Document:

Exhibit

Exhibit 4.33
Execution Version

April 3, 2018

SECOND AMENDMENT AND ACCESSION AGREEMENT
to the
Sale and Purchase Agreement
related to 
XI (DL) HOLDINGS GMBH

		
	(1)
	Xella International S.A., a Luxembourg stock corporation, registered with the Luxembourg Trade and Companies Register under number B 139.488 with business address at 2, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg,

(the Seller),

		
	(2)
	James Hardie Germany GmbH (formerly Platin 1391. GmbH), a German limited liability company (Gesellschaft mit beschränkter Haftung), registered with the commercial register (Handelsregister) of the local court of Frankfurt am Main under registration number HRB 109077 and with business address at Westend Fair, Friedrich-Ebert-Anlage 36, 60325 Frankfurt am Main, Germany,

(the Purchaser),

		
	(3)
	James Hardie International Group Limited, an Irish company, registered with the Companies Registration Office Ireland under registration number 504374 and with registered address at Europa House, second floor, Harcourt Centre, Harcourt Street, Dublin 2, Ireland,

(the Guarantor),
and

		
	(4)
	James Hardie International Finance Designated Activity Company, an Irish company, registered with the Companies Registration Office Ireland under registration number 471702 and with registered address at Europa House, second floor, Harcourt Centre, Harcourt Street, Dublin 2, Ireland,

(the Loan Purchaser),

(the Seller, the Purchaser and the Guarantor hereinafter collectively referred to as the Original SPA Parties; the Original SPA Parties and the Loan Purchaser hereinafter collectively referred to as the Parties, and each of them as a Party).

519598.9

Preamble
		
	(A)
	The Original SPA Parties have concluded a sale and purchase agreement dated November 7, 2017, roll of deeds no. 931/2017-SF of the Frankfurt notary Dr. Sabine Funke, with respect to all shares in XI (DL) Holdings GmbH as well as certain shareholder loans which has been amended by amendment agreement dated December 13, 2017, roll of deeds no. 1079/2017-SF of the Frankfurt notary Dr. Sabine Funke (the SPA).

		
	(B)
	Under the SPA, the Purchaser shall acquire all claims and other rights under the Shareholder Loans in accordance with, and subject to the terms and conditions of, the SPA.

		
	(C)
	The Parties now agree that the Loan Purchaser shall become a party to the SPA for purposes of acquiring all claims and other rights under the Shareholder Loans instead of the Purchaser.

		
	(D)
	The Parties now wish to amend the SPA accordingly.

NOW, THEREFORE, the Parties hereby agree as follows: 
		
	1.
	Definitions and Interpretation

Capitalised terms used but not defined in this second amendment and accession agreement (the Amendment and Accession Agreement) shall be defined and interpreted in accordance with the SPA.
		
	2.
	Accession of Loan Purchaser to the SPA

As of the execution of this Amendment and Accession Agreement by the Parties, the Loan Purchaser shall become a party to the SPA solely for purposes of Sections 3.2, 3.3, 4.3, 4.6, 5.1, 5.2, 5.4, 5.5, 5.6, 7.1(a), 7.2(c), first sentence of 8.2(a), 8.2(a)(vi), 8.2(a)(vii), 8.2(a)(x), 8.2(a)(xi), 8.2(b), 8.2(c), 9.5, 10.2(e), 11.2(a), 11.6, 12.1(a), 12.1(e), 12.1(f), 12.1(i)-(k), 12.2 (a), 14.4, 15.4, 16, 17.1 and 18.1, 18.2, 18.4, 18.6-18.8, 18.10 and 18.11 of the SPA (the Relevant Sections).
The Loan Purchaser hereby covenants to the Original SPA Parties, to adhere to and be bound by and be subject to all the duties, burdens and obligations imposed on it pursuant to the Relevant Sections (as amended by this Amendment and Accession Agreement). 
		
	3.
	Amendments to the SPA

		
	3.1.
	General

With a view to modifying, altering and amending the provisions of the SPA, the Parties thereto have agreed to execute this Amendment and Accession Agreement. This 

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Amendment and Accession Agreement shall be read in conjunction with the SPA and provisions of this Amendment and Accession Agreement shall amend and override the provisions of the SPA in the manner, and only to the extent set out herein below. This Amendment and Accession Agreement shall be, and form, an integral part of the SPA. 
		
	3.2.
	Amendments to the SPA

		
	3.2.1.
	The definition of the term “Purchaser Group” shall be amended to read ““Purchaser Group” shall mean (individually and collectively) the Purchaser, the Loan Purchaser and any other Affiliates of the Purchaser and Affiliates of the Loan Purchaser from time to time and shall include the Participations from the Closing”.

		
	3.2.2.
	Any reference to “Purchaser” in Sections 3.2, 8.2(a)(vi), 8.2(a)(vii), 8.2(a)(x), 8.2(a)(xi), the last sentence of Section 10.2(e) and Section 15.4 of the SPA shall be a reference to “Loan Purchaser”.

		
	3.2.3.
	Any reference to “the Purchaser” in Sections 4.3 and 16 of the SPA shall be a reference to “the Purchaser and the Loan Purchaser, respectively,”.

		
	3.2.4.
	Any reference to “the Purchaser or the Guarantor” in Sections 5.1 and 5.2 of the SPA shall be a reference to “the Purchaser, the Loan Purchaser or the Guarantor”.

		
	3.2.5.
	The reference to “neither the Purchaser nor the Guarantor” in Section 5.4 of the SPA shall be a reference to “neither the Purchaser, nor the Loan Purchaser nor the Guarantor”.

		
	3.2.6.
	Any reference to “the Seller and the Purchaser” in the first line of Section 7.1(a) of the SPA and the first sentence of Section 8.2(a) of the SPA shall be a reference to “the Seller, the Purchaser and the Loan Purchaser”.

		
	3.2.7.
	Any reference to “the Purchaser” in Section 7.2(c) of the SPA shall be a reference to “the Purchaser, the Loan Purchaser”.

		
	3.2.8.
	Any reference to “the Purchaser and the Guarantor” in Section 11.2(a) shall be a reference to “the Purchaser, the Loan Purchaser and the Guarantor”, whereby the Loan Purchaser is making the representation in Section 11.2(a) first sentence as of the date of this Amendment and Accession Agreement and as of the Closing Date instead of as of the Signing Date and the Closing Date.

		
	3.2.9.
	The reference to “the Purchaser and/or the Guarantor” in Section 11.6 of the SPA shall be a reference to “the Purchaser, the Loan Purchaser and/or the Guarantor”.

		
	3.2.10.
	The reference to “the Purchaser” in the first line of Section 14.4 of the SPA shall be a reference to “the Purchaser and the Loan Purchaser”.

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519598.9

		
	3.2.11.
	Any reference to “Parties” and/or “Party” in Sections 4.6, 5.6, 7.2(c), 8.2(b), 12.2(a), 17.1 and 18 of the SPA shall include the Loan Purchaser.

		
	3.2.12.
	Any reference to “the Guarantor” in Section 18.8 of the SPA shall be a reference to “the Guarantor respectively the Loan Purchaser”.

		
	3.2.13.
	Section 3.3 of the SPA shall be amended as follows:

“Assignment
The Seller hereby assigns (tritt ab) with effect as of the Closing Date (i) to the Purchaser, who accepts such assignment, the Sold Shares, and (ii) to the Loan Purchaser, who accepts such assignment, all claims and other rights arising from or in connection with the Seller’s Shareholder Loans by way of assumption of contract (im Wege der Vertragsübernahme), in each case, subject to the following conditions precedent (aufschiebende Bedingungen):
		
	(a)
	The Closing Condition has been satisfied or waived in accordance with this Agreement; and

		
	(b)
	(i) the Share Purchase Price, (ii) the Loan Purchase Price (minus the sum of all Permitted Interest Payments, if any), (iii) the Clearing Claim Amounts and (iv) the Repayment Amount have each been fully, unconditionally and irrevocably received in accordance with Section 8.2.

The Company has given its consent to the assignment and assumption of the Seller’s Shareholder Loans (Exhibit 3.3).”
		
	3.2.14.
	Section 8.2(b) of the SPA shall be amended as follows:

“Waiver of Closing Actions. The Purchaser may unilaterally waive the Closing Actions in Sections 8.2(a)(i) and 8.2(a)(iii) by delivery of written notice to the Purchaser. The Seller may unilaterally waive each of the Closing Actions in Sections 8.2(a)(ii), 8.2(a)(v) and 8.2(a)(viii) through 8.2(a)(xii) by delivery of written notice to the Purchaser. The Seller and the Purchaser may jointly waive in writing the Closing Action in Section 8.2(a)(iv). The Seller and the Loan Purchaser may jointly waive in writing the Closing Actions in Sections 8.2(a)(vi) and 8.2(a)(vii). The effect of a waiver shall be limited to eliminating the need that the respective Closing Action is taken on the Closing Date and shall not limit or prejudice any claims any Party may have with respect to any circumstances relating to such Closing Action not being taken pursuant to this Agreement.”
		
	3.2.15.
	Section 8.2(c) of the SPA shall be amended as follows:

“Closing Confirmation. After all Closing Actions have been taken or occurred or have been waived, the Seller, the Purchaser and the Loan Purchaser shall confirm in a written document, to be jointly executed (in 

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duplicate) substantially in the form attached as Exhibit 8.2(c) (the “Closing Confirmation”) that (i) the Closing Condition has been fulfilled or waived in accordance with this Agreement, (ii) all actions to be taken at Closing as set out in this Section 8.2(a) have been carried out in accordance with this Agreement, and (iii) the Sold Shares and all claims and rights under the Shareholder Loans have been transferred to the Purchaser or the Loan Purchaser, respectively, and that Closing has occurred. The legal effect of the Closing Confirmation shall be to serve as evidence that all Closing Actions and the Closing Condition have been satisfied or waived. However, the execution of the Closing Confirmation shall not limit or prejudice the rights of the Parties arising under this Agreement or under Applicable Law.”
		
	3.2.16.
	Section 9.5 of the SPA shall be amended as follows:

“No Other Representations or Warranties
		
	(a)
	Subject to the representations, covenants and indemnities expressly contained in this Agreement, it is expressly confirmed and agreed that neither the Seller, nor any of its Affiliates nor any of its and their Representatives has made or assumed, and neither the Purchaser nor the Loan Purchaser has relied on, any other express or implied representations, guarantees, warranties, undertakings or disclosures or similar obligations in connection with this Agreement and the transactions contemplated hereby. The Purchaser agrees to acquire the Sold Shares and the Loan Purchaser agrees to acquire the Shareholder Loans in the condition they are in on the Closing Date, based upon its own inspection, examination and determination with respect thereto (including the due diligence investigation conducted by it). 

		
	(b)
	Subject to the representations, covenants and indemnities expressly contained in this Agreement, the Purchaser and the Loan Purchaser, respectively, confirms that in deciding on the acquisition of the Sold Shares and the Shareholder Loans, respectively, it has not relied on nor will it make any claim against any member of the Xella Related Party Group nor any of their Representatives in respect of (i) any budget, forecast, estimate or other projection of any nature (including without limitation of projections of future revenues, future results of operations, future cash flows, future financial condition or the future business operations (or any underlying components thereof), or (ii) any other information or documents with respect to the Business or the Group Entities (including without limitation the Data Room Documents or any other Due Diligence Material) made available to the Purchaser and/or the Loan Purchaser or their Representatives prior to the date hereof.”

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519598.9

		
	3.2.17.
	Section 12.1(a) of the SPA shall be amended as follows:

“Consequences of Breach. Subject to the provisions of this Section 12, if any Seller’s Representation is incorrect or if the Seller is in breach of any other indemnity, covenant, obligation or undertaking contained in this Agreement (a “Breach”), the Seller shall put the Purchaser or the Loan Purchaser, as the case may be, or, at the election of the Purchaser, the Group Entity concerned, into the same position it would be in, if the Breach had not occurred (Naturalrestitution). If and to the extent remediation in kind has not been effected by the Seller within a period of two (2) months after a written request for such remediation has been made by the Purchaser or the Loan Purchaser, as the case may be, the Purchaser and/or Loan Purchaser shall be entitled to request from the Seller only compensation in cash (Schadensersatz in Geld) for any Losses (as defined below) incurred by the Purchaser, the Loan Purchaser or any Group Entity. Any payments made by Seller pursuant to this Agreement shall be treated by the Parties as adjustments to the Share Purchase Price except as otherwise required by Applicable Law.”
		
	3.2.18.
	Section 12.1(e) and (f) of the SPA shall be amended as follows:

		
	“(e) 
	Computation of Losses. The present value of any benefits received by the Purchaser, the Loan Purchaser or the Participations in connection with or as result of the Breach (including, without limitation, avoided losses, tax benefits and savings, and increases in the value of any asset owned by the Group Entities (Abzug neu für Alt)) shall be deducted for the purpose of computing the Losses (Vorteilsausgleich). 

		
	(f)
	Exclusions of Seller’s Liability. The Seller shall not be liable for any Breach, and the Purchaser and the Loan Purchaser shall not be entitled to bring any claim under or in connection with this Agreement, if and to the extent that:

		
	(i)
	either the Purchaser or any other member of the Purchaser Group or their respective Representatives have caused or participated in causing (verursacht oder mitverursacht) or have aggravated such Breach or any Losses resulting therefrom or failed to mitigate Losses pursuant to Section 254 of the German Civil Code (BGB);

		
	(ii)
	the matter underlying the Breach has been taken into account (A) with respect to the items covered by Cash, Financial Debt and Net Working Capital in the Effective Date Accounts or (B) with respect to items not covered under lit. (A) in the financial information with respect to or in the last financial statements of the respective Group Entity in each case of lit. (B) as disclosed in the Data Room Documents as a write-off (Abschreibung), value adjustment (Wertberichtigung), liability (Verbindlichkeit) or provision (Rückstellung);

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519598.9

		
	(iii)
	the Losses are recovered from a third party (other than any of the Group Entities) or under an insurance policy in force until the Closing Date (including in the event that such policy was not maintained after the Closing Date), it being understood that the Purchaser and the Loan Purchaser, respectively, shall be obliged to use best efforts to recover the respective amounts;

		
	(iv)
	the Losses are recovered under a W&I insurance, it being understood that the Purchaser shall be obliged to use best efforts to recover the respective amounts;

		
	(v)
	the facts and circumstances underlying the Breach were actually known (positive Kenntnis) by the Purchaser, the Guarantor, another member of the Purchaser Group or their Representatives as of the Signing Date, provided that the Purchaser and the Guarantor shall in any event be deemed to have knowledge of all matters disclosed in the Exhibits or elsewhere in this Agreement or which were Fairly Disclosed in the Due Diligence Material; this clause 12.1(f)(v) shall not apply to any Breach of the Seller’s Representation in Sections 9.3 and claims and rights under Section 13;

		
	(vi)
	the Losses result from or are increased by the passing of, or any change in, after the date hereof, any law, statute, ordinance, rule, regulation, common law rule or administrative practice of any government, governmental department, agency or regulatory body including (without prejudice to the generality of the foregoing) any increase in the rates of Taxes or any imposition of Taxes or any withdrawal or relief from Taxes not actually in effect as of the Effective Date;

		
	(vii)
	the matter to which the Breach relates results in any benefits, advantages or savings, including by refund, set-off or reduction of Taxes and benefits resulting from the lengthening of any amortization or depreciation period, higher depreciation allowances, step-up in the Tax basis of assets or the non-recognition of liabilities or provisions (Phasenverschiebung), in each case to the Group Entities or any member of the Purchaser Group; or

		
	(viii)
	the Losses were caused (verursacht) or increased (Schadensvertiefung) by the Purchaser’s or the Loan Purchaser’s failure to comply with the obligations under Section 12.2 below.”

		
	3.2.19.
	Section 12.1(i)-(k) of the SPA shall be amended as follows:

		
	“(i)
	Refund. Any payments actually made by the Seller in order to discharge a liability, which subsequently is or becomes excluded or reduced under this Section 12, shall be refunded by the Purchaser and the Loan Purchaser, respectively, to the Seller without undue delay, but in any event within ten (10) Business Days after the Purchaser or another member of 

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519598.9

the Purchaser Group has become aware of the exclusion or reduction. The Purchaser and the Loan Purchaser, respectively, undertake to inform the Seller, without undue delay, about any event which may trigger an exclusion or reduction of liability, or a refunding obligation. If, and to the extent, that the Seller compensates the Purchaser or the Loan Purchaser for a Breach, the Purchaser shall promptly assign, or procure to have assigned, to the Seller all claims a Group Entity, the Purchaser, the Loan Purchaser or any other Affiliate of the Purchaser or the Loan Purchaser might have against any third party in connection with the event that caused such Losses for which the Seller grants the Purchaser and the Loan Purchaser, respectively, indemnification. If an assignment of such claims is not possible for legal reasons, the Purchaser and the Loan Purchaser, respectively, shall procure that the Seller is economically put in a position as if such assignment had been effected.
		
	(j) 
	No double recovery. The Purchaser and the Loan Purchaser shall not be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity more than once in respect of any liability, loss, cost, shortfall, damage, deficiency, breach or other set of circumstances which gives rise to more than one claim. 

		
	(k) 
	Contingent liabilities. If a claim by the Purchaser or the Loan Purchaser is based upon a liability which is contingent only, the Seller shall not be liable unless and until such contingent liability gives rise to an obligation to make a payment. This is without prejudice to the right of the Purchaser and the Loan Purchaser, respectively, to give notice under Section 12.2 before such time.” 

		
	3.2.20.
	Section 15.5(c) of the SPA shall be amended as follows:

“IFRS Accounts. The Purchaser shall cause the respective Group Entities to prepare individual unaudited interim financial statements for the Group Entities (including a balance sheet, profit and loss accounts and respective notes) as of March 31, 2018 (the “Closing Financial Statements”). The Closing Financial Statements shall be prepared in accordance with the accounting and reporting guidelines and instructions of the Xella Group as of March 31, 2018 and consistent with past practice. In addition, the Purchaser shall cause the respective Group Entities to prepare a list of their IFRS bookings to be made for transactions (Geschäftsvorfälle) in connection with the Closing occurring in the period from April 1, 2018 (inclusive) until completion of the Closing (the “Closing Bookings”). The Purchaser shall deliver the Closing Financial Statements and the Closing Bookings to the Seller no later than April 20, 2018. The Purchaser and the Seller shall cooperate in good faith in connection with the preparation of the Closing Financial Statements and the Closing Bookings and the Purchaser shall grant the Seller and the members of the Xella Related Party Group the required access to the books and records of the Group Entities, and in each case provide any relevant additional information that is 

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reasonably requested by the Seller in connection with the Closing Financial Statements and the Closing Bookings.”
		
	3.2.21.
	The current Section 18.1(e) of the SPA shall become Section 18.1(f) and the reference in such new Section 18.1(f) to “the Purchaser” shall be a reference to “the Purchaser or the Loan Purchaser”.

		
	3.2.22.
	The current Section 18.1(e) of the SPA shall be replaced by the following provision:

(e)    To the Loan Purchaser:
James Hardie International Finance DAC
Joseph Charles Blasko, General Counsel
Europa House 2nd Floor, Harcourt Centre
Harcourt Street
Dublin 2
Ireland
Fax: +353 (0) 1497 1128

with a copy to:
Dr. Benjamin Parameswaran
DLA Piper UK LLP
Jungfernstieg 7
20354 Hamburg
Germany
Fax: +49 40 1 8888 111
		
	3.3.
	Amendments to the Exhibits

		
	3.3.1.
	Exhibit 8.2(a)(vii)

Exhibit 8.2(a)(vii) to the SPA shall be replaced in its entirety by a new Exhibit 8.2(a)(vii), attached hereto as Annex 3.3.1. 
		
	3.3.2.
	Exhibit 8.2(c)

Exhibit 8.2(c) to the SPA shall be replaced in its entirety by a new Exhibit 8.2(c), attached hereto as Annex 3.3.2. 
		
	4.
	Company’s Consent to the Assignment of the Seller’s Shareholder Loans

The Company has given its consent to the assignment and assumption of the Seller’s Shareholder Loans as foreseen in the SPA as amended by this Amendment and Accession Agreement (attached hereto as Annex 4). Such consent shall be attached to the SPA as Exhibit 3.3 and replace in its entirety the former Exhibit 3.3 to the SPA.

		
	5.
	Loan Purchaser’s Representations

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519598.9

The Loan Purchaser hereby represents to the Seller in the form of an independent promise of guarantee (selbständiges Garantieversprechen) within the meaning of Section 311 of the German Civil Code (BGB) that the representations in Sections 5.1 through 5.6 below are true and correct as of the date hereof and as of the Closing Date.  These representations are also made for the benefit of Xella Finance GmbH in its capacity as seller and assignor of the Spanish Loan, which shall be third party beneficiary (echter Vertrag zugunster Dritter).
		
	5.1.
	Corporate Status. The Loan Purchaser is an Irish limited liability company, duly incorporated and validly existing under the laws of Ireland.

		
	5.2.
	Authority. The Loan Purchaser has the corporate power and authority to enter into this Amendment and Accession Agreement, thereby becoming a party to the SPA, and to perform its obligations hereunder and to consummate the acquisition of the Shareholder Loans (pursuant to the SPA as amended by the Amendment and Accession Agreement).

		
	5.3.
	Due Authorization. All required approvals of any corporate bodies of the Loan Purchaser for the execution of this Amendment and Accession Agreement and the thereby effected accession of the Loan Purchaser as a party to the SPA and the consummation of the transactions contemplated hereunder are given, and such execution and consummation do not violate any provisions of the articles of association, certificate of incorporation, bylaws or equivalent constitutional document of the Loan Purchaser.

		
	5.4.
	No Insolvency. No insolvency proceedings (Insolvenzverfahren) have been opened over the assets of the Loan Purchaser. There are no insolvency proceedings or insolvency investigations pending or threatened against the Loan Purchaser which could prevent or materially delay the consummation of the transactions contemplated under this Amendment and Accession Agreement.

		
	5.5.
	No Violation. The execution and consummation of this Amendment and Accession Agreement by the Loan Purchaser and the thereby effected accession of the Loan Purchaser as a party to the SPA and the performance of the transactions contemplated thereunder (i) do not violate any Applicable Law or any judicial or governmental order (gerichtliche oder behördliche Verfügung) by which the Loan Purchaser is bound, and (ii) do not require any approvals, consents or permits. There are no proceedings or investigations whatsoever pending or threatened against the Loan Purchaser which would prevent or materially delay the consummation of the transactions contemplated under this Amendment and Accession Agreement.

		
	5.6.
	Binding Agreement. This Amendment and Accession Agreement and all other agreements executed or to be executed in connection therewith have been or will be duly executed on behalf of the Loan Purchaser and constitute binding obligations of the Loan Purchaser, enforceable against it in accordance with the respective terms and conditions.

		
	5.7.
	Remedies. In the event that the Loan Purchaser is in breach of any guarantee pursuant to this Section 5, the Loan Purchaser shall indemnify (freistellen) and hold harmless (schadlos halten) the Seller and all members of the Xella Related Party Group from 

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any damages incurred by the Seller, and any member of the Xella Related Party Group, in connection therewith. All claims of the Seller and Xella Finance GmbH arising under this Section 5 shall become time-barred on the third (3rd) anniversary of the date hereof.
		
	6.
	No Further Amendment

The provisions of the SPA shall, save to the extent amended and modified by the provisions of Section 3 of this Amendment and Accession Agreement, continue in full force and effect and continue to operate in accordance with the terms of the SPA.
		
	7.
	Effective Date

The provisions of this Amendment and Accession Agreement shall come into operation with immediate effect on the date hereof.
		
	8.
	Miscellaneous

		
	8.1.
	This Amendment and Accession Agreement (including any dispute, controversy or claim arising out of or in connection with this Amendment and Accession Agreement (or any ancillary agreement), or the breach, termination or (in)validity thereof) shall be governed by, and construed in accordance with, the substantive laws of Germany, for the avoidance of doubt excluding the UN Convention on Contracts for the International Sale of Goods (CISG).

		
	8.2.
	The provisions of Section 17.1 (Confidentiality) and Sections 18.1, 18.2, 18.4, 18.6-18.8, 18.10 and 18.11 (certain sections of the Miscellaneous section) of the SPA shall apply mutatis mutandis to this Amendment and Accession Agreement.

[Signature Page Follows.]

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519598.9

Xella International S.A.

/s/ Stefanie Zirkel                    _____________________________    
Name: Stefanie Zirkel                    Name:
Position: on basis of power of attorney dated     Position:    
February 26, 2018

James Hardie Germany GmbH (formerly Platin 1391. GmbH)

/s/ Cristina Helena Villafrade
Name: Cristina Helena Villafrade
Position: on basis of power of attorney dated 26 March 2018

James Hardie International Group Limited

/s/ Cristina Helena Villafrade
Name: Cristina Helena Villafrade
Position: on basis of power of attorney dated 23 March 2018

James Hardie International Finance Designated Activity Company

/s/ Dr. Liane Bednarz
Name: Dr. Liane Bednarz
Position: on basis of power of attorney dated 23 March 2018

12
519598.9Exhibit

Exhibit 4.1

RESTATED ARTICLES OF INCORPORATION
OF
PIONEER ENERGY SERVICES CORP.
ARTICLE ONE
Name
The name of the Corporation is Pioneer Energy Services Corp.
ARTICLE TWO
Duration
The period of the duration of the Corporation is perpetual.
ARTICLE THREE
Purposes
The purposes for which the Corporation is organized are:
		
	(a)
	To explore, prospect, drill for, produce, market, sell and deal in and with petroleum, mineral, animal, vegetable, and other oils, asphaltum, natural gas, gasoline, naphthene, hydrocarbons, oil shales, sulphur, salt, clay, coal, minerals, mineral substances, metals, ores of every kind or other mineral or nonmineral, liquid, solid, or volatile substances and products, by-products, combinations, and derivatives thereof, and to buy, lease, hire, contract for, invest in, and otherwise acquire, and to own, hold, maintain, equip, operate, manage, mortgage, create security interests in, deal in and with, and to sell, lease, exchange, and otherwise dispose of oil, gas, mineral, and mining lands, wells, mines, quarries, rights, royalties, overriding royalties, oil payments, and other oil, gas, and mineral interests, claims, locations, patents, concessions, franchises, real and personal property, and all interests therein, vehicles, crafts, and machinery for use on land, water, or air, for prospecting, exploring, and drilling for, producing, gathering, purchasing, leasing, exchanging, or otherwise acquiring, selling, exchanging, trading for, or otherwise disposing of such mineral and non mineral substances; and to do engineering and contracting and to design, construct, drill, bore, sink, develop, improve, extend, maintain, operate, and repair wells, mines, plants, works, machinery, appliances, rigging, casing, and tools, for this Corporation and other persons, associations, or corporations.

		
	(b)
	To establish and maintain a drilling business with authority to own and operate drilling rigs, machinery, tools, or apparatus necessary in the boring or otherwise sinking of wells for the production of oil, gas, or water; to manufacture, buy, sell, lease, let, and hire machines and machinery, equipment, tools, implements, and appliances, and all other property, real and personal, useful or available in prospecting for and in producing, petroleum and natural gas and all other volatile and mineral substances and their products and by-products and of all articles and materials in any way resulting from or connected therewith; to purchase, lease, construct, or otherwise acquire, exchange, sell, let, or otherwise dispose of, own, maintain, develop, and improve any and all property, real or personal, plants, refineries, factories, warehouses, stores, and buildings of all kinds useful in connection with the business of the Corporation including the drilling for oil and gas wells or mining in any manner or by any method permitted by law on such real property.

		
	(c)
	To conduct and engage in any lawful business or activity for which corporations may be organized under the Texas Business Organizations Code (the “TBOC”). 

ARTICLE FOUR
Capital Stock
The aggregate number of shares that the Corporation shall have the authority to issue is 210,000,000 shares, consisting of 200,000,000 shares of common stock, par value $0.10 per share (“Common Stock”), and 10,000,000 shares of preferred stock, par value $1.00 per share (“Preferred Stock”).
The descriptions of the different classes of capital stock of the Corporation and the preferences, designations, relative rights, privileges and powers, and the restrictions, limitations and qualifications thereof, of said classes of stock are as follows:
Division A
The shares of Preferred Stock may be divided into and issued in one or more series, the relative rights and preferences of which series may vary in any and all respects.  The Board of Directors of the Corporation is hereby vested with the authority to establish series of Preferred Stock by fixing and determining all the preferences, limitations and relative rights of the shares of any series so established, to the extent not provided for in these Articles of Incorporation or any amendment hereto, and with the authority to increase or decrease the number of shares within each such series; provided, however, that the Board of Directors may not decrease the number of shares within a series below the number of shares within such series that is then issued.  The authority of the Board of Directors with respect to each such series shall include, but not be limited to, determination of the following: 
(1)the distinctive designation and number of shares of that series;  
(2)the rate of dividend (or the method of calculation thereof) payable with 

respect to shares of that series, the dates, terms and other conditions upon which such dividends shall be payable, and the relative rights of priority of such dividends to dividends payable on any other class or series of capital stock of the Corporation; 
(3)the nature of the dividend payable with respect to shares of that series as cumulative, noncumulative or partially cumulative, and if cumulative or partially cumulative, from which date or dates and under what circumstances;
(4)whether shares of that series shall be subject to redemption, and, if made subject to redemption, the times, prices, rates, adjustments and other terms and conditions of such redemption (including the manner of selecting shares of that series for redemption if fewer than all shares of such series are to be redeemed);
(5)the rights of the holders of shares of that series in the event of voluntary or involuntary liquidation, dissolution or winding up of the Corporation (which rights may be different if such action is voluntary than if it is involuntary), including the relative rights of priority in that event as to the rights of the holders of any other class or series of capital stock of the Corporation; 
(6)the terms, amounts and other conditions of any sinking or similar purchase or other fund provided for the purchase or redemption of shares of that series; 
(7)whether shares of that series shall be convertible into or exchangeable for shares of capital stock or other securities of the Corporation or of any other corporation or entity, and, if provision is made for conversion or exchange, the times, prices, rates, adjustments and other terms and conditions of such conversion or exchange; 
(8)the extent, if any, to which the holders of shares of that series shall be entitled (in addition to any voting rights provided by law) to vote as a class or otherwise with respect to the election of directors of the Corporation or otherwise; 
(9)the restrictions and conditions, if any, upon the issue or reissue of any additional Preferred Stock ranking on a parity with or prior to shares of that series as to dividends or upon liquidation, dissolution or winding up;
(10)any other repurchase obligations of the Corporation, subject to any limitations of applicable law; and 
(11)notwithstanding their failure to be included in (1) through (10) above, any other designations, preferences, limitations or relative rights of shares of that series.
Any of the designations, preferences, limitations or relative rights (including the voting rights) of any series of Preferred Stock may be dependent on facts ascertainable outside these Articles of Incorporation.
Shares of any series of Preferred Stock shall have no voting rights except as required by law or as provided in the preferences, limitations and relative rights of that series.

Division B
(12)Dividends.  Dividends may be paid on the Common Stock out of any assets of the Corporation available for such dividends, subject to the rights of all outstanding shares of capital stock ranking senior to the Common Stock in respect of dividends.
(13)Distribution of Assets.  In the event of any liquidation, dissolution or winding up of the Corporation, after there shall have been paid to or set aside for the holders of capital stock ranking senior to the Common Stock in respect of rights upon liquidation, dissolution or winding up the full preferential amounts to which they are respectively entitled, the holders of the Common Stock shall be entitled to receive, pro rata, all the remaining assets of the Corporation available for distribution to its shareholders.
(14)Voting Rights.  The holders of the Common Stock shall be entitled to one vote per share for all purposes upon which such holders are entitled to vote.  
Division C
(15)No Preemptive Rights.  No shareholder of the Corporation shall, by reason of his holding shares of any class or series of capital stock of the Corporation, have any preemptive or preferential right to acquire or subscribe for any additional, unissued or treasury shares of any class or series of capital stock of the Corporation now or hereafter to be authorized, or any notes, debentures, bonds or other securities convertible into or carrying any right, option or warrant to subscribe to or acquire shares of any class or series of capital stock of the Corporation now or hereafter to be authorized, whether or not the issuance of any such shares, or such notes, debentures, bonds or other securities, would adversely affect the dividends or voting or other rights of such shareholder, and the Board of Directors may issue or authorize the issuance of shares of any class or series of capital stock of the Corporation, or any notes, debentures, bonds or other securities convertible into or carrying rights, options or warrants to subscribe to or acquire shares of any class or series of capital stock of the Corporation, without offering any such shares, either in whole or in part, to the existing shareholders of any class or series of capital stock of the Corporation.
(16)Share Dividends.  Subject to any restrictions in favor of any series of Preferred Stock provided in the relative rights and preferences of such series, the Corporation may pay a share dividend in shares of any class or series of capital stock of the Corporation to the holders of shares of any class or series of capital stock of the Corporation.
(17)No Cumulative Voting.  Cumulative voting for the election of directors is expressly prohibited as to all shares of any class or series of capital stock of the Corporation.

ARTICLE FIVE
Initial Consideration for Issuance of Shares
The Corporation will not commence business until it has received for the issuance of shares consideration of One Thousand and No/100 Dollars ($1,000.00), consisting of money, labor done or property received.
ARTICLE SIX
Registered Office and Agent
The address of the current registered office of the Corporation is 206 E. 9th Street, Suite 1300, Austin, Texas 78701, and the name of the current registered agent of the Corporation at such address is Capitol Corporate Services, Inc.
ARTICLE SEVEN
Data Respecting Directors
Section 1.  Number, Election and Terms of Directors.  The number of directors which will constitute the whole Board of Directors shall be fixed from time to time by a majority of the directors then in office, subject to an increase in the number of directors by reason of any provisions contained in or established pursuant to Article Four, but in any event will not be less than three.  The directors, other than those who may be elected by the holders of any series of Preferred Stock, will be divided into three classes (with each class to be as nearly equal in number as possible):  Class I, Class II and Class III.  Each director will serve for a term ending on the third annual meeting of the Corporation’s shareholders following the annual meeting at which that director was elected; provided, however, that the directors first designated as Class I directors will serve for a term expiring at the annual meeting of the Corporation’s shareholders next following March 31, 2002, the directors first designated as Class II directors will serve for a term expiring at the annual meeting of the Corporation’s shareholders next following March 31, 2003, and the directors first designated as Class III directors will serve for a term expiring at the annual meeting of the Corporation’s shareholders next following March 31, 2004.  Each director will hold office until the annual meeting of the Corporation’s shareholders at which that director’s term expires and, the foregoing notwithstanding, will serve until his successor shall have been duly elected and qualified or until his earlier death, resignation or removal.
At each annual meeting of the Corporation’s shareholders, the directors elected to succeed those whose terms then expire will be of the same class as the directors they succeed, unless, by reason of any intervening changes in the authorized number of directors, the Board of Directors shall have designated one or more directorships whose term then expires as directorships of another class in order more nearly to achieve equality of number of directors among the classes.
In the event of any change in the authorized number of directors, each director then continuing to serve as such will nevertheless continue as a director of the class of which he 

is a member until the expiration of his current term, or his prior death, resignation or removal.  Subject to the applicable provisions of the TBOC, the Board of Directors will specify the class to which a newly created directorship will be allocated.
Election of directors need not be by written ballot unless the Bylaws of the Corporation so provide.
Section 2.  Names and Addresses.  The number of directors constituting the Board of Directors as of the date of these Restated Articles of Incorporation is five, and the names and addresses of the persons who are elected to serve as directors until the next annual meeting of the shareholders, and until their successors shall have been elected and qualified are:
Name                    Address
Wm. Stacy Locke            1250 N.E. Loop 410, Suite 1000
San Antonio, Texas 78209
Dean A. Burkhardt            1250 N.E. Loop 410, Suite 1000
San Antonio, Texas 78209
C. John Thompson            1250 N.E. Loop 410, Suite 1000
San Antonio, Texas 78209
John M. Rauh                1250 N.E. Loop 410, Suite 1000
San Antonio, Texas 78209
Scott D. Urban            1250 N.E. Loop 410, Suite 1000
San Antonio, Texas 78209
Section 3.  Removal of Directors.  No director of the Corporation may be removed from office as a director by vote or other action of the shareholders or otherwise except for cause, and then only by the affirmative vote of the holders of at least a majority of the votes of all outstanding shares of capital stock of the Corporation generally entitled to vote in the election of directors, voting together as a single class, at a meeting of shareholders called expressly for that purpose.  Except as applicable law otherwise provides, cause for the removal of a director will be deemed to exist only if the director whose removal is proposed:  (i) has been convicted, or has been granted immunity to testify in any proceeding in which another has been convicted, of a felony by a court of competent jurisdiction and that conviction is no longer subject to direct appeal; (ii) has been found to have been grossly negligent or guilty of misconduct in the performance of his duties to the Corporation in any matter of substantial importance to the Corporation by (A) the affirmative vote of a majority of the Directors then in office at any meeting of the Board of Directors called for that purpose or (B) a court of competent jurisdiction; or (iii) has been adjudicated by a court of competent jurisdiction to be mentally incompetent and such mental incompetency directly affects his ability to serve as a director of the Corporation.  Notwithstanding the foregoing, whenever holders of outstanding shares of one or more series of Preferred Stock are entitled to elect members of the Board of Directors pursuant to the provisions applicable in the case of arrearages in 

the payment of dividends or other defaults established by the Board of Directors with respect to any series of Preferred Stock pursuant to the provisions of Article Four, any such director of the Corporation so elected may be removed in accordance with the provisions established by the Board of Directors with respect to that series. 
ARTICLE EIGHT
Indemnification
The Corporation shall have the power to (and the Board of Directors shall have the authority to cause the Corporation to) indemnify each of its directors, officers, employees and agents, and each person who is or was serving at the request of the Corporation as a director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another foreign or domestic corporation, an employee benefit plan or any other enterprise or other entity, to the fullest extent permitted by applicable law.  Any repeal or modification of any provision of the bylaws of the Corporation providing for indemnification of any of such persons shall not adversely affect any right or protection of such person existing pursuant to those bylaws with respect to any act or omission occurring prior to the time of such repeal or modification.  The Corporation shall also have the power to (and the Board of Directors shall have the authority to cause the Corporation to) purchase and maintain insurance on behalf of any such person, whether or not such person is then serving, against any liability asserted against such person in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the TBOC.
ARTICLE NINE
Transactions with the Corporation
Any contract or transaction between the Corporation and one or more of its directors or officers, or between the Corporation and any other domestic or foreign corporation or other entity in which one or more of its directors or officers are directors or officers or have a financial interest, shall be valid notwithstanding whether the director or officer is present at or participates in the meeting of the Board of Directors of the Corporation or committee thereof which authorizes the contract or transaction, or solely because his or their votes are counted for such purpose, if anyone of the following is satisfied:
(1)the material facts as to his or their relationships or interests and as to the contract or transaction are disclosed or are known to the Board of Directors of Corporation or a committee thereof, and the Board of Directors or such committee in good faith authorizes the contract or transaction by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or
(2)the material facts as to his or their relationships or interests and as to the contract or transaction are disclosed or are known to the shareholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the shareholders of the Corporation; or 

(3)the contract or transaction is fair as to the Corporation as of the time it is authorized, approved or ratified by the Board of Directors of the Corporation, a committee thereof or the shareholders of the Corporation.
No director or officer of the Corporation shall be liable to account to the Corporation for any profits realized by, from or through any contract or transaction by reason of any interest therein when that contract or transaction has been authorized or ratified in accordance with the foregoing provisions of this Article Nine.  This Article Nine shall not be construed to invalidate any contract or transaction which would otherwise be valid in the absence of the provisions hereof.
ARTICLE TEN
Limitation of Liability
No director of the Corporation shall have any liability to the Corporation or any of its shareholders for monetary damages for any act or omission in the director’s capacity as a director of the Corporation, except that nothing in this Article Ten shall eliminate or limit the liability of a director to the extent the director is found liable for:  (1) a breach of the director’s duty of loyalty to the Corporation or its shareholders; (2) an act or omission not in good faith that constitutes a breach of duty of the director to the Corporation or any act or omission that involves intentional misconduct or a knowing violation of the law; (3) a transaction from which the director received an improper benefit, whether or not the benefit resulted from an action taken within the scope of the director’s office; or (4) an act or omission for which the liability of a director is expressly provided by  an applicable statute.  If the TBOC is hereafter amended so as to authorize action further eliminating or limited the liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by such statutes, as so amended.  The provisions of this Article Ten shall not be deemed to limit or preclude indemnification of a director by the Corporation for any liability of a director which has not been eliminated or limited by the provisions of this Article Ten.  Any repeal or modification of this Article Ten shall be prospective only and shall not adversely affect any right or protection of a director of the Corporation existing at the time of such repeal or modification.
ARTICLE ELEVEN
Special Meetings of Shareholders
Special meetings of shareholders of the Corporation may be called by the Corporation’s chairman of the board or president or the Board of Directors.  Subject to the provisions of the Corporation’s bylaws governing special meetings, holders of not less than 50% of the outstanding shares of capital stock of the Corporation entitled to vote at the proposed special meeting may also call a special meeting of shareholders of the Corporation by furnishing the Corporation a written request which states the purpose or purposes of the proposed meeting in the manner set forth in the bylaws.

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