Document:

Share Pledge Agreement dated August 14, 2009

 Exhibit 4.39 

Confirmed Copy 

Share Pledge Agreement – Execution Version 

Share Pledge Agreement 
  

			
	dated	  	 14 August 2009

		
	between	  	 CEMEX S.A.B. de C.V.

		
		  	 Av Constitution 444 Pte. Col. Centro, C.P. 64000, Monterrey, N.L. Mexico

		
		  	 hereinafter: “CEMEX”

		
	and	  	 CEMEX Mexico, S.A. de C.V.

		
		  	 Av Constitution 444 Pte. Col. Centro, C.P. 64000, Monterrey, N.L. Mexico

		
		  	 hereinafter: “CEMEX Mexico”

		
	and	  	 Interamerican Investments Inc.

		
		  	 1209 Orange Street, Wilmington, County of New Castle, 19801 Delaware USA

		
		  	 hereinafter: “Interamerican”

		
	and	  	 Empresas Tolteca de Mexico, S.A. de C.V.

		
		  	 Av Constitution 444 Pte. Col. Centro, C.P. 64000, Monterrey, N.L., Mexico

		
		  	 hereinafter: “Tolteca”

		
		  	 (CEMEX, CEMEX Mexico, Interamerican and Tolteca collectively referred to as the “Pledgors”)

		
		  	 on the one side

		
	and	  	 Wilmington Trust (London) Limited

		
		  	 Fifth Floor

6 Broad Street Place

London EC2M 7JH

United Kingdom

		
		  	 hereinafter: the “Security Agent”

		
		  	 acting in its capacity as security agent and acting in the name and on behalf of the Pledgees (as defined herein)

		
		  	 on the other side

		
	concerning	  	 99.57% of the shares of CEMEX TRADEMARKS HOLDING Ltd.

			
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 Table of Contents 

 

					
	 List of Annexes
	  	2
	 Whereas
	  	3
	1.	 	 Definitions and Construction
	  	3
	2.	 	 Pledge of Shares
	  	5
		 	 2.1 Object of Pledge
	  	5
		 	 2.2 Secured Obligations
	  	5
	3.	 	 Delivery of Documents
	  	6
	4.	 	 Transfer of Future Shares
	  	6
	5.	 	 Shareholder Rights
	  	6
		 	 5.1 Subscription Rights
	  	6
		 	 5.2 Dividends
	  	7
		 	 5.3 Voting Rights
	  	7
	6.	 	 Representations and Warranties
	  	8
	7.	 	 Undertakings
	  	9
	8.	 	 Realization of Pledge
	  	10
	9.	 	 Release of Pledge
	  	11
	10.	 	 Position of the Security Agent
	  	11
	11.	 	 Transfer of Rights and Obligations
	  	12
	12.	 	 Indemnification
	  	12
	13.	 	 General Provisions
	  	12
		 	 13.1 Costs and Expenses
	  	12
		 	 13.2 Notices
	  	12
		 	 13.3 Entire Agreement
	  	13
		 	 13.4 Amendments and Waivers
	  	13
		 	 13.5 Severability
	  	13
		 	 13.6 Remedies Cumulative
	  	13
		 	 13.7 Continuing Security
	  	13
	14.	 	 Governing Law and Jurisdiction
	  	13
		 	 14.1 Governing Law
	  	13
		 	 14.2 Jurisdiction
	  	13

  

			
	 List of Annexes
  

	 Annex 1
	  	 Details of Existing Shares

			
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 This share pledge agreement (the “Agreement”) is made
as of                     2009 by and between CEMEX, CEMEX Mexico, Interamerican and Tolteca (the “Pledgors”) and Wilmington Trust
(London) Limited (the “Security Agent”), acting in its capacity as security agent and acting in the name and on behalf of the Pledgees. 

Whereas 
  

	A)	 Pursuant to a financing agreement (the “Financing Agreement”), dated on or about today’s date and as further amended from time
to time), made between, inter alia, CEMEX, as Original Borrower and Original Guarantor, and certain of its subsidiaries as Original Borrowers, Original Guarantors and Original Security Providers, Citibank International plc, as Administrative Agent,
Wilmington Trust (London) Limited, as Security Agent, and the Participating Creditors (all as defined in the Financing Agreement), the Participating Creditors have agreed to continue to make available the Facilities (as defined in the Financing
Agreement). 

  

	B)	 The Participating Creditors, the Original Debtors, Citibank International plc, as Administrative Agent, Wilmington Trust (London) Limited, as
Security Agent, and others entered into an intercreditor agreement (the “Intercreditor Agreement”) dated on or about today’s date. 

 

	C)	 The Pledgors own 1’938’958’014 issued registered shares (Namenaktien) in CEMEX TRADEMARKS HOLDING Ltd. (the
“Company”) (representing 99.57% of the issued share capital of the Company a company incorporated under the laws of Switzerland, having its registered office at Römerstrasse 13, 2555 Brügg bei Biel, Switzerland.

  

	D)	 As of the date hereof, the Company has an issued share capital of CHF 1’947’382’051.00, divided into 1’947’382’051
freely transferable registered shares (Namenaktien) with a par value of CHF 1 each. 

  

	E)	 In order to provide security in accordance with the Financing Agreement and the Intercreditor Agreement, each of the Pledgors wishes to pledge all
of its shares in the Company in favor of each of the Pledgees. 

  

	F)	 The Security Agent has been duly appointed under the Financing Agreement and the Intercreditor Agreement, to act as security agent and shall act in
its capacity as security agent and in the name and on behalf of the Pledgees in the execution, delivery and performance of this Agreement and shall exercise the rights of the Pledgees arising hereunder as their direct representative (direkter
Stellvertreter). 

 Now, therefore, the Parties hereto agree as follows: 

 

	1.	 Definitions and Construction 

Unless defined otherwise hereinafter and except to the extent that the context requires otherwise, capitalized terms used
in this Agreement shall have the meanings assigned to them in the Financing Agreement. 
  

							
		 		 	 Agreement
	  	 means this share pledge agreement.

				
		 		 	 Article
	  	 means any of the articles of this Agreement.

				
		 		 	 CO
	  	 means the Swiss Code of Obligations (Schweizerisches Obligationenrecht, OR).

			
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		 	 Company
	  	 shall have the meaning set forth in Recital C of this Agreement.

			
		 	 DEBA
	  	 means the Swiss Federal Debt Enforcement and Bankruptcy Act (Bundesgesetz über Schuldbetreibung und Konkurs, SchKG).

			
		 	 Dividends
	  	 means all dividend payments by the Company in respect of the Shares whether in cash or in the form of Shares or Participation Rights or in any other form.

			
		 	 Enforcement Event
	  	 shall have the meaning set forth in the Intercreditor Agreement.

			
		 	 Event of Default
	  	 shall have the meaning set forth in the Financing Agreement.

			
		 	 Existing Shares
	  	 means 1’938’958’014 fully paid registered shares (Namenaktien) of the Company with a par value of CHF 1 each, all held by the Pledgors
as of the date of this Agreement, together with all Related Rights.

			
		 	 Financing Agreement
	  	 shall have the meaning set forth in Recital A of this Agreement.

			
		 	 Future Shares
	  	 means any shares or Participation Rights Issued in addition to or in exchange for or as a surrogate for the Existing Shares by the Company in whatever nominal
value, which the Pledgors may acquire by way of subscription or otherwise subsequent to the date of this Agreement, together with all Related Rights.

			
		 	 Instructing Group
	  	 shall have the meaning set forth in the Intercreditor Agreement.

			
		 	 Intercreditory Agreement
	  	 shall have the meaning set forth in Recital B of this Agreement.

			
		 	 Participation Rights
	  	 means participation certificates (Partizipationsscheine) and profit sharing certificates (Genussscheine) within the meaning of articles 656a et
seq. and articles 657 CO of the Company to be issued in the future.

			
		 	 Party
	  	 means any party of this Agreement.

			
		 	 Permitted Reorganisation
	  	 has the meaning given to it in the Financing Agreement.

			
		 	 Pledge
	  	 shall have the meaning set forth in Article 2.1.

			
		 	 Pledgees
	  	 means the Secured Parties from time to time.

			
		 	 Related Rights
	  	 means, in relation to the Shares, all Dividends, interest and other distributions paid or payable after the date hereof, i.e., whether in cash or in kind and
all shares, securities (including any convertible debt instruments,

			
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		 		  	 warrants and the dividends, interest and other distributions thereon), rights, money and property accruing or offered at any time by way of redemption, bonus,
preference, option rights or otherwise to or in respect of any of the Shares, including any present or future right to purchase, subscribe or otherwise have shares issued in the Company, or in substitution or exchange for any of the Shares and any
and all administrative and financial rights related to the Shares, including but not limited to, voting rights and rights to dividend in respect of the Shares.

			
		 	 Release Date
	  	 means the date on which the Transaction Security shall be automatically released pursuant to clause 8.2 of the Intercreditor Agreement.

			
		 	 Secured Documents
	  	 means each Debt Document as defined in the Intercreditor Agreement.

			
		 	 Secured Obligations
	  	 shall have the meaning set forth in the Intercreditor Agreement and, in addition, means amounts owed by any Obligor pursuant to the Financing Agreement to the
Security Agent under clause 10.2 (Finance Parallel Debt (Covenant to pay to the Security Agent)) and clause 10.3 (Notes Parallel Debt (Covenant to pay to the Security Agent)) of the Intercreditor Agreement.

			
		 	 Secured Parties
	  	 shall have the meaning set forth in the Intercreditor Agreement.

			
		 	 Shares
	  	 means the Existing Shares and any Future Shares collectively.

			
		 	 Subscription Right
	  	 means the Pledgors’ preemptive rights (Bezugsrechte) and the advance subscription rights (Vorwegzeichnungsrechte) in connection with the
issuance of Shares or Participation Rights, or the creation of authorized or conditional share capital by the Company.

  

	2.	 Pledge of Shares 

  

	2.1	 Object of Pledge 

The Pledgors hereby agree to pledge and hereby pledge to each Pledgee (for this purpose being represented by the Security
Agent) individually all Shares, Subscription Rights and Related Rights (free and clear of any pledges, liens, rights of set-off or other third party rights of any nature) as a first ranking security (the “Pledge”). 

 

	2.2	 Secured Obligations 

The Pledge shall serve as a first ranking security to each of the Pledgees for the Secured Obligations. 

			
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	3.	 Delivery of Documents 

On the date hereof, the Pledgor shall deliver to the Security Agent the following documents: 

 

	 	a)	 (i) a copy, certified by a Mexican notary public, of the by-laws (estatutos sociales) in effect of each of the Cemex, Cemex Mexico, Tolteca
and (ii) copies of the articles of incorporation and the by-laws in effect for Interamerican, as well as the original certificate of good standing of Interamerican from the Secretary of State of the State of Delaware, dated the date hereof;

  

	 	b)	 a photocopy of the resolution of the board of directors, or, in relation to each of CEMEX, CEMEX Mexico and Tolteca, of the powers-of-attorney, with
authority for acts of domain (actos de dominio), for the officers, of each of the Pledgors wherein the entry into this Agreement and the granting of the Pledge as provided for hereunder is duly approved; 

 

	 	c)	 the original of the share certificates representing the Existing Shares as specified in Annex 1, duly endorsed in blank, with duly preceding
endorsements (vollständige Indossamentenkette); and 

  

	 	d)	 a photocopy of the share register (Aktienbuch) of the Company evidencing that (i) the Pledgors are registered as shareholders with
voting rights with respect to the Existing Shares and (ii) the Shares are pledged to the Pledgees according to this Agreement. 

For so long as the Pledge shall remain in effect, each of the Pledgors shall continue to be registered as the shareholder
with voting rights in the share register of the Company with respect to the Existing Shares. Upon the occurrence of an Enforcement Event, the Security Agent shall, following receipt of express written instructions from the Instructing Group or
otherwise in accordance with the terms of the Intercreditor Agreement, be entitled, but not obligated, to exercise the voting rights in accordance with Article 5.3. 
  

	4.	 Transfer of Future Shares 

Each of the Pledgors shall, and shall procure (or the Security Agent on its behalf) that the Company will, promptly upon
the accrual, offer or issue of any Future Shares duly transfer to the Security Agent all share certificates and other documents representing such Future Shares, in the case of registered shares, by share certificates duly endorsed in blank.

  

	5.	 Shareholder Rights 

  

	5.1	 Subscription Rights 

As long as no Enforcement Event has occurred, the right to exercise the pledged Subscription Rights shall remain with each
Pledgor, provided, however, that all Shares, Participation Rights and other rights and interests acquired by the Pledgors upon exercise of Subscription Rights shall be pledged pursuant to Article 2.1 and all share certificates and other documents
representing such Shares, Participation Rights and other rights and interests shall be transferred to the Security Agent pursuant to Article 4. 

			
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 In case a Pledgor does not intend to exercise any Subscription Rights,
each of the Pledgors herewith agrees to assign and herewith assigns such Subscription Rights free of charge to the Security Agent and the Security Agent shall be entitled, but not obliged, to exercise such Subscription Rights. For that purpose, the
Pledgors shall promptly do all acts and things and permit all acts and things to be done which are necessary for the Security Agent to exercise such Subscription Rights (for the avoidance of doubt, not including the payment of the subscription
price). 
 The Pledgors shall notify the Security Agent, in writing, promptly of any grant of Subscription Rights
and each of the Pledgors undertakes to notify the Security Agent of any intention not to exercise Subscription Rights not less than 20 Business Days prior to expiration of the right to exercise such Subscription Rights. 

Upon the occurrence of an Enforcement Event, the Security Agent shall be entitled, but not obligated, to exercise the
Subscription Rights. For that purpose, each of the Pledgors shall promptly do all acts and things (for the avoidance of doubt, not including the payment of the subscription price) and permit all acts and things to be done which are necessary for the
Security Agent to exercise the Subscription Rights. 
  

	5.2	 Dividends 

As long as no Enforcement Event has occurred, each Pledgor shall be entitled to receive and retain all Dividends.

 Upon the occurrence of an Enforcement Event, the Security Agent shall be entitled to receive and retain all
Dividends. For that purpose, each of the Pledgors shall promptly (i) pay any moneys subsequently distributed and received by the Pledgors as Dividends (net of any tax) in respect of the Shares to the Security Agent and (ii), to the extent
permitted by law, do all acts and things and permit all acts and things to be done which are necessary to enable the Security Agent to collect such Dividends directly from the Company; dividends in the form of Shares or Participation Rights shall be
deemed Future Shares and be subject to Article 4. 
  

	5.3	 Voting Rights 

As long as no Enforcement Event has occurred, all voting rights in the Shares shall remain with the Pledgors. 

When exercising (or failing to exercise) the voting rights in the Shares, each of the Pledgors shall act: 

 

	 	a)	 in a manner that is not inconsistent with the Financing Agreement, the Intercreditor Agreement, this Agreement (in particular Article 7) and any
other Secured Document; and 

  

	 	b)	 in a manner that would not intentionally be prejudicial to the validity and enforceability of the Pledge or cause an Event of Default or Enforcement
Event to occur. 

 Upon the occurrence of an Enforcement Event, the Security Agent shall have
the right (but not the obligation) to exercise the voting rights in the Shares after obtaining express written instructions from the Instructing Group or otherwise in accordance with the terms of the Intercreditor Agreement at its discretion. For
that purpose, each of the Pledgors shall promptly (i) execute any and all proxies in favor of the Security Agent or any person designated by the Security Agent and (ii) do all 

			
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acts and things and permit all acts and things to be done which are necessary for the Security Agent or the person designated by the Security Agent to exercise its voting rights in the Shares.

  

	6.	 Representations and Warranties 

Each of the Pledgors hereby represents and warrants to the Pledgees that as of the date of this Agreement: 

 

	 	a)	 the documents referred to in Articles 3a), 3c) and 3d) are accurate, complete and up-to-date; 

 

	 	b)	 the resolutions referred to in Article 3b) have been duly passed in meetings duly convened or by circular resolutions duly taken, accurately reflect
the resolutions and other matters reflected therein and are in full force and effect and have not been revoked or amended; 

  

	 	c)	 it is a company, duly formed and validly existing pursuant to the laws of the United Mexican States (in respect of CEMEX, CEMEX Mexico and Tolteca)
and the State of Delaware (in respect of Interamerican); 

  

	 	d)	 its representative is duly authorized to enter into this Agreement, which authority has not been revoked or modified in any manner whatsoever;

  

	 	e)	 the execution of, and performance of its obligations under, this Agreement by each Pledgor has been duly authorized by all necessary corporate
action on behalf of the Pledgor; 

  

	 	f)	 the execution of, and performance of its obligations under, this Agreement by each Pledgor does not contravene or violate any Mexican or Swiss law,
authorization or order applicable to that Pledgor in any material respect; 

  

	 	g)	 no shareholders’ meeting or board meeting of the Company or any of the Pledgors has been held in which resolutions were passed or approved that
could negatively affect the security interest created under this Agreement or any other right of the Pledgees under this Agreement; 

  

	 	h)	 no authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required
(i) for the pledge of the Shares pursuant hereto or for the execution, delivery or performance of this Agreement by it, (ii) for the perfection or maintenance of the pledge created hereby (including the first priority nature of such
pledge) or (iii) for the exercise by the Security Agent or the Pledgees of its/their rights provided for in this Agreement or the remedies in respect of the Shares pursuant to this Agreement; 

 

	 	i)	 the Existing Shares set forth in Annex 1 are duly and validly issued by the Company, are fully paid and constitute 99.57% of the issued and
outstanding shares of the Company; 

  

	 	j)	 each Pledgor is the sole legal and beneficial owner of its portion of the Existing Shares as set forth in Annex 1, which are free and clear of any
pledges, liens, encumbrances, or other interests or third party rights of any nature other than the Pledge created hereunder; 

			
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	 	k)	 the Company has not created any authorized or conditional share capital or granted any options for the acquisition of Shares; and

  

	 	l)	 this Agreement (i) constitutes legal and valid obligations binding on each of the Pledgors, (ii) is, subject to the transfer of the
Existing Shares from the Pledgors to the Security Agent (which, for the avoidance of doubt, shall take place simultaneously with the signing of this Agreement), an effective and perfected first ranking security over the Existing Shares securing the
Secured Obligations, and (iii) is enforceable against any of the Pledgors in accordance with its terms; 

  

	 	m)	 acknowledges and understands that the Security Agent appears in its capacity as security agent, on behalf and for the benefit of the Pledgees, in
accordance with the terms of the Financing Agreement and the Intercreditor Agreement; 

  

	 	n)	 acknowledges and understands the terms of the Financing Agreement and the Intercreditor Agreement, as well as the amounts due and payable to the
Secured Parties under the Debt Documents by it and the other Obligors (as such term is defined in the Financing Agreement), and agrees that the pledge created hereunder secures, among others, the payment of such amounts; and

  

	 	o)	 each of CEMEX Mexico and Tolteca acknowledges that by virtue of the Financing Agreement and this Agreement it will obtain a direct benefit for its
business and operations. 

  

	7.	 Undertakings 

Each of the Pledgors hereby undertakes not to enter into any legal instrument relating to, or granting any pledge, lien,
encumbrance, or other interest or third party right over the Shares. 
 In addition, except in accordance with
the terms of the Financing Agreement and any other Secured Document and for as long as the Pledge remains in effect, each of the Pledgors hereby undertakes: 
  

	 	a)	 not to dispose of, transfer or assign the Shares or take any other action with respect to the Shares (other than in accordance with the Permitted
Reorganisation) that would jeopardize (i) any rights of the Pledgees under this Agreement or any other Secured Document or (ii) the validity and enforceability of the Pledge; 

 

	 	b)	 not to revoke or amend the board resolution referred to in Article 3b); 

 

	 	c)	 not to vote in favor of any resolution with regard to the Company whereby: 

 

	 	(i)	 the Existing Shares would be modified or altered; or 

 

	 	(ii)	 the transferability of the Shares would be restricted in any way; 

 

	 	d)	 to promptly inform the Security Agent, in writing, (i) if a third party claims or pretends to own any of the Shares and (ii) of all
circumstances concerning the Company which might materially adversely affect the validity or enforceability of the Pledge; 

			
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	 	e)	 to enter into and to procure the perfection of additional pledge agreements (at its own cost and expense), if and to the extent that a pledge of
certain Related Rights requires, as a matter of law, the execution and perfection of a specific pledge agreement for such Related Rights; 

  

	 	f)	 to do all acts and things necessary (at its own cost and expense) in case of a realization of the Pledge, and procure that any acts and things be
done (at its own cost and expense) to properly effect any transfer of the Shares to a new owner, free of any pledge, lien, encumbrance, or other interest or third party right of any nature on any of the Shares so transferred and, in the case of
registered shares, to procure that the board of directors of the respective Company register such new owner as new shareholder of the Company with voting rights; 

 

	 	g)	 to promptly execute such further documents and do such further acts (at its own cost and expense) which the Pledgees may reasonably require for the
purpose of the creation, perfection, protection and realization of the Pledge. 

  

	8.	 Realization of Pledge 

Upon the occurrence of an Enforcement Event and subject to the Intercreditor Agreement (in particular clauses 6 and 10
thereof), the Security Agent shall, after obtaining express written instructions from the Instructing Group or otherwise in accordance with the terms of the Intercreditor Agreement, have the right, but not the obligation, to enforce the Pledge
created pursuant to this Agreement, by liquidation of the Shares in full or in part through an auction or a private sale (Private Verwertung) or acquisition of the Shares for the Security Agent’s or any other Pledgee’s account
(Selbsteintritt), in each case without having to initiate proceedings under, and without regard to the formalities provided in, the DEBA and, to the extent legally permissible, without having to give prior notice to the Pledgors. 

In case of an acquisition of the Shares for the Security Agent’s or any other Pledgee’s account
(Selbsteintritt), such acquisition shall be done at the “intrinsic value” (innerer Wert) of the Shares (the “Intrinsic Value”). If the Pledgors and the Security Agent do not reach an agreement on the
Intrinsic Value” within 10 Business Days from the date of the Security Agent’s first proposal, the Intrinsic Value shall be determined by an independent expert (Schiedsgutachter) to be mutually appointed by the relevant parties. The
expert’s determination of the Intrinsic Value shall be final. If the relevant parties cannot, within 10 Business Days from the date of the Security Agent’s first proposal, agree on the expert to be appointed, the independent expert shall
be appointed by the president of the “TREUHANDKAMMER Schweizerische Kammer der Wirtschaftsprüfer und Steuerexperten” Zurich, Switzerland. 

Upon the occurrence of an Enforcement Event, the Security Agent shall, after obtaining express written instructions from
the Instructing Group or otherwise in accordance with the terms of the Intercreditor Agreement, have full discretion as to manner, time and place of enforcement of the Pledge. Each of the Pledgors shall cooperate and render (at its own cost and
expense) all assistance, which the Security Agent considers necessary, in order to facilitate the enforcement of the Pledge. 

Any money received or realized by the Security Agent from any enforcement of the Pledge shall be paid or applied in the
order set out in clause 9 (Application of Proceeds) of the Intercreditor Agreement. 

			
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 Notwithstanding the foregoing and notwithstanding the provision of
article 41 DEBA, the Security Agent shall be entitled to institute or pursue the enforcement of the Secured Obligations pursuant to regular debt enforcement proceedings without having first to institute proceedings for the realization of any
security interest created to secure the Secured Obligations (Ausschluss des beneficium excussionis realis). The Parties agree in advance that a sale according to article 130 DEBA (Freihandverkauf) shall be admissible. 

 

	9.	 Release of Pledge 

The Pledge shall be automatically (a) terminated and cancelled and (b) the Shares or, in case of realization of
the Shares, the remainder thereof, shall be released and returned to the Pledgors at their own cost and expense, at the earlier of (i) the day on which all Secured Obligations have been discharged in full and the Security Agent is satisfied
(having made enquiries of and been informed by the Agents) that no further Secured Obligations are capable of arising and no amount paid to discharge the Secured Obligations is capable of being avoided or reduced in bankruptcy, insolvency or similar
laws or (ii) the Release Date. 
  

	10.	 Position of the Security Agent 

The Security Agent has been duly appointed by each of the Pledgees under the Financing Agreement and the Intercreditor
Agreement (in particular clause 10) to act as security agent. The Security Agent shall act, for the purpose of this Agreement, in its capacity as security agent in the name and on behalf of the Pledgees and is authorised to exercise the rights,
powers, authorities and discretions specifically given to the Security Agent under or in connection with this Agreement together with any other incidental rights, powers, authorities and discretions as direct representative (direkter
Stellvertreter) of the Pledgees. The Pledgors acknowledge such rights and powers and acknowledge in particular clause 10.5 of the Intercreditor Agreement (No independent power). 

The Security Agent performs this Agreement and exercises the rights of the Pledgees arising hereunder, as direct
representative (direkter Stellvertreter) of each of the Pledgees. Any action with respect to this Agreement taken by the Security Agent shall be construed as binding upon each of the Pledgees. 

The Security Agent shall not, whether by virtue of this Agreement or by exercising any of its rights thereunder, owe any
duty of care or fiduciary duty to the Pledgors or the Company. 
 The permissive rights of the Security Agent to
take action under this Agreement shall not be construed an obligation or duty for it to do so. 
 Provided it
complies with its obligations in this Agreement, the Security Agent is not required to have any regard to the interests of the Company. 

In acting as Security Agent, the Security Agent shall be treated as acting through its agency division which shall be
treated as a separate entity from its other divisions and departments. Any information received or acquired by the Security Agent which is received or acquired by some other division or department or otherwise than in its capacity as Security Agent
may be treated as confidential by the Security Agent and will not be treated as information possessed by the Security Agent in its capacity as such. 

			
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 In acting or otherwise exercising its rights or performing its duties
under any of this Agreement, the Security Agent shall act in accordance with the provisions of the Intercreditor Agreement and shall, when required to grant a consent, exercise a discretion, take or omit to take any action, seek instruction or
direction from the Instructing Group or Administrative Agent (as applicable and as provided in the Intercreditor Agreement). In so acting, the Security Agent shall have the rights, benefits, protections, indemnities and immunities set out in the
Intercreditor Agreement as if those provisions were set out in this Agreement, mutatis mutandis, and shall not incur any liability to the Pledgors, the Company or to any other Person. 

The provisions of this Clause 10 shall survive any termination of this Agreement. 

 

	11.	 Transfer of Rights and Obligations 

The Pledgors may only transfer rights or obligations arising under this Agreement to third parties with the prior written
consent of the Security Agent. 
 Each Finance Party and each Refinancing Party (as defined in the Intercreditor
Agreement) which has become a party to a Secured Document after the date of this Agreement in accordance with the Secured Documents shall automatically become a party to this Agreement (Vertragspartei) (through the representation of the
Security Agent), and thereby assume all rights and obligations of a Pledgee and each of the Pledgors explicitly consents to such Finance Party becoming a party to this Agreement (Vertragspartei), and thereby assuming all rights and
obligations of a Pledgee. 
 Each Noteholder and Noteholder Trustee (as each such term is defined in the
Intercreditor Agreement) shall have the benefit of the security created hereby in accordance with the terms of the Intercreditor Agreement. 
  

	12.	 Indemnification 

The Security Agent and each Pledgee shall not be liable for any loss or damage suffered by any of the Pledgors save, in
the case of a Pledgee (other than the Security Agent), in respect of such loss or damage which is suffered as a result of the wilful misconduct (Absicht) or gross negligence (grobe Fahrlässigkeit) of a Pledgee (other than the
Security Agent). Notwithstanding anything to the contrary herein, any liability of each of the Pledgees towards each of the Pledgors under this Agreement shall not be joint and several (nicht solidarisch) but separate and independent.

  

	13.	 General Provisions 

  

	13.1	 Costs and Expenses 

With respect to costs and expenses, Clause 19 (Costs and Expenses) of the Financing Agreement shall apply and the
provisions thereof are incorporated herein by reference (with such conforming changes as necessary for interpretation being deemed to be made for the purposes of this Agreement). 

 

	13.2	 Notices 

All notices or other communications to be given under or in connection with the Agreement shall be made pursuant to, and
in accordance with, the provisions of the Finance Documents, in particular clause 34 (Notices) of the Financing Agreement and clause 17 (Notices) of the Intercreditor Agreement. 

			
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	13.3	 Entire Agreement 

This Agreement, including Annex 1 and any other documents referred to herein, constitutes the entire agreement and
understanding among the Parties with respect to the subject matter hereof, and shall supersede all prior oral and written agreements or understandings of the parties relating hereto. All references to this Agreement shall be deemed to include Annex
1 hereto. 
  

	13.4	 Amendments and Waivers 

This Agreement may only be amended or any provision thereof waived in accordance with the provisions of clause 19.2
(Amendments and Waivers: Transaction Security Documents) of the Intercreditor Agreement and by a document signed by all Parties or, in case of a waiver of any provision, by a document signed by the Party waiving such provision. 

 

	13.5	 Severability 

Should any part or provision of this Agreement be held to be invalid or unenforceable by any competent arbitral tribunal,
court, governmental or administrative authority having jurisdiction, the other provisions of this Agreement shall nonetheless remain valid. In this case, the Parties shall endeavor to negotiate a substitute provision that best reflects the economic
intentions of the Parties without being unenforceable, and shall execute all agreements and documents required in this connection. 
  

	13.6	 Remedies Cumulative 

No failure or delay on the part of the Security Agent to exercise any power, right or remedy hereunder operates as a
waiver thereof, nor shall any single or any partial exercise of any power, right or remedy preclude its further exercise or the exercise of any other power, right or remedy. 

 

	13.7	 Continuing Security 

This Agreement shall create a continuing security and no change or amendment whatsoever in any of the Secured Documents or
any document or agreement relating thereto shall affect the validity of the Pledge or the obligations which are imposed on each of the Pledgors pursuant to it. 
  

	14.	 Governing Law and Jurisdiction 

  

	14.1	 Governing Law 

This Agreement (including matters as to the transfer of possession of any share certificates representing the Shares)
shall be governed by and construed in accordance with the substantive laws of Switzerland. 
  

	14.2	 Jurisdiction 

All disputes arising out of or in connection with this Agreement, including disputes on its conclusion, binding effect,
amendment and termination, shall be resolved exclusively by the Courts of the City of Zurich, Switzerland, and shall, if possible, be adjudicated by the Commercial Court of the Canton of Zurich (Handelsgericht des Kantons Zürich),
Switzerland, venue being Zurich 1. 

			
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 The Security Agent and the other Pledgees in addition have the right to
institute legal proceedings against each of the Pledgors at any other competent court, in which case Swiss law shall nevertheless be applicable as provided in Article 14.1. 

Signatures on next page 

			
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	 Signatures
  
	 		  	
	 Bern, this 14/8/09
	 		  	

  

			
	 CEMEX S.A.B. de C.V.

		
		 	 /s/ Marc Grüninger

	Name:	 	Marc Grüninger
	 Title:
	 	 Attorney in fact

Bern, this 14/8/09 

									
				
	CEMEX México, S.A. de C.V.	 		 		 	
					
		 	 /s/ Marc Grüninger
	 		 		 	  

	 Name:
	 	 Marc Grüninger
	 		 	Name:	 	
	 Title:
	 	 Attorney in fact
	 		 	Title:	 	

 Bern, this 14/8/09 

									
				
	 Interamerican Investments Inc.
	 		 		 	
					
		 	 /s/ Marc Grüninger
	 		 		 	  

	 Name:
	 	 Marc Grüninger
	 		 	Name:	 	
	 Title:
	 	 Attorney in fact
	 		 	Title:	 	

 Bern, this 14/8/09 

									
				
	Empresas Tolteca de Mexico, S. A. de C.V.	 		 		 	
					
		 	 /s/ Marc Grüninger
	 		 		 	  

	Name:	 	Marc Grüninger	 		 	 Name:
	 	
	Title:	 	Attorney in fact	 		 	 Title:
	 	

 14/8/09, this _________________________ 

			
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 Wilmington Trust (London) Limited, acting in its capacity as Security Agent and
acting in the name and on behalf of the Pledgees: 
  

			
		 	 /s/ E. K. Lockhart

	 Name:
	 	 E.K. Lockhart

	 Title:
	 	

			
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 Annex 1 

Details of Existing Shares 
  

											
	 Shareholder
	 	Share Issuer	 	Type of
Share	 	Number of
Certificates	 	Number of
Shares	 	Par value
of each
Share
	 CEMEX
	 	 CEMEX
TRADEMARKS
HOLDING Ltd.
	 	 Registered
Shares
	 	3	 	 949’126’121
	 	 CHF 1

						
	 CEMEX
Mexico
	 	 CEMEX
TRADEMARKS
HOLDING Ltd.
	 	 Registered
Shares
	 	5	 	 217’865’866
	 	 CHF 1

						
	 Interamerican
	 	 CEMEX
TRADEMARKS
HOLDING Ltd.
	 	 Registered
Shares
	 	2	 	 8’424’037
	 	 CHF 1

						
	 Tolteca
	 	 CEMEX
TRADEMARKS
HOLDING Ltd.
	 	 Registered
Shares
	 	4	 	 763’541’990
	 	 CHF 1

						
	 Total
	 		 		 		 	 1’938’958’014Deed of Pledge of Registered Shares dated September 4, 2009

			
	
 

	  	 Exhibit 4.40

		  

  

 DEED OF PLEDGE OF REGISTERED SHARES 

On this fourth day of September two thousand nine, appeared before me, dr. Thomas Pieter van Duuren, civil law notary (notaris) in
Amsterdam, The Netherlands: 
  

			
	 1.
	  	 (a)     Ms Catelijne Schoenmaker, in this matter with residence at the offices of
Warendorf, Koningslaan 42, 1075 AE Amsterdam, The Netherlands, born in Hoorn, The Netherlands, on the fifth day of June nineteen hundred seventy-nine, holder of a drivers license with number 4181165504; and

		
		  	 (b)     Ms Alycke Berber Deirdre Kootstra, in this matter with residence at the offices
of Warendorf, Koningslaan 42, 1075 AE Amsterdam, The Netherlands, born in Achtkarspelen, The Netherlands, on the third day of July nineteen hundred eighty-four, holder of a passport with number NH9797017,

		
		  	 in this respect both acting as attorneys-in-fact, duly authorised in writing, of:

		
		  	 (i)     CEMEX TRADEMARKS HOLDING LTD., a company incorporated under the laws of
Switzerland, having its registered office at Römerstrasse 13, 2555 Brügg bei Biel, Switzerland, registered with Berne under number CH-035.3.029.636-0 (the “Pledgor”);

		
		  	 (ii)    NEW SUNWARD HOLDING B.V., a private company with limited liability
(besloten vennootschap met beperkte aansprakelijkheid), incorporated under Dutch law, having its seat (statutaire zetel) at Amsterdam, The Netherlands, and its registered office at Amsteldijk 166, 1079 LH Amsterdam, The Netherlands and
registered with the Dutch Commercial Register (Handelsregister) under number 34133556 (the “Company”);

		
	 2.
	  	 Mr Krishna van Zundert, in this matter with residence at the offices of Clifford Chance LLP, Droogbak 1a, 1013 GE Amsterdam, The
Netherlands, born in Amravati, India, on the twenty-ninth day of September nineteen hundred and seventy-five, in this respect acting as attorney-in-fact, duly authorised in writing, of, in this respect acting as attorney-in-fact, duly authorised in
writing, of:

		
		  	 WILMINGTON TRUST (LONDON) LIMITED, a company with limited liability, incorporated under the laws of England and Wales, having
its registered office at Fifth Floor, 6 Broad Street Place, London EC2M 7JH, United Kingdom and registered with Companies House under number 05650152, except as expressly provided herein acting in its capacity of Security Agent (and where acting in
such capacity acting on behalf of the Secured Parties) (all as defined below) (the “Pledgee”).

			
	
 

	  	
		  	

  

 The authorisation of the persons appearing before me appears from three (3) written
powers of attorney, (photocopies of) which shall be attached to this Deed. 
 The persons appearing, acting as stated, declared
that: 
 IT IS HEREBY AGREED AS FOLLOWS: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

  

	1.1	 Definitions 

  

	 	1.1.1	 Unless a contrary indication appears, capitalised terms not defined in this Deed (as defined below) shall have the same meaning given to such terms
in the Intercreditor Agreement (as defined below). 

  

	 	1.1.2	 In addition the following terms shall have the following meaning: 

“Articles of Association” means the articles of association (statuten) of the Company as they
currently stand and/or, as the case may be, as they may be amended from time to time. 
 “Debt
Documents” has the meaning given to it in the Intercreditor Agreement. 
 “Deed” means
this deed of pledge. 
 “Depository Receipts” means depository receipts of shares in the
capital of the Company issued with the co-operation of the Company (met medewerking van de vennootschap uitgegeven certificaten van aandelen). 

“Dividends” means cash dividends, distribution of reserves, repayments of capital and all other
distributions and payments in any form which at any time during the existence of the right of pledge created hereby, become payable in respect of any one of the Shares. 

“Enforcement Event” has the meaning given to it in the Intercreditor Agreement. 

“Existing Deed of Pledge I” has the meaning ascribed thereto in Clause 3.5 (Mergers). 

“Existing Deed of Pledge II” has the meaning ascribed thereto in Clause 3.5 (Mergers).

 “Financing Agreement” means the financing agreement dated the fourteenth day of August two
thousand nine entered into among, inter alios, CEMEX S.A.B. de C.V. as the Parent, the Original Borrowers, the Original Guarantors, the Original Security Providers, the Original Participating Creditors, the Administrative Agent and the
Security Agent (all as defined therein). 
 “Free Reserves Available for Distribution” has the
meaning ascribed thereto in Clause 1.5. 
  

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 “Future Shares” means all shares in the capital of the
Company acquired by the Pledgor after the date of this Deed. 
 “Intercreditor Agreement” means
the intercreditor agreement dated on or about the date of the Financing Agreement and made between, inter alios, CEMEX S.A.B. de C.V. as the Parent, the Original Borrowers, the Original Guarantors, the Original Security Providers, the
Security Agent and the Participating Creditors (all as defined therein). 
 “Merger” has the
meaning ascribed thereto in Clause 3.5 (Mergers). 
 “Newly Issued Shares” has the
meaning ascribed thereto in Clause 3.5 (Mergers). 
 “Parallel Debts” means a collective
reference to the Finance Parallel Debt and the Notes Parallel Debt (each as defined in the Intercreditor Agreement). 

“Present Shares” means all of the shares issued and paid-up in the capital of the Company. 

“Principal Obligations” means a collective reference to all present and future obligations owed by any
Debtor to (a) any of the Finance Secured Parties under or in connection with the Finance Secured Documents and (b) any of the Notes Secured Parties under or in connection with the Notes Secured Documents, in each case other than the
obligations pursuant to the Parallel Debts. 
 “Related Rights” means the Dividends, all present
and future rights of the Pledgor to acquire shares in the capital of the Company and all other present and future rights arising out of or in connection with the Shares, other than the Voting Rights. 

“Release Date” means the date on which the Transaction Security (as defined in the Intercreditor
Agreement) shall be released pursuant to and in accordance with clause 8.2 of the Intercreditor Agreement. 

“Restricted Obligations” has the meaning ascribed thereto in Clause 1.5. 

“Secured Obligations” means all present and future obligations owed by the Debtors to the Pledgee
pursuant to the Parallel Debts and all Principal Obligations that are secured obligations pursuant to paragraph 3.1.3. 

“Security Assets” means the Shares and the Related Rights. 

“Shares” means the Present Shares and the Future Shares. 

“Voting Rights” means the voting rights in respect of any of the Shares. 

 

	1.2	 Interpretation 

Subject to any contrary indication, any reference in this Deed to a “Clause”,
“Sub-clause” or “paragraph” shall be interpreted as a reference to a clause, sub-clause or paragraph hereof. 
  

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	1.3	 Continuing security 

Any reference made in this Deed to any Finance Secured Document and/or any Notes Secured Document or to any agreement or
document (under whatever name), where applicable, shall be deemed to be a reference to such Finance Secured Document and/or Notes Secured Document or such other agreement or document as the same may have been, or at any time may be, extended,
prolonged, amended, restated, supplemented, renewed or novated, as persons may accede thereto as a party or withdraw therefrom as a party in part or in whole or be released thereunder in part or in whole, and/or as facilities and/or amounts and/or
financial services are or at any time may be granted, extended, prolonged, increased, reduced, cancelled, withdrawn, amended, restated, supplemented, renewed or novated thereunder including, without limitation: 

 

	 	(a)	 any: 

  

	 	(i)	 increase or reduction in any amount available thereunder or any alteration of or addition to the purpose for which any such amount, or increased or
reduced amount may be used, 

  

	 	(ii)	 facility or note provided in substitution of, or in addition to, the facilities originally made available thereunder or notes originally issued
thereunder, 

  

	 	(iii)	 rescheduling of the indebtedness incurred thereunder whether in isolation or in connection with any of the foregoing, and

  

	 	(iv)	 combination of the foregoing, and/or 

  

	 	(b)	 any document designated as a Finance Secured Document or Notes Secured Document by the Administrative Agent and the Parent.

  

	1.4	 Unlawful financial assistance 

No obligations shall be included in the definition of “Secured Obligations” to the extent that, if they were
included, the security interest granted pursuant to this Deed or any part thereof would be void as a result of violation of the prohibition on financial assistance contained in Articles 2:98c and/or 2:207c of the Dutch Civil Code or any other
applicable financial assistance rules under any relevant jurisdiction (the “Prohibition”) and all provisions hereof shall be interpreted accordingly. For the avoidance of doubt, this Deed shall continue to secure those obligations
which, if included in the definition of “Secured Obligations”, shall not constitute a violation of the Prohibition. 
  

	1.5	 Limitation of the Pledgor under Swiss law 

The obligations and liabilities of the Pledgor under this Deed in relation to the obligations, undertakings, indemnities
or liabilities of an Obligor other than that Pledgor or any of its fully owned and controlled subsidiaries (the “Restricted Obligations”) shall be limited to the amount of the Pledgor’s Free Reserves

  

 - 4 - 

			
	
 

	  	
		  	

  

 
Available for Distribution at the time payment is requested, provided that such limitation is a requirement under applicable law (including any case law) at that point in time and that such
limitation shall not free the Pledgor from its obligations in excess thereof, but merely postpone the performance date until such time as performance is permitted notwithstanding such limitation. 

For the purpose of this clause, “Free Reserves Available for Distribution” means an amount equal to the
maximal amount in which the relevant Pledgor can make a dividend payment to its shareholder(s) (being the balance sheet profit and any freely disposable reserves available for this purpose, in each case in accordance with applicable Swiss law).

 As soon as possible after having been requested to discharge a Restricted Obligation, the Pledgor shall, if it
cannot discharge the full amount of the Restricted Obligations, provide the Pledgee with an interim statutory balance sheet audited by the statutory auditors of the Pledgor setting out the Free Reserves Available for Distribution and, immediately
thereafter, pay the amount corresponding to the Free Reserves Available for Distribution to the Pledgee (save to the extend provided below). 

In respect of the Restricted Obligations, the Pledgor shall: 

 

	 	(a)	 if and to the extent required by applicable law in force at the relevant time: 

 

	 	(i)	 subject to any applicable double taxation treaties, deduct Swiss withholding tax at the rate of thirty-five percent (35%) (or such other rate
as is in force at that time) from any payment made by it; 

  

	 	(ii)	 pay any such deduction to the Swiss Federal Tax Administration; and 

 

	 	(iii)	 notify and provide evidence to the Pledgee that the Swiss withholding tax has been paid to the Swiss Federal Tax Administration;

  

	 	(b)	 to the extent such deduction is made, not be required to make a gross-up, indemnify or otherwise hold harmless the Secured Parties for the deduction
of the Swiss withholding tax notwithstanding anything to the contrary contained in the Debt Documents, unless grossing up is permitted under the laws of Switzerland then in force and provided that this should not in any way limit any obligations of
any non-Swiss Pledgors under the Debt Documents to indemnify the Secured Parties in respect of the deduction of the Swiss withholding tax, including, without limitation, in accordance with Clause 17 of the Financing Agreement (Tax Gross-Up,
Increased Costs and Indemnities). The Pledgor shall use all reasonable efforts to procure that any person which is entitled to a full or partial 

 

 - 5 - 

			
	
 

	  	
		  	

  

 
refund of any Swiss withholding tax paid pursuant to paragraph (a) above will, as soon as possible after the deduction of the Swiss withholding tax, (y) request a refund of the Swiss
withholding tax under any applicable law (including double taxation treaties) and (z) pay to the Pledgee upon receipt any amount so refunded. 

The Pledgor will take, and cause to be taken, all and any other action, including, without limitation, the passing of any
shareholders’ resolutions to approve any payment or other performance under the Debt Documents and the receipt of any confirmations from the Pledgor’s auditors, whether following a request to discharge a Restricted Obligation, or which may
be required as a matter of mandatory Swiss law in force at the time it is required to make a payment or perform other obligations under the Debt Documents in order to allow a prompt payment or performance of other obligations under the Debt
Documents. 
 If the enforcement of the Restricted Obligations would be limited due to the effects referred to in
this Clause 1.5 and if any asset of the Pledgor has a book value that is less than its market value (an “Undervalued Asset”), the Pledgor shall, to the extent permitted by applicable law and its Accounting Standards (i) write
up the book value of such Undervalued Asset such that its balance sheet reflects a book value that is equal to the market value of such Undervalued Asset, and (ii) make reasonable efforts to realise the Undervalued Asset for a sum which is at
least equal to the market value of such asset. Without prejudice to the rights of the Pledgee under the Debt Documents, the Pledgor will only be required to realise an Undervalued Asset if such asset is not necessary for the Pledgor’s business
(nicht betriebsnotwendig). 
  

	1.6	 Pledgee Provisions 

  

	 	1.6.1	 Subject to the mandatory provisions of Dutch law the Pledgee shall not, whether by virtue of this Deed or by exercising any of its rights
thereunder, owe any duty of care to the Pledgor or the Company. 

  

	 	1.6.2	 The permissive rights of the Pledgee to take action under this Deed shall not be construed as an obligation or duty for it to do so.

  

	 	1.6.3	 In acting as Pledgee, the Pledgee shall be treated as acting through its agency division which shall be treated as a separate entity from its other
divisions and departments. Any information received or acquired by the Pledgee which is received or acquired by some other division or department or otherwise than in its capacity as Pledgee may be treated as confidential by the Pledgee and will not
be treated as information possessed by the Pledgee in its capacity as such. 

  

 - 6 - 

			
	
 

	  	
		  	

  

	 	1.6.4	 In acting or otherwise exercising its rights or performing its duties under any provision of this Deed, the Pledgee shall act in accordance with the
provisions of the Intercreditor Agreement and parties to this Deed acknowledge and agree that in so acting the Pledgee shall have the rights, benefits, protections, indemnities and immunities set out in the Intercreditor Agreement and shall not
incur any liability to the Pledgor or the Company, other than as expressly provided for in the Intercreditor Agreement. 

  

	2.	 UNDERTAKING TO PLEDGE AND PARALLEL DEBTS 

  

	2.1	 Undertaking to pledge 

The Pledgor has agreed, or, as the case may be, hereby agrees with the Pledgee that it shall grant to the Pledgee a right
of pledge over the Security Assets as security for the payment of the Secured Obligations. 
  

	2.2	 Parallel Debts 

Pursuant to the Parallel Debts the Pledgee has its own claim in respect of the payment obligations of the Debtors to the
Finance Secured Parties and the Notes Secured Parties. In connection with the creation of the rights of pledge pursuant hereto the Pledgor and the Pledgee acknowledge that, with respect to this claim, the Pledgee acts in its own name and not as
representative (vertegenwoordiger) of the Finance Secured Parties and the Notes Secured Parties or any of them and consequently the Pledgee is the sole pledgee under this Deed. 

 

	3.	 PLEDGE 

  

	3.1	 Pledge of Security Assets 

  

	 	3.1.1	 To secure the payment of the Secured Obligations, the Pledgor grants in advance (bij voorbaat) to the Pledgee a right of pledge over its
Future Shares and the Related Rights pertaining thereto, which rights of pledge are hereby accepted by the Pledgee. 

  

	 	3.1.2	 To the extent the pledge in advance referred to in paragraph 3.1.1 is not effective under Dutch law, the Pledgor will forthwith grant a
supplemental right of pledge by executing, before a Dutch civil law notary, a deed of pledge substantially in the form of this Deed or such other form as the Pledgee may reasonably require in order to perfect the pledge over the Future Shares and
the Related Rights pertaining thereto. 

  

	 	3.1.3	 If and to the extent that at the time of creation of this right of pledge, or at any time hereafter, a Principal Obligation owed to the Pledgee
cannot be validly secured through the Parallel Debts, such Principal Obligation itself shall be a Secured Obligation. 

  

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	3.2	 Registration 

The Pledgee shall be entitled to present this Deed and any other document in connection herewith for registration to any
office, registrar or governmental body in any jurisdiction the Pledgee deems necessary or useful to protect its interests. 
  

	3.3	 Related Rights 

  

	 	3.3.1	 Subject to Sub-clause 3.3.2 below, only the Pledgee is entitled to receive and exercise the Related Rights pledged pursuant hereto or, as
applicable, pursuant to the Existing Deed of Pledge II (as defined and referred to in Clause 3.5 (Mergers) of this Deed. 

  

	 	3.3.2	 The Pledgee hereby authorises the Pledgor (as envisaged by Article 3:246 paragraph 4 of the Dutch Civil Code) to receive Dividends in
accordance with the terms of the Financing Agreement. The authorisation shall automatically cease to exist upon the occurrence of an Enforcement Event. 

 

	3.4	 Voting Rights 

  

	 	3.4.1	 In accordance with Article 2:198 paragraph 3 of the Dutch Civil Code, in conjunction with the relevant provisions of the Articles of Association,
the general meeting of shareholders of the Company, has approved on the seventh day of August two thousand nine by means of a written resolution adopted outside a meeting in accordance with Article 2:238 of the Dutch Civil Code and Article 21 of the
Articles of Association, the granting of a right of pledge in respect of the Shares with the conditional transfer to the Pledgee of the Voting Rights and other rights and powers attached to the Shares. A copy of said written resolution by the
general meeting of shareholders shall be attached to this Deed (Annex). 

  

	 	3.4.2	 The Voting Rights are hereby transferred to the Pledgee, subject to the cumulative conditions precedent (opschortende voorwaarden) of:

  

	 	(a)	 the occurrence of an Enforcement Event, and 

  

	 	(b)	 the delivery of a notice by the Pledgee to the Company that it, the Pledgee, will exercise the Voting Rights (whereby it is agreed and acknowledged
by the parties to this Deed that such notice may only be given by the Pledgee upon receipt by the Pledgee of express written instructions to this effect from the Instructing Group or otherwise in accordance with the Intercreditor Agreement).

 The Pledgee shall send to the Pledgor, for information purposes only, a copy of any notice
to the Company as referred to in paragraph 3.4.2 sub (b) above. 
  

	 	3.4.3	 Prior to receipt by the Company of a notice as referred to in paragraph 3.4.2(b) above: 

 

 - 8 - 

			
	
 

	  	
		  	

  

	 	(a)	 the Pledgor shall have the right to exercise its Voting Rights; and 

 

	 	(b)	 the Pledgee shall not have the rights attributed by law to the holders of Depository Receipts. 

 

	 	3.4.4	 Forthwith upon receipt by the Company of a notice as referred to in paragraph 3.4.2(b) above the Pledgor shall be entitled no longer to exercise its
Voting Rights. 

  

	3.5	 Mergers 

  

	 	3.5.1	 General 

It is the intention that after the date of this Deed a merger (fusie) (“Merger”) between the
Company (as acquiring entity (verkrijgende rechtspersoon)) and Sunward Acquisitions N.V., a public company with limited liability (naamloze vennootschap), incorporated under Dutch law, having its seat (statutaire zetel) at
Amsterdam, The Netherlands, and its registered office at Amsteldijk 166, 1079 LH Amsterdam, The Netherlands and registered with the Dutch Commercial Register (Handelsregister) under number 33235711 (“Sunward Acquisitions
N.V.”) (as disappearing entity (verdwijnende rechtspersoon)) will be effected. 
 By notarial
deed dated the fourteenth day of August two thousand nine executed before a deputy of dr. T.P. van Duuren, civil law notary (notaris) in Amsterdam, The Netherlands, with Mexcement Holdings S.A. de C.V., a company incorporated under the laws
of Mexico, having its registered office at Avenida Constitución 444 Pte, C.P. 64000, Monterrey, Nuevo León, México, registered at the Registro Público de la Propiedad y del Comercio del Estado de Nuevo León in
México under the number 5457, Volume 2, Book First (“Mexcement Holdings S.A. de C.V.”), Corporación Gouda S.A. de C.V., a company incorporated under the laws of Mexico, having its registered office at Avenida
Constitución 444 pte, CP 64000 Monterrey, N.León, Mexico, registered with the Registro Publico de la Propiedad y de comercio del estado de Nuevo León te Monterray in Mexico under number 25012002-113 (“Corporación
Gouda S.A. de C.V.”), Cemex International Finance Company, a company incorporated under the laws of the Republic of Ireland, having its registered office at 70 Sir John Rogerson’s Quay, Dublin 2, The Republic of Ireland, registered
with Companies Registration Office under number 226652 (“Cemex International Finance Company”), as pledgors, the Pledgee as pledgee and Sunward Acquisitions N.V. as company (the “Existing Deed of Pledge I”), amongst
others, the shares in the capital of Sunward Acquisitions N.V. (the “Shares Sunward 
  

 - 9 - 

			
	
 

	  	
		  	

  

 
Acquisitions N.V.”) (together with Related Rights as defined therein) were pledged in favour of the Pledgee. 

By notarial deed dated the fourteenth day of August two thousand nine executed before a deputy of dr. T.P. van Duuren,
civil law notary (notaris) in Amsterdam, The Netherlands, with the Pledgor as pledgor, the Pledgee as pledgee and Sunward Acquisitions N.V. as company (the “Existing Deed of Pledge II”), amongst others, the shares in the
capital of Sunward Acquisitions N.V. (together with Related Rights as defined therein) were pledged in favour of the Pledgee. 

As a consequence of the Merger, the Pledgor and Cemex International Finance Company will acquire shares in the Company
(the “Newly Issued Shares”). 
  

	 	3.5.2	 Merger 

Upon the Merger having been effected, Corporación Gouda S.A. de C.V., Mexcement Holdings S.A. de C.V., the Pledgor
and Cemex International Finance Company will become shareholders of the Company. 
 The parties acknowledge that
pursuant to Article 2:319 paragraph 1 of the Dutch Civil Code the rights vested in favour of the Pledgee pursuant to the Existing Deed of Pledge I and the Existing Deed of Pledge II will by operation of law be vested in respect of the Newly Issued
Shares and the Related Rights pertaining thereto as well as in respect of any (other) Future Shares acquired by Corporación Gouda S.A. de C.V., Mexcement Holdings S.A. de C.V., the Pledgor and Cemex International Finance Company (from time to
time) and the Related Rights Pertaining thereto. 
 To the extent not already pledged by operation of law
pursuant to Article 2:319 paragraph 1 of the Dutch Civil Code, the Pledgor hereby grants in advance (bij voorbaat) a right of pledge over the Newly Issued Shares and the Related Rights pertaining thereto, as well as all other Future Shares
and the Related Rights pertaining thereto, which rights of pledge are hereby accepted by the Pledgee. The Pledgor hereby agrees and confirms to be bound as a pledgor to this Deed as if it had been a holder of (Present) Shares in the Company on the
day of the execution of this Deed (thus, amongst others, on such date agreeing to the transfer of the Voting Rights attached to its shares and granting any and all powers of attorney on the terms and conditions set out in this Deed). 

 

	4.	 DELIVERY OF DOCUMENTS 

On the date hereof, the Pledgor shall deliver to the Pledgee the following documents: 

 

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	 	(a)	 an up-to-date excerpt of it from the Register of Commerce (Handelsregister); 

 

	 	(b)	 a certified copy of its current articles of incorporation (Statuten) evidencing in the object clause that it is empowered to enter into
up-stream and cross-stream obligations; 

  

	 	(c)	 a photocopy of a unanimous resolution of its shareholders wherein the entry into this Deed and the granting of the Pledge as provided for hereunder
is duly approved; and 

  

	 	(d)	 a photocopy of an unanimous resolution of its board of directors wherein the entry into this Deed and the granting of the Pledge as provided for
hereunder is duly approved. 

  

	5.	 REPRESENTATIONS, WARRANTIES AND COVENANTS 

  

	5.1	 Representations and warranties 

  

	 	5.1.1	 The Pledgor hereby represents and warrants to the Pledgee that the following are true and correct on the date hereof and on each date on which
Security Assets are acquired by the Pledgor: 

  

	 	(a)	 it is entitled to pledge the Security Assets as envisaged hereby; 

 

	 	(b)	 the right of pledge created hereby over the Security Assets is a first ranking right of pledge (pandrecht eerste in rang), the Security
Assets have not been encumbered with limited rights (beperkte rechten) or otherwise and no attachment (beslag) on the Security Assets has been made; and 

 

	 	(c)	 the Security Assets have not been transferred, encumbered or attached in advance, nor has it agreed to such a transfer or encumbrance in advance.

  

	5.2	 Covenants 

The Pledgor hereby covenants that it will: 

 

	 	(a)	 other than as explicitly permitted under the terms of the other Finance Secured Documents, not release, settle or subordinate any Related Rights
without the Pledgee’s prior written consent; 

  

	 	(b)	 at its own expense execute all such documents, exercise any right power or discretion exercisable, and perform and do all such acts and things as
the Pledgee may request (acting reasonably) for creating, perfecting, protecting and/or enforcing the rights of pledge envisaged hereby; 

  

	 	(c)	 not pledge, otherwise encumber or transfer any of the Security Assets, whether or not in advance, or permit to subsist any kind of encumbrance other
than as envisaged hereby or as explicitly permitted under the terms of the other Finance Secured Documents, or perform any act that may 

 

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harm the rights of the Pledgee, or permit to subsist any kind of attachment over the Security Assets; 

 

	 	(d)	 immediately inform the Pledgee in writing of any event or circumstance which may be of importance to the Pledgee for the preservation or exercise of
the Pledgee’s rights pursuant hereto and provide the Pledgee, upon its written request, with any other information in relation to the Security Assets or the pledge thereof as the Pledgee may request from time to time;

  

	 	(e)	 immediately inform in writing persons such as a liquidator (curator) in bankruptcy (faillissement), an administrator
(bewindvoerder) in a suspension of payment (surseance van betaling) or preliminary suspension of payment (voorlopige surseance van betaling) or a person making an attachment (beslaglegger), of the existence of the rights
of the Pledgee pursuant hereto; 

  

	 	(f)	 not procure the issue of any shares in the capital of the Company or any Depository Receipts or rights to acquire the same, except to the extent
explicitly permitted under the terms of the other Finance Secured Documents; and 

  

	 	(g)	 except as explicitly permitted under the terms of the other Finance Secured Documents, not vote on any of its Shares without the prior written
consent of the Pledgee in favour of a proposal to (i) amend the Articles of Association, (ii) dissolve the Company (other than as a consequence of a Permitted Reorganisation (as defined in the Financing Agreement)), (iii) apply for
the bankruptcy (faillissement) or a suspension of payments (surseance van betaling) or preliminary suspension of payments (voorlopige surseance van betaling) of the Company, (iv) convert (omzetten), merge
(fuseren) or demerge (splitsen) the Company (other than as part of a Permitted Reorganisation (as defined in the Financing Agreement)) or (v) distribute Related Rights. 

 

	6.	 ENFORCEMENT 

  

	6.1	 Without prejudice to the provision of Sub-clause 6.2 below, any failure to satisfy the Secured Obligations when due shall constitute a default
(verzuim) in the performance of the Secured Obligations, without any reminder letter (sommatie) or notice of default (ingebrekestelling) being required. 

 

	6.2	 Following, cumulatively: 

  

	 	(a)	 the occurrence of an Enforcement Event; and 

  

	 	(b)	 the Pledgee having been expressly instructed to take such enforcement action in writing by the Instructing Group or otherwise in accordance with the
Intercreditor Agreement, 

  

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the Pledgee may enforce its rights of pledge and take recourse against the proceeds of enforcement. 

	6.3	 The Pledgor shall not be entitled to request the court to determine that the Security Assets pledged pursuant hereto shall be sold in a manner
deviating from the provisions of Article 3:250 of the Dutch Civil Code. 

  

	6.4	 The Pledgee shall not be obliged to give notice to the Pledgor of any intention to sell the relevant pledged Security Assets (as provided in
Article 3:249 of the Dutch Civil Code) or, if applicable, of the fact that it has sold the same Security Assets (as provided in Article 3:252 of the Dutch Civil Code). 

 

	6.5	 All monies received or realised by the Pledgee in connection with the Security Assets shall be applied by the Pledgee in accordance with the
relevant provisions of the Intercreditor Agreement, subject to the mandatory provisions of Dutch law on enforcement (uitwinning). 

  

	7.	 MISCELLANEOUS PROVISIONS 

  

	7.1	 Waivers 

  

	 	7.1.1	 To the fullest extent allowed by applicable law, the Pledgor waives (doet afstand van) any right it may have of first requiring the Pledgee
to proceed against or claim payment from any other person or enforce any guarantee or security granted by any other person before exercising its rights pursuant hereto. 

 

	 	7.1.2	 The Pledgor hereby irrevocably and unconditionally waives (doet afstand van) any rights it has under or pursuant to any Dutch law provisions
for the protection of grantors of security for the debts of third parties, including, to the extent relevant, any rights it may have pursuant to Articles 3:233, 3:234 and 6:139 of the Dutch Civil Code, which waiver is hereby accepted by the
Pledgee. 

  

	 	7.1.3	 The Pledgor hereby irrevocably and unconditionally waives (doet afstand van), to the extent necessary in advance, any and all rights of
recourse (regres) or subrogation (subrogatie) vis-à-vis any Debtor that it has or may obtain or acquire after the date of this Deed as a result of any enforcement action in respect of the rights of pledge granted under or in
connection with this Deed (and, to the extent such waiver is not enforceable in whole or in part, any rights of recourse or subrogation to which it is or may become entitled under or pursuant to enforcement of any rights of pledge created under or
pursuant to this Deed and hereby pledged to the Pledgee by way of a non disclosed pledge governed by the terms of this Deed), which waiver is hereby accepted by the Pledgee. 

 

	7.2	 Evidence of indebtedness 

  

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 An excerpt from the records of the Pledgee and/or Administrative Agent
shall serve as conclusive evidence (dwingend bewijs) of the existence and the amounts of the Secured Obligations. 
  

	7.3	 Unenforceability 

The Pledgor and the Pledgee hereby agree that they will negotiate in good faith to replace any provision hereof that may
be held unenforceable with a provision that is enforceable and which is as similar as possible in substance to the unenforceable provision. 
  

	7.4	 Power of attorney 

The Pledgor hereby grants an irrevocable power of attorney to the Pledgee to – following the occurrence of an
Enforcement Event – act in the Pledgor’s name and on its behalf, authorising the Pledgee to – following the occurrence of an Enforcement Event – execute all such documents and to perform and do all such acts and things as the
Pledgee may deem necessary or useful in order to have the full benefit of the rights granted or to be granted to the Pledgee pursuant hereto, including (i) the exercise of any ancillary rights (nevenrechten) as well as any other rights
it has in relation to the Security Assets and (ii) the performance of any obligations of the Pledgor hereunder, which authorisation permits the Pledgee to act or also act as the Pledgor’s counterparty within the meaning of
Article 3:68 of the Dutch Civil Code. 
  

	7.5	 Costs 

With respect to costs and expenses, Clause 19 (Costs and Expenses) of the Financing Agreement shall apply and the
provisions thereof are incorporated herein by reference. 
  

	8.	 TRANSFER 

  

	8.1	 Power to transfer 

The Pledgee is entitled to transfer all or part of its rights and/or obligations pursuant hereto to any transferee and the
Pledgor hereby in advance give its irrevocable consent to, and hereby in advance irrevocably co-operate with, any such transfer (within the meaning of Articles 6:156 and 6:159 of the Dutch Civil Code). 

 

	8.2	 Transfer of information 

Subject to the terms of the Financing Agreement and the Intercreditor Agreement, the Pledgee is entitled to impart any
information concerning the Pledgor and/or the Security Assets to any transferee or proposed transferee. 
  

	9.	 TERMINATION 

  

	9.1	 Termination of pledge 

Unless terminated by operation of law, the Pledgee’s rights of pledge created pursuant hereto shall be in full force
and effect vis-à-vis the Pledgor until they 
  

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shall have terminated, in part or in whole, as described in Sub-clause 9.2 (Termination by notice (opzegging) and waiver (afstand)) below. 

 

	9.2	 Termination by notice (opzegging) and waiver (afstand) 

The Pledgee will be entitled to terminate by notice (opzegging), in part or in whole, the rights of pledge created
pursuant hereto in respect of all or part of the Security Assets and/or all or part of the Secured Obligations. If and insofar as the purported effect of any such termination requires a waiver (afstand van recht) by the Pledgee, the Pledgor
hereby in advance agree to such waiver. The Pledgee shall furthermore terminate by notice (opzegging) the rights of pledge created pursuant hereto in respect of all of the Security Assets on the Release Date. 

 

	10.	 GOVERNING LAW AND JURISDICTION 

  

	10.1	 Governing law 

This Deed is governed by and shall be interpreted in accordance with Dutch law. 

 

	10.2	 Jurisdiction 

Any disputes arising from or in connection with this Deed shall be submitted in first instance to the competent court in
Amsterdam, The Netherlands, without prejudice to the Pledgee’s right to submit any disputes to any other competent court in The Netherlands or in any other jurisdiction. 

 

	10.3	 Domicile (woonplaats) 

  

	 	10.3.1	 Pursuant to Article 1:15 of the Dutch Civil Code the Pledgor hereby designates the offices of the Company as its domicile (woonplaats)
for service of process in any proceedings in connection with this Deed. 

  

	 	10.3.2	 The designation provided for in paragraph 10.3.1 above shall be without prejudice to any other method of service of process permitted by law.

  

	10.4	 Power of attorney 

If a party to this Deed is represented by an attorney or attorneys in connection with the execution of this Deed or any
agreement or document pursuant hereto and the relevant power of attorney is expressed to be governed by Dutch law, such choice of law is hereby accepted by each other party, in accordance with Article 14 Hague Convention on the Law Applicable
to Agency of the fourteenth day of March nineteen hundred and seventy-eight. 
  

	11.	 THE COMPANY 

The Company: 
  

	 	(a)	 acknowledges the right of pledge created over the Security Assets; 

 

	 	(b)	 confirms that it has been notified of the right of pledge created over the Related Rights; 

 

	 	(c)	 undertakes to register in its shareholders’ register: 

 

	 	(i)	 the right of pledge over the Shares; 

  

	 	(ii)	 the conditional transfer of Voting Rights to the Pledgee; and 

 

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	 	(iii)	 that, upon the occurrence of an Enforcement Event and notice to the Company, as set out in more detail in this Deed, the Pledgee shall have the
rights attributed by law to the holders of depository receipts issued with the company’s co-operation (rechten die door de wet zijn toegekend aan de houders van met medewerking ener vennootschap uitgegeven certificaten van aandelen),

 and to provide the Pledgee, as soon as practicable, with a copy of the relevant entries in
its shareholders’ register; 
  

	 	(d)	 represents and warrants that no Depository Receipts have been issued with respect to the Present Shares; and 

 

	 	(e)	 covenants that it shall not co-operate in the issue of any Depository Receipts or issue any shares, or rights to acquire shares, in the capital of
the Company, except to the extent explicitly permitted under the terms of the other Finance Secured Documents. 

  

	12.	 CIVIL LAW NOTARY 

Each of the parties to this Deed acknowledges that: 

 

	 	(a)	 Dr. T.P. van Duuren, civil law notary (notaris) in Amsterdam, The Netherlands, is a partner of Clifford Chance LLP; and

  

	 	(b)	 Clifford Chance LLP acts as the Dutch legal adviser to the Pledgee and that Warendorf in Amsterdam, The Netherlands, acts as the Dutch legal adviser
to the Pledgor and the Company in this transaction; and, 

 having consulted its legal
advisers, confirms its agreement and accepts that dr. T.P. van Duuren, aforementioned, or one of his deputies (kandidaat-notarissen) shall execute this Deed and that this shall not prevent Clifford Chance LLP from continuing to act as Dutch
legal adviser to the Pledgee. 
 Each person appearing before me is known to me, civil law notary and the identity of the
persons appearing under 1 has been established by me, civil law notary, by means of a document intended for that purpose. 

This deed, drawn up to be kept in the civil law notary’s custody was executed in Amsterdam, The Netherlands, on the date first above
written. 
 The contents of this deed were given and explained to the persons appearing before me, who then declared to have
noted and approved the contents and not to require a full reading thereof. Thereupon, after limited reading, this deed was signed by the persons appearing before me and by me, civil law notary. 

Signed. 
 /s/ dr. Thomas Pieter
van Duuren 
 ISSUED AS A TRUE COPY 
  

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 by dr. Thomas Pieter van Duuren. 

civil law notary (notari) in Amsterdam. 

on 4 September 2009. 
  

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