setoff against any Borrower’s money, securities or other property given to the Bank by law, the Bank shall have, with respect to the Borrowers’ obligations to the Bank under this Note and to the extent permitted by law, a contractual possessory security interest in and a contractual right of setoff against, and each Borrower hereby grants the Bank a security interest in, and hereby assigns, conveys, delivers, pledges and transfers to the Bank, all of such Borrower’s right, title and interest in and to, all of such Borrower’s deposits, moneys, securities and other property now or hereafter in the possession of or on deposit with, or in transit to, the Bank or any other direct or indirect subsidiary of The PNC Financial Services Group, Inc., whether held in a general or special account or deposit, whether held jointly with someone else, or whether held for safekeeping or otherwise, excluding, however, all IRA, Keogh, and trust accounts.  Every such security interest and right of setoff may be exercised without demand upon or notice to the Borrowers.  Every such right of setoff shall be deemed to have been exercised immediately upon the occurrence of an Event of Default hereunder without any action of the Bank, although the Bank may enter such setoff on its books and records at a later time.
    

13.   Indemnity.  Each Borrower agrees to indemnify each of the Bank, each legal entity, if any, who controls, is controlled by or is under common control with the Bank, and each of their respective directors, officers and employees \(the “Indemnified Parties”\), and to defend and hold each Indemnified Party harmless from and against any and all claims, damages, losses, liabilities and expenses \(including all fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation therefor\) which any Indemnified Party may incur or which may be asserted against any Indemnified Party by any person, entity or Governmental Authority \(including any person or entity claiming derivatively on behalf of any Borrower\), in connection with or arising out of or relating to the matters referred to in this Note or in the other Loan Documents or the use of any advance hereunder, whether \(a\) arising from or incurred in connection with any breach of a representation, warranty or covenant by any Borrower, or \(b\) arising out of or resulting from any suit, action, claim, proceeding or governmental investigation, pending or threatened, whether based on statute, regulation or order, or tort, or contract or otherwise, before any court or Governmental Authority; provided, however, that the foregoing indemnity agreement shall not apply to any claims, damages, losses, liabilities and expenses solely attributable to an Indemnified Party's gross negligence or willful misconduct.  The indemnity agreement contained in this Section shall survive the termination of this Note, payment of any advance hereunder and the assignment of any rights hereunder.  Any Borrower may participate at its expense in the defense of any such action or claim.
    

14.   Miscellaneous.  All notices, demands, requests, consents, approvals and other communications required or permitted hereunder \(“Notices”\) must be in writing \(except as may be agreed otherwise above with respect to borrowing requests\) and will be effective upon receipt. Notices may be given in any manner to which the parties may separately agree.  Without limiting the foregoing, first-class mail, facsimile transmission, electronic mail and commercial courier service are hereby agreed to as acceptable methods for giving Notices.  Regardless of the manner in which provided, Notices may be sent to a party’s address as set forth above or to such other address as any party may give to the other for such purpose in accordance with this paragraph.  No delay or omission on the Bank’s part to exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any such right or power, nor will the Bank’s action or inaction impair any such right or power.  The Bank’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Bank may have under other agreements, at law or in equity.  No modification, amendment or waiver of, or consent to any departure by the Borrowers from, any provision of this Note will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  The Borrowers agree to pay on demand, to the extent permitted by law, all costs and expenses incurred by the Bank in the enforcement of its rights in this Note and in any security therefor, including without limitation reasonable fees and expenses of the Bank’s counsel.  If any provision of this Note is found to be invalid, illegal or unenforceable in any respect by a
    

court, all the other provisions of this Note will remain in full force and effect. Each Borrower and all other makers and indorsers of this Note hereby forever waive presentment, protest, notice of dishonor and notice of non-payment. Each Borrower also waives all defenses based on suretyship or impairment of collateral. If this Note is executed by more than one Borrower, the obligations of such persons or entities hereunder will be joint and several. This Note shall bind each Borrower and its heirs, executors, administrators, successors and assigns, and the benefits hereof shall inure to the benefit of the Bank and its successors and assigns; provided, however, that no Borrower may assign this Note in whole or in part without the Bank’s written consent and the Bank at any time may assign this Note in whole or in part.

If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from any Borrower hereunder in the currency expressed to be payable herein (the "specified currency") into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Bank could purchase the specified currency with such other currency at the Bank’s main office on the Business Day preceding that on which final, non‑appealable judgment is given. The obligations of the Borrowers in respect of any sum due to the Bank hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by Bank of any sum adjudged to be so due in such other currency Bank may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency. If the amount of the specified currency so purchased is less than the sum originally due to Bank in the specified currency, the Borrowers agree, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify Bank against such loss, and if the amount of the specified currency so purchased exceeds the sum originally due to Bank in the specified currency Bank agrees to remit such excess to the Borrowers.

If, as a result of the implementation of the European monetary union, (i) any Agreed Foreign Currency ceases to be lawful currency of the nation issuing the same and is replaced by the Euro, or (ii) any Agreed Foreign Currency and the Euro are at the same time recognized by any Governmental Authority of the nation issuing such currency as lawful currency of such nation and the Bank shall so request in a notice delivered to the Borrower Representative, then any amount payable hereunder by any party hereto in such Agreed Foreign Currency shall instead be payable in the Euro and the amount so payable shall be determined by translating the amount payable in such Agreed Foreign Currency to the Euro at the exchange rate recognized by the European Central Bank for the purpose of implementing European monetary union. Prior to the occurrence of the event or events described in clauses (i) and (ii) of the preceding sentence, each amount payable hereunder in any Agreed Foreign Currency will, except as otherwise provided herein, continue to be payable only in that Agreed Foreign Currency.

Each Borrower agrees, at the request of the Bank to compensate the Bank for any loss, cost, expense or reduction in return that the Bank shall reasonably determine shall be incurred or sustained by Bank as a result of the implementation of European monetary union and that would not have been incurred or sustained but for the transactions provided for herein. A certificate of the Bank setting forth the Bank’s determination of the amount or amounts necessary to compensate the Bank shall be delivered to the Borrower Representative and shall be conclusive absent manifest error so long as such determination is made on a reasonable basis. The Borrowers shall pay the Bank the amount shown as due on any such certificate within ten (10) days after receipt thereof.

Each Borrower agrees, at the time of or at any time following the implementation of any changes to the European monetary union, to use reasonable efforts to enter into an agreement amending this Note in order to reflect the implementation of such changes, and to place the Bank and the Borrowers in the position with respect to the settlement of payments of the Euro as they would have been with respect to the settlement of the Agreed Foreign Currency it replaced.

This Note has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated above is located. This Note will be interpreted and the rights and liabilities of the Bank and the Borrowers determined in accordance with the laws of the State where the Bank’s office indicated above is located, excluding its conflict of laws rules. Each Borrower hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Bank’s office indicated above is located; provided that nothing contained in this Note will prevent the Bank from bringing any action, enforcing any award or judgment or exercising any rights against any Borrower individually, against any security or against any property of any Borrower within any other county, state or other foreign or domestic jurisdiction. Each Borrower acknowledges and agrees that the venue provided above is the most convenient forum for both the Bank and the Borrowers. Each Borrower waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Note.

15.   Anti-Money Laundering/International Trade Law Compliance.  Each Borrower represents and warrants to the Bank, as of the date of this Note, the date of each advance of proceeds under the Facility, the date of any renewal, extension or modification of the Facility, and at all times until the Facility has been terminated and all amounts thereunder have been indefeasibly paid in full, that: \(a\) no Covered Entity \(i\) is a Sanctioned Person; \(ii\) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person; or \(iii\) does business in or with, or derives any of its operating income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any law, regulation, order or directive enforced by any Compliance Authority; \(b\) the proceeds of the Facility will not be used to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any law, regulation, order or directive enforced by any Compliance Authority; \(c\) the funds used to repay the Facility are not derived from any unlawful activity; and \(d\) each Covered Entity is in compliance with, and no Covered Entity  engages in any dealings or transactions prohibited by, any laws of the United States, including but not limited to any Anti-Terrorism Laws.  Each Borrower covenants and agrees that it shall immediately notify the Bank in writing upon the occurrence of a Reportable Compliance Event.
    

As used herein: “Anti-Terrorism Laws” means any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, or bribery, all as amended, supplemented or replaced from time to time; “Compliance Authority” means each and all of the (a) U.S. Treasury Department/Office of Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service, (f) U.S. Justice Department, and (g) U.S. Securities and Exchange Commission; “Covered Entity” means each Borrower, its affiliates and subsidiaries, all guarantors, pledgors of collateral, all owners of the foregoing, and all brokers or other agents of each Borrower acting in any capacity in connection with the Facility; “Reportable Compliance Event” means that any Covered Entity becomes a Sanctioned Person, or is indicted, arraigned, investigated or custodially detained, or receives an inquiry from regulatory or law enforcement officials, in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or self-discovers facts or circumstances implicating any aspect of its operations with the actual or possible violation of any Anti-Terrorism Law; “Sanctioned Country” means a country subject to a sanctions program maintained by any Compliance Authority; and “Sanctioned Person” means any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejection of transactions), under any order or directive of any Compliance Authority or otherwise subject to, or specially designated under, any sanctions program maintained by any Compliance Authority.

16.   WAIVER OF JURY TRIAL.  Each Borrower irrevocably waives any and all rights such Borrower may have to a trial by jury in any action, proceeding or claim of any nature relating to this Note, any documents executed in connection with this Note or any transaction contemplated in any of such documents.  Each Borrower acknowledges that the foregoing waiver is knowing and voluntary.Each Borrower acknowledges that it has read and understood all the provisions of this Note, including the confession of judgment and the waiver of jury trial, and has been advised by counsel as necessary or appropriate.
    

[Remainder of Page Intentionally Left Blank]

Document

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert G. Ruhlman, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Preformed Line Products Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 31, 2025

/s/ Robert G. Ruhlman
Robert G. Ruhlman
Executive Chairman
(Principal Executive Officer)

Document

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Andrew S. Klaus, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Preformed Line Products Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 31, 2025

/s/ Andrew S. Klaus
Andrew S. Klaus
Chief Financial Officer
(Principal Financial and Accounting Officer)

Document

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert G. Ruhlman, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Quarterly Report on Form 10-Q of Preformed Line Products Company for the period ended June 30, 2025 which this certification accompanies fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Preformed Line Products Company.

July 31, 2025	/s/ Robert G. Ruhlman
	Robert G. Ruhlman
	Executive Chairman
	(Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to Preformed Line Products Company and will be retained by Preformed Line Products Company and furnished to the Securities and Exchange Commission or its staff upon request.

Document

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Andrew S. Klaus, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Quarterly Report on Form 10-Q of Preformed Line Products Company for the period ended June 30, 2025 which this certification accompanies fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Preformed Line Products Company.

July 31, 2025	/s/ Andrew S. Klaus
	Andrew S. Klaus
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

A signed original of this written statement required by Section 906 has been provided to Preformed Line Products Company and will be retained by Preformed Line Products Company and furnished to the Securities and Exchange Commission or its staff upon request.