Document:

exv10w10

Exhibit 10.10

Deed of access, insurance and indemnity

Dated                     2009

James Hardie Industries SE (“Indemnitor”)

[Name of Director] (“Director”)

 

 

Deed of access, insurance and indemnity
Contents

	 	 	 	 	 
	General terms
	 	3	 
	 
	 	 	 	 
	1
	Interpretation	 	3	 
	 
	 	 	 	 
	1.1
	Definitions	 	3	 
	1.2
	General interpretation	 	6	 
	1.3
	Headings	 	7	 
	1.4
	Footnotes	 	7	 
	1.5
	Counterparts	 	7	 
	 
	 	 	 	 
	2
	Effective Date	 	8	 
	 
	 	 	 	 
	3
	Consideration	 	8	 
	 
	 	 	 	 
	4
	Access to documents	 	8	 
	 
	 	 	 	 
	4.1
	Access Rights	 	8	 
	4.2
	Request for Access Rights	 	8	 
	4.3
	Indemnitor’s obligations regarding access	 	8	 
	4.4
	Indemnitor’s obligation to maintain documents	 	9	 
	4.5
	Notification of privileged documents	 	9	 
	4.6
	Director’s obligations	 	9	 
	4.7
	Return of documents	 	10	 
	4.8
	Other rights of access preserved	 	10	 
	 
	 	 	 	 
	5
	Indemnities	 	10	 
	 
	 	 	 	 
	5.1
	Indemnities	 	10	 
	5.2
	Nature of indemnities	 	11	 
	5.3
	Payment of indemnified amounts	 	12	 
	5.4
	Currency	 	12	 
	5.5
	Payment of Legal Costs	 	13	 
	5.6
	Other insurance policies and indemnities	 	13	 
	5.7
	Repayment by Director	 	13	 
	5.8
	Outside Entities	 	13	 
	5.9
	Multiple indemnities	 	14	 
	5.10
	Reasonable Costs	 	14	 
	 
	 	 	 	 
	6
	Conduct of Claim	 	14	 
	 
	 	 	 	 
	6.1
	Director’s undertakings	 	14	 
	6.2
	Conduct of Claim	 	15	 
	6.3
	Control of Claim	 	15	 
	6.4
	Legal advisers appointed by the Director	 	15	 
	6.5
	Interpretation	 	16	 
	 
	 	 	 	 
	7
	Insurance	 	16	 
	 
	 	 	 	 
	7.1
	Indemnitor to maintain insurance	 	16	 

			
	 	 	 
	Deed of access, insurance and indemnity

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	7.2
	Director’s undertaking in connection with insurance	 	16	 
	7.3
	Director’s acknowledgment in connection with insurance	 	17	 
	 
	 	 	 	 
	8
	Subrogation	 	17	 
	 
	 	 	 	 
	9
	Notices	 	17	 
	 
	 	 	 	 
	9.1
	Requirements for notices	 	17	 
	9.2
	When effective	 	17	 
	 
	 	 	 	 
	10
	General	 	18	 
	 
	 	 	 	 
	10.1
	Exercise of rights	 	18	 
	10.2
	Discretion in exercising rights	 	18	 
	10.3
	Successors: Binding Agreement	 	18	 
	10.4
	Reinstatement of rights	 	18	 
	10.5
	VAT	 	19	 
	10.6
	Variation and waiver	 	19	 
	10.7
	Severability	 	19	 
	10.8
	Corporate Power and Capacity	 	19	 
	10.9
	Governing law and jurisdiction	 	19	 
	 
	 	 	 	 
	Signing page
	 	i	 

			
	 	 	 
	Deed of access, insurance and indemnity

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Deed of access, insurance and indemnity

Details

	 	 	 	 	 
	Parties	 	Indemnitor and Director
	 
	 	 	 	 
	Indemnitor
	 	Name	 	James Hardie Industries SE
	 
	 	 	 	 
	 
	 	Place of registration	 	Ireland
	 
	 	 	 	 
	 
	 	Registered number	 	 
	 
	 	 	 	 
	 
	 	Address	 	 
	 
	 	 	 	 
	 
	 	Telephone	 	 
	 
	 	 	 	 
	 
	 	Fax	 	 
	 
	 	 	 	 
	 
	 	Attention	 	General Counsel and Company Secretary
	 
	 	 	 	 
	 
	 	Email	 	 
	 
	 	 	 	 
	Director
	 	Name	 	 
	 
	 	 	 	 
	 
	 	Address	 	 
	 
	 	 	 	 
	 
	 	Telephone	 	 
	 
	 	 	 	 
	 
	 	Fax	 	 
	 
	 	 	 	 
	 
	 	Email	 	 

	 	 	 	 	 
	Recitals
	 	A	 	The Director has been a director of James Hardie Industries
N.V. and has the benefit of an indemnity from James Hardie
Industries N.V.
	 
	 	 	 	 
	 
	 	B	 	James Hardie Industries N.V. became James Hardie Industries SE
(Societas Europaea) in accordance with Regulation 2(1) of
Council Regulation (EC) No. 2157/2001 on the l day of
l 2009.
	 
	 	 	 	 
	 
	 	C	 	James Hardie Industries SE intends to transfer its registered
office to Ireland, whereupon it will become an Irish registered
Societas Europaea (“SE”) subject to the Irish Companies Acts.
	 
	 	 	 	 
	 
	 	D	 	The indemnity set out in this deed is in addition and without
prejudice to the existing deed of indemnity entered into by the
Indemnitor in favour of the Director, while it was a Dutch N.V.
and which remained in force as the Indemnitor became
re-registered as a Dutch SE as set out in Recital B above.

			
	 	 	 
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	 	 	E	 	The indemnity set out in this deed shall take effect on the
Date of Issue as defined in Clause 1.1 and apply to cover
actions of the Director from the date of their appointment as a
director of the Indemnitor, as well as during any period prior
to the Date of Issue during which such director served as a
director of James Hardie Industries N.V. and/or James Hardie
Industries SE (a European Company registered in The
Netherlands).
	 
	 	 	F	 	The existing indemnity shall remain in force after the Date of
Issue.
	 
	 	 	G	 	As a condition of the Director agreeing to act (either at the
date of this deed or any time after the date of this deed) or
continuing to act as:
	 
	 	 	 	 	a)     a director of the Indemnitor;
	 
	 	 	 	 	b)     a director of any Subsidiary of the Indemnitor in respect of
which the Director also acts as a
        director; or
	 
	 	 	 	 	c)     a director of an Outside Entity where the appointment or
service as director is made or done at
        the request of the
Indemnitor,
	 
	 	 	 	 	the Director has requested that the Indemnitor enters into this
deed.
	 
	 	 	H	 	The Indemnitor has agreed to provide the covenants and
indemnities provided for under this deed and acknowledges having
received valuable consideration for doing so.
	 
	 	 	I	 	This deed is not intended to replace or diminish any Third
Party’s obligations to the Director, including any insurer’s
obligation to indemnify the Director against any liability and
any other indemnity granted by any Subsidiary of the Indemnitor
except to the extent stated in this deed.
	 
	Date of deed	 	See Signing page

			
	 
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Deed of access, insurance and indemnity

General terms

	1	 	Interpretation
	 
	1.1	 	Definitions
	 
	 	 	These meanings apply unless the contrary intention appears:
	 
	 	 	Access Rights means the rights referred to and contained in clause 4.1 to access and take
copies of the Company Books.
	 
	 	 	ASIC means Australian Securities and Investments Commission.
	 
	 	 	Authority means:

	 	(a)	 	a Royal Commission, Board of Inquiry, Parliamentary Committee or similar
body;
	 
	 	(b)	 	ASIC, Australian Prudential Regulation Authority, Australian Competition
and Consumer Commission, Australian Stock Exchange and any other regulatory
authority;
	 
	 	(c)	 	a department of any Australian government or government of any other
jurisdiction;
	 
	 	(d)	 	SEC (the U.S. Securities and Exchange Commission);
	 
	 	(e)	 	NYSE (New York Stock Exchange);
	 
	 	(f)	 	a prosecutor, state attorney or attorney general, law enforcement agency or
other public authority;
	 
	 	(g)	 	an instrumentality, agent or appointee of the Crown in right of the
Commonwealth, in right of a State or in right of a Territory or the equivalent of any
of them in any other jurisdiction; and
	 
	 	(h)	 	any other body exercising statutory or prerogative power under any
applicable law.

	 	 	Board means the Indemnitor’s board of directors as well as the Managing, Supervisory
and/or Joint Boards of James Hardie Industries N.V. and/or James Hardie Industries SE (a
European Company registered in The Netherlands), as applicable.
	 
	 	 	Board Papers means:

	 	(a)	 	all existing and future Documents given or made available to the Board or
any member thereof in the capacity of director or tabled at meetings of the Board or
any committee of the Board (including

			
	 	 	 
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	 	 	 	periodic Board papers, submissions, minutes, letters, Board committee and
sub-committee papers); and
	 
	 	(b)	 	any other Documents in the possession or control of the Indemnitor or a
Subsidiary which are referred to in any of those Documents,

	 	 	whether or not legal professional privilege applies to the Documents.
	 
	 	 	Claim means:

	 	(a)	 	any Proceedings, including any formal written claim, cause of action,
action, demand or suit (including by way of contribution or indemnity and including
actions by or in the right of the Indemnitor or a Subsidiary) at law or in equity
(whether for damages or for declaratory, injunctive or other relief) however
commenced;
	 
	 	(b)	 	any investigation or inquiry by or initiated by any Authority or External
Administrator in any way connected with any Director’s Act;
	 
	 	(c)	 	any formal investigation or inquiry:

	 	(i)	 	conducted by or initiated by the Indemnitor or a
Subsidiary concerning the Director’s Act; or
	 
	 	(ii)	 	to which it is reasonable in the circumstances for the
Director to respond, where the investigation or inquiry is concerning the
Director’s Act;

	 	(d)	 	any formal written claim, claim, cause of action, action, demand or suit
originated by a Director, but only where the Director has first obtained Board
approval by at least a 2/3 vote; or
	 
	 	(e)	 	any written or oral threat, complaint or demand that might reasonably
result in the Director believing that any action referred to in paragraphs (a) or (b)
or (c) might be initiated.

	 	 	Company Books includes:

	 	(a)	 	a register;
	 
	 	(b)	 	any other record of information;
	 
	 	(c)	 	financial reports or financial records, however compiled, recorded or
stored;
	 
	 	(d)	 	a Document; and
	 
	 	(e)	 	the Board Papers,

	 	 	of the Indemnitor or a relevant Subsidiary.
	 
	 	 	Corporations Act means the Australian Corporations Act 2001 (Cwlth).

			
	 	 	 
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	 	 	Date of Issue means the date that the Companies Registration Office of Ireland issues the
certificate confirming the transfer of the SE’s registered office to Ireland.
	 
	 	 	Details means the section of this deed headed “Details”.
	 
	 	 	Director’s Act means any actual or alleged act, error, statement, misstatement, misleading
statement, omission, neglect, conduct or breach of duty made, committed, omitted or
attempted by the Director (either alone or jointly with one or more other persons) in any
way connected with the Director being a director of the Indemnitor, any Subsidiary or
Outside Entity (whether before or after the Effective Date and including as a director of
James Hardie Industries N.V. and/or James Hardie Industries SE (a European Company
registered in The Netherlands).
	 
	 	 	Document includes:

	 	(a)	 	any paper or other material on which there is writing or printing or on
which there are marks, figures, symbols or perforations having a meaning for persons
qualified to interpret them;
	 
	 	(b)	 	a disc, tape, hard drive or other article from which sounds, images,
writings or messages are capable of being reproduced; and
	 
	 	(c)	 	a disc, tape, hard drive or other article, or any material, from which
sounds, images, writings or messages are capable of being reproduced with or without
the aid of any other article or device,

	 	 	including any notice, order, writ, summons and other legal process document.
	 
	 	 	Effective Date means the Date of Issue.
	 
	 	 	Excluded Liability means a liability for which the Indemnitor is not allowed to grant an
indemnity against under applicable law or under its articles of association or
constitution in force on the date of this deed.
	 
	 	 	External Administrator means a liquidator, provisional liquidator, controller (which has
the same meaning as in the Corporations Act) or an administrator, receiver, trustee,
debtor in possession, official committee, examiner, or other person or entity with the
power to act on behalf of the Indemnitor or a Subsidiary during bankruptcy or an
insolvency, or equivalent officer appointed under or recognised by the law of any
jurisdiction of incorporation of the Indemnitor or a Subsidiary.
	 
	 	 	GST has the same meaning as in the GST Law.
	 
	 	 	GST Law means the A New Tax System (Goods and Services Tax) Act 1999 (Cwlth) and any
legislation or regulation which imposes, levies, implements or varies a GST.
	 
	 	 	Insurance Policy means an insurance policy against liabilities incurred as a director of
the Indemnitor or a Subsidiary or an Outside Entity taken out in accordance with and
subject to clause 7.

			
	 	 	 
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	 	 	Insurer means any reputable and financially sound insurer whose business includes the
provision of the insurance contemplated in clause 7.
	 
	 	 	Legal Costs means legal costs, fees, charges or expenses.
	 
	 	 	Liability includes any liability, judgment, fines, costs, amounts paid in settlement,
loss, expense, damages, monetary obligation or charge (whether actual, contingent or
prospective), and includes Legal Costs, other than an Excluded Liability.
	 
	 	 	Outside Entity has the meaning ascribed to it in clause 5.8 (“Outside Entities”) and for
the avoidance of doubt includes any corporation that was an Outside Entity when the
Director’s Act for which indemnity is sought under this deed occurred, even though it has
ceased to be an Outside Entity at the time the Claim is made.
	 
	 	 	Proceedings means any civil, criminal, administrative, investigative or arbitral
proceedings, mediation or other form of alternative dispute resolution (whether or not
held in conjunction with any civil, criminal, administrative or arbitral proceedings), in
which it is alleged that a Director’s Act has occurred.
	 
	 	 	Retirement Date means the last date on which the Director ceases to hold any office as a
director of the Indemnitor or a Subsidiary or an Outside Entity except that for the
purposes of this definition, the Director has not ceased to hold office as a director if
the Director retires at a general meeting of the relevant entity in accordance with its
constitution or the listing rules of the relevant exchange, offers himself for re-election
at that meeting and is re-elected at that meeting (or any adjournment of that meeting).
	 
	 	 	Subsidiary means a subsidiary of the Indemnitor within the meaning of Section 155 of the
Irish Companies Act 1963, and for the avoidance of doubt includes any corporation that was
a Subsidiary of the Indemnitor when the Director’s Act for which indemnity is sought under
this deed occurred, even though it has ceased to be a Subsidiary at the time the Claim is
made.
	 
	 	 	Supply has the same meaning as in the VATA or GST Law (as applicable).
	 
	 	 	Third Party means a person other than the Indemnitor or a Subsidiary and includes an
insurer.
	 
	 	 	VATA means the Value Added Tax Act, 1972 of Ireland (as amended).
	 
	 	 	VAT means value added tax charged pursuant to or in conformity with Council Directive
2006/112/EC of 28 November 2006 or any similar levy or tax, including but not limited to
GST.

	1.2	 	General interpretation
	 
	 	 	In this deed unless the contrary intention appears:

	 	(a)	 	(executors and administrators) a reference to the Director includes a
reference to the Director’s personal representatives, executors and administrators;

			
	 	 	 
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	 	(b)	 	(variations or replacement) a reference to this deed includes any variation
or replacement of it;
	 
	 	(c)	 	(singular includes plural) the singular includes the plural and vice versa;
	 
	 	(d)	 	(person) the word “person” includes an individual and a body corporate;
	 
	 	(e)	 	(reference to statutes) a statute, ordinance, code or other law includes
regulations and other instruments under it and consolidations, amendments,
re-enactments or replacements of any of them;
	 
	 	(f)	 	(as a director) a reference to a Liability incurred “as a director of the
Indemnitor, a Subsidiary or Outside Entity” includes a reference to a Liability
incurred by the Director after the Retirement Date to the extent the Liability
relates to a Director’s Act occurring while the Director was a director of the
Indemnitor, Subsidiary or Outside Entity;
	 
	 	(g)	 	(director) a reference to a director of a body corporate includes a
reference to the members of the management board, supervisory board, joint board,
board of directors and any equivalent corporate body (under applicable law) of such
body corporate;
	 
	 	(h)	 	(references to the “Indemnitor”) where the Director acted as a director of
the Indemnitor prior to the Effective Date a reference to “Indemnitor” includes a
reference to James Hardie Industries N.V. and/or James Hardie Industries SE (a
European Company registered in The Netherlands) (as applicable); and
	 
	 	(i)	 	(determinations) where this deed refers to a final determination being made
with respect to a right to indemnification this shall be read as a reference to a
final decision of a court of final instance and competent jurisdiction which is not
appealed with the period for an appeal.

	1.3	 	Headings
	 
	 	 	Headings are for convenience only and do not affect the interpretation of this deed.
	 
	1.4	 	Footnotes
	 
	 	 	The footnotes to this deed are for information only and do not form part of this deed.
	 
	1.5	 	Counterparts
	 
	 	 	This deed may be executed in counterparts and by the parties on separate counterparts, but
shall not be effective until each party has executed at least one counterpart. All
counterparts shall constitute an original of this deed and when taken together are to be
taken to constitute one instrument.

			
	 	 	 
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	2	 	Effective Date
	 
	 	 	This deed shall have no force or effect at law or in equity until the Date of Issue.
	 
	3	 	Consideration
	 
	 	 	The Indemnitor enters into this deed for valuable consideration from the Director and
receipt of that consideration is acknowledged.
	 
	4	 	Access to documents
	 
	4.1	 	Access Rights
	 
	 	 	It is acknowledged and accepted that the Director shall have, to the fullest extent
permitted by applicable law, the right to access and take copies of the Company Books.
	 
	 	 	Without limiting the generality of the foregoing, the Director may have access to and take
copies of the Company Books in connection with:

	 	(a)	 	any investigation or inquiry by an Authority or External Administrator:

	 	(i)	 	into the affairs of the Indemnitor or a Subsidiary during
the Director’s time as a director of the relevant entity; or
	 
	 	(ii)	 	into any Director’s Act; and

	 	(b)	 	any other purpose, if and to the extent approved by the Board or its
delegate.

	 	 	The Access Rights in clauses (a) and (b) above continue so long as the Director shall
continue to serve as a director of the Indemnitor or a Subsidiary and, following his
Retirement Date, so long as the Director shall be subject to any possible Proceedings
(such period, the “Access Period”).

	4.2	 	Request for Access Rights
	 
	 	 	To exercise Access Rights, the Director must notify the Indemnitor specifying:

	 	(a)	 	the reason the Director wants Access Rights; and
	 
	 	(b)	 	to which Company Books the Director wants Access Rights.

	4.3	 	Indemnitor’s obligations regarding access
	 
	 	 	If the request is one for which approval for access is required under clause 4.1 (b), the
Indemnitor agrees to promptly consider the request and notify the Director of its decision
(the consent of the Indemnitor not to be unreasonably withheld or delayed).

			
	 	 	 
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	 	 	If access is permitted under this deed, the Indemnitor agrees to, or, where relevant,
procure that the relevant Subsidiary:

	 	(a)	 	allow the Director access to the Company Books during normal business hours
at the principal office of the relevant entity or another place or time agreed
between the relevant entity and the Director; and
	 
	 	(b)	 	if required by the Director, provide free of charge to the Director a copy
of any of the Company Books requested.

	4.4	 	Indemnitor’s obligation to maintain documents
	 
	 	 	The Indemnitor agrees to use reasonable endeavours throughout the Access Period to
maintain:

	 	(a)	 	a complete set of Board Papers in an orderly fashion at a secure place; and
	 
	 	(b)	 	procure that each Subsidiary uses its reasonable endeavours to maintain the
Company Books in accordance with its usual practices and policies.

	 	 	In this clause, a complete set of Board Papers means those documents formally prepared and
circulated as a Board pack of documents to all members of the Board or to all members of
any relevant committee of the Board (including documents formally distributed at a Board
meeting).
	 
	4.5	 	Notification of privileged documents
	 
	 	 	The Indemnitor agrees to notify or, as applicable, to procure that the relevant Subsidiary
notifies the Director:

	 	(a)	 	if any Company Books to which the Director is to be given or has been given
Access Rights are the subject of legal professional privilege in favour of the
Indemnitor or a Subsidiary; and
	 
	 	(b)	 	of the general nature of acts, omissions or conduct that could cause the
privilege to be waived, extinguished or lost.

	4.6	 	Director’s obligations
	 
	 	 	The Director agrees:

	 	(a)	 	to use Company Books to which Access Rights have been given only for the
permitted purpose;
	 
	 	(b)	 	to keep Company Books confidential except that, subject to paragraph (c),
the Director may disclose them:

	 	(i)	 	to the Director’s lawyers and expert advisors retained by
the Director or those lawyers but only for the purpose for which access is
given to the Director; and
	 
	 	(ii)	 	to the other parties to Proceedings in which the Director
is a party if this is necessary for the purposes of those

			
	 	 	 
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	 	 	 	Proceedings (but
only those parts relevant to the Proceedings may be disclosed),

	 	 	 	provided the recipient has agreed to maintain confidentiality; and

	 	(c)	 	if the Director has been advised that privilege exists, not to waive that
privilege or do any act or omit to do any act which would cause that privilege to be
waived or extinguished without the consent of the Indemnitor or the relevant
Subsidiary (which must not be unreasonably withheld).

	4.7	 	Return of documents
	 
	 	 	On request from the Indemnitor, the Director agrees to return to the Indemnitor or
relevant Subsidiary, as applicable, all copies of Company Books for which Access Rights
were granted when the permitted purpose has finished. This applies even after the Access
Period has ended.
	 
	4.8	 	Other rights of access preserved
	 
	 	 	Nothing in this deed limits or restricts any other right of access to the Company Books
the Director has under any applicable law.
	 
	5	 	Indemnities
	 
	5.1	 	Indemnities
	 
	 	 	To the maximum extent permitted by section 200 of the Irish Companies Act 1963 and subject
to this deed, the Indemnitor unconditionally and irrevocably indemnifies the Director
against any and all:

	 	(a)	 	Claims or in respect of any Liabilities (including without limitation a
liability for negligence) arising from or in connection with a Director’s Act (other
than Legal Costs or civil penalties which are indemnified under paragraphs (b) and
(c));
	 
	 	(b)	 	civil penalties being pecuniary penalties imposed under legislation;
	 
	 	(c)	 	Legal Costs, not limited to taxed costs (i.e. costs reviewed and approved
by a court), actually and reasonably incurred by the Director in defending, or
otherwise being represented in connection with a Claim or in respect of any
Liability;
	 
	 	(d)	 	reasonable Legal Costs actually incurred by the Director in good faith in
obtaining legal advice for the purposes of making a claim for indemnification or
seeking legal advice in relation to any issues that may arise under this deed in
connection with making a claim for indemnification under this deed or any insurance
policy procured by the Indemnitor under clause 6;
	 
	 	(e)	 	reasonable Legal Costs actually incurred by the Director in good faith in
connection with any civil, criminal, administrative, investigative or arbitral
proceedings, mediation or other form of alternative dispute resolution (whether or
not held in conjunction with any civil,

			
	 	 	 
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	 	 	 	criminal, administrative or arbitral
proceedings) in which the Director is made a witness by reason of the fact of his
service as a director of the Indemnitor, a Subsidiary or Outside Entity;
	 
	 	(f)	 	reasonable Legal Costs actually incurred by the Director in good faith in
obtaining legal advice on issues relevant to their performance of their functions and
the discharge of their duties as a director of the Indemnitor, a Subsidiary or
Outside Entity (other than Legal Costs (i) incurred in connection with a Claim or in
respect of any Liability which are indemnified on the basis specified in paragraph
(c), (ii) indemnified on the basis specified in paragraph (d), or (iii) indemnified
on the basis specified in paragraph (e)) if that expenditure has been approved by the
Indemnitor in accordance with the Indemnitor’s articles of association;
	 
	 	(g)	 	any withholding taxes, social security premiums or other Irish or foreign
taxes which are payable by or on account of the Director as a result of the event or
circumstances indemnified against and the Director’s actual or deemed receipt of any
payment hereunder; and
	 
	 	(h)	 	any other reasonable costs and expenses actually incurred by the Director
in defending, or otherwise in connection with a Claim or in respect of any Liability.

	5.2	 	Nature of indemnities

	 	(a)	 	The indemnities in this deed:

	 	(i)	 	are continuing obligations, independent of the
Indemnitor’s other obligations under this deed and survive the termination
of this deed; and
	 
	 	(ii)	 	extend to Liabilities arising out of Claims made after
the Director has ceased being a director of the Indemnitor or a Subsidiary
or Outside Entity.

	 	(b)	 	It is not necessary for the Director to incur expense or make payment
before enforcing a right of indemnity under this deed.
	 
	 	(c)	 	The Indemnitor’s obligations under this deed are a primary obligation and
the Director is not obliged to proceed against or enforce any other right against any
person or property or demand payment from any other person before making a demand for
payment by the Indemnitor under this deed.
	 
	 	(d)	 	The Indemnitor’s obligations under this deed are absolute and
unconditional. They are not subject to any set-off, counterclaims or conditions. In
particular, the Indemnitor’s obligations will not be
affected by anything which might abrogate, prejudice or limit them or the
effectiveness of this deed.
	 
	 	(e)	 	The Indemnitor waives in favour of the Director all rights at law or
otherwise against any person or property so far as necessary to give effect to this
deed.

			
	 	 	 
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	 	(f)	 	Where the law so requires, pending a final determination in respect of a
right of a Director to be indemnified pursuant to this deed any amount paid pursuant
to clauses 5.1, 5.3 or 5.5 shall be treated as an advance and shall be liable to be
repaid in the circumstances set out in clause 5.7.

	5.3	 	Payment of indemnified amounts
	 
	 	 	If the Director is entitled to be indemnified under this deed for a Liability which is due
and payable, the Indemnitor agrees to pay that amount at the direction of the Director to
discharge the Liability. Payment is to be made within 30 days of the date on which the
Director provides evidence reasonably satisfactory to the Indemnitor that the:

	 	(a)	 	Director has incurred the Liability; and
	 
	 	(b)	 	amount is due and payable,

	 	 	or within such shorter time provided that the Director can demonstrate that such a
Liability is payable within a shorter time.

	5.4	 	Currency

	 	(a)	 	Currency of payment

	 	(i)	 	The Indemnitor must pay all money payable by it under
this deed in the currency reasonably required by the Director.
	 
	 	(ii)	 	If the Director accepts a payment under this deed in a
currency other than that in which payment is required by clause 5.4(a)(i),
that payment will not satisfy the amount due for payment except to the
extent that the Director could buy (either directly or through a currency
other than that in which the payment is due) with the payment received the
required currency within a reasonable time of receipt after the deduction of
all costs relating to the purchase.

	 	(b)	 	Currency deficiency
	 
	 	 	 	If there is any deficiency between:

	 	(i)	 	an amount payable by the Indemnitor under this deed which
is received by the Director in a currency other than the currency payable
under this deed because of a judgment, order or otherwise; and
	 
	 	(ii)	 	the amount produced by converting the payment received
from the currency in which it was paid into the currency in which it was
agreed to be paid either directly or through a currency other than that in
which it was agreed to be paid,

	 	 	 	the Indemnitor must pay to the Director the deficiency and any loss, costs or
expenses resulting from it.
	 
	 	(c)	 	Exchange rate

			
	 	 	 
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	 	 	 	Subject to any express provision to the contrary, if for the purposes of this
deed it is necessary to convert one currency into another currency the conversion
must be effected using an exchange rate selected by the Director reflecting
market conditions (including transaction costs) at the time of conversion.

	5.5	 	Payment of Legal Costs
	 
	 	 	Without limiting clauses 5.1 and 5.3, to the maximum extent permitted by law, Legal Costs
and other Liabilities incurred by a Director which may be indemnified under clause 5.1
will be paid by the Indemnitor promptly as required in clause 5.3 and, where a Claim is
involved, in advance of the final determination of such Claim, provided that amounts
payable under this clause must be repaid if and to the extent required under clause 5.7.
	 
	5.6	 	Other insurance policies and indemnities
	 
	 	 	The Director is not obliged to claim under any indemnity or insurance policy before
claiming under this deed.
	 
	5.7	 	Repayment by Director
	 
	 	 	To the extent to which the law requires a payment made by the Indemnitor under this clause
5 to be treated as an advance pending a final determination as referred to in clause
5.2(f), the Director agrees to repay those amounts (including but not limited to any
amounts paid pursuant to clause 5.5), within 30 days after receiving a written request
from the Indemnitor specifying the amount to be repaid, to the extent that:

	 	(a)	 	a court of final instance and of competent jurisdiction makes a final
determination that the Director is not entitled to be indemnified by the Indemnitor
for the Liability; or
	 
	 	(b)	 	the Director is reimbursed by a Third Party for the Liability, or a Third
Party satisfies the Liability directly.

	 	 	If the law requires earlier repayment then the amount advanced must be repaid when the law
so requires.
	 
	 	 	For the purpose of this clause, the Director is only required to repay amounts solely and
directly attributable to the defence of the Director (to the exclusion of any other party
to any Proceedings) in relation to a Claim or Liability.
	 
	5.8	 	Outside Entities
	 
	 	 	In this clause, “Outside Entity” means a body corporate which is not the Indemnitor or a
Subsidiary (and for this purpose includes another company, a partnership, joint venture,
trust or other enterprise where the Director has been appointed a director of an Outside
Entity at the request of the Indemnitor or a Subsidiary of the Indemnitor or is serving,
or continuing to serve, as a director at the request of the Indemnitor or a Subsidiary of
the Indemnitor. In that event the Director is indemnified by the Indemnitor in accordance
with this deed against any Claim and in respect of any Liability incurred in the capacity
as a director of the Outside Entity as if that Liability had been

			
	 	 	 
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	 	 	incurred in the capacity
as a director of the Indemnitor in accordance with clause 4.1).
	 
	5.9	 	Multiple indemnities
	 
	 	 	The Indemnitor is not obliged to make payments to the extent that the Director has already
received payment from any Subsidiary of the Indemnitor and the Director acknowledges he
cannot claim payment from the Indemnitor to the extent he recovers payment from a
Subsidiary of the Indemnitor.
	 
	5.10	 	Reasonable Costs
	 
	 	 	If the parties do not reach agreement as to whether Legal Costs under clauses 5.1 or 5.5
are reasonable within 30 days of the claim being made then either party may refer the
dispute to an expert on legal costs in the place where the dispute arises for
determination. The expert is to be the person nominated by the President of the Law
Society of Ireland for the time being or a designee of such person who has regard to the
place where the dispute arises, unless the parties agree to another person before the
President nominates the expert.
	 
	 	 	Where an expert has been nominated under this clause to determine a dispute:

	 	(a)	 	the expert will determine the procedures for determination of the dispute
and the allocation of costs and expenses in connection with the referral; and
	 
	 	(b)	 	the decision of the expert will be conclusive and binding on the parties in
the absence of manifest error.

	6	 	Conduct of Claim
	 
	6.1	 	Director’s undertakings
	 
	 	 	The Director agrees:

	 	(a)	 	to promptly notify the Indemnitor after the Director becomes aware of any
circumstances which could reasonably be expected to give rise to a request by the
Director for indemnity under this deed, provided that the failure to so notify
Indemnitor will not relieve Indemnitor from any liability which it may have to the
Director (except to the extent that the Indemnitor is prejudiced by such failure);
	 
	 	(b)	 	to take any action and provide any information the Indemnitor reasonably
requires to avoid, dispute, defend or appeal any Claim which could reasonably be
expected to give rise to a request by the Director for indemnity under this deed;
	 
	 	(c)	 	to assist the Indemnitor to the best of the Director’s abilities in any
action the Indemnitor takes to avoid, dispute, defend or appeal any Claim which may
give rise to a request by the Director for indemnity under this deed;

			
	 	 	 
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	 	(d)	 	not to admit liability for or settle any Claim which may give rise to a
request by the Director for indemnity under this deed without the Indemnitor’s
consent (which must not be unreasonably withheld);
	 
	 	(e)	 	to promptly notify the Indemnitor of any offer of settlement or compromise
received from a person making a Claim; and
	 
	 	(f)	 	if the Indemnitor is entitled to act under clause 6.2, to do everything the
Indemnitor reasonably requests, to enable the Indemnitor to enforce its rights under
that clause or clause 6.3.

	6.2	 	Conduct of Claim
	 
	 	 	With respect to any Claim:

	 	(a)	 	the Indemnitor shall be entitled to participate therein at its own expense;
	 
	 	(b)	 	except with prior written consent of the Director, the Indemnitor shall not
be entitled to assume the defence of any Claim;
	 
	 	(c)	 	the Indemnitor shall not settle any Claim in any manner which would impose
any penalty or limitation on the Director without the Director’s prior written
consent (not to be unreasonably withheld or delayed);
	 
	 	(d)	 	the Director shall not settle any Claim without the Indemnitor’s prior
written consent (not to be unreasonably withheld or delayed); and
	 
	 	(e)	 	as far as legally possible, Indemnitor may elect to be subrogated to the
rights of the Director against a Third Party in connection with the Claim and any
Liability arising in connection with the Claim, unless an insurer is entitled to be
subrogated to those rights.

	6.3	 	Control of Claim
	 
	 	 	If the Indemnitor is entitled to act under clause 6.2, the Indemnitor may manage and
control the conduct of the Claim but must do so at the cost of the Indemnitor or its
insurers. In those circumstances, the Indemnitor agrees to instruct its lawyers on behalf
of both the Indemnitor and the Director and indemnify the Director against any costs
awarded against the Director in any Claim brought by the Indemnitor in the exercise of its
rights under this clause 6.
	 
	6.4	 	Legal advisers appointed by the Director
	 
	 	 	Where Indemnitor has not assumed control of the conduct of a Claim under clause 6.3, the
Director may appoint legal or other advisers to assist the Director in connection with the
Claim not being the advisers assisting the Indemnitor in connection with the Claim.
Subject to the terms of this deed and to the Indemnitor approving the identity of the
advisers to be appointed (such approval not to be unreasonably withheld or delayed), the
Indemnitor agrees to pay all reasonable Legal Costs and other reasonable costs and
expenses incurred by the Director in those circumstances.

			
	 	 	 
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	 	 	Nothing in this clause 6.4 derogates from clauses 5.1(c), 5.1(d), 5.1(e), 5.1(f), 5.1(h)
and 5.7.
	 
	6.5	 	Interpretation
	 
	 	 	Each cause of action, demand or suit comprised in any Claim shall be treated as a separate
and distinct Claim, with the result that clauses 6.2 and 6.4 may each apply to different
aspects of what might otherwise be regarded as the same Claim or Proceeding.
	 
	7	 	Insurance
	 
	7.1	 	Indemnitor to maintain insurance
	 
	 	 	To the extent permitted by law, the Indemnitor must, so long as the Director shall
continue to serve as a director of the Indemnitor or a Subsidiary or Outside Entity and,
following his Retirement Date, so long as the Director shall be subject to any possible
Proceedings, maintain or procure that the relevant Subsidiary maintains an adequate
Insurance Policy with an Insurer so far as is reasonably available at a reasonable cost.
The Insurance Policy may contain generally accepted exclusions and conditions.
	 
	 	 	The Indemnitor agrees to and agrees to procure that any Subsidiary agrees to:

	 	(a)	 	use reasonable endeavours not to do or permit to be done anything which
prejudices, and promptly rectify anything which might prejudice, cover under the
Insurance Policy;
	 
	 	(b)	 	upon receipt of a request in writing from the Director, provide the
Director with a copy of the Insurance Policy and any certificates of insurance
connected with it;
	 
	 	(c)	 	notify the Director promptly if, for any reason, the Insurance Policy is
cancelled or is not renewed or is likely to be cancelled or not renewed; and
	 
	 	(d)	 	use reasonable endeavours to ensure that cover under the Insurance Policy
following the Retirement Date is not materially less favourable to the Director than
to the directors of the Indemnitor in office at that time.

	7.2	 	Director’s undertaking in connection with insurance
	 
	 	 	The Director agrees:

	 	(a)	 	to do anything the Indemnitor reasonably requires to enable the Indemnitor
to take out and maintain the Insurance Policy at the Indemnitor’s expense; and
	 
	 	(b)	 	to comply at all times with all his obligations under the Insurance Policy,
including reporting claims in writing as soon as practicable, and reporting
circumstances which could give rise to a claim.

			
	 	 	 
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	7.3	 	Director’s acknowledgment in connection with insurance
	 
	 	 	The Director acknowledges that the negotiation of the terms of the Insurance Policy may:

	 	(a)	 	involve the Insurer varying the terms of the insurance policy offered
which, if accepted by the Indemnitor, may provide less coverage or less favourable
coverage for the Director;
	 
	 	(b)	 	involve a decision by the Indemnitor, acting reasonably, to balance the
proposed level of premiums against the terms offered; or
	 
	 	(c)	 	result in a decision by the Indemnitor to accept varied terms or to change
Insurers.

	8	 	Subrogation

	 	(a)	 	In the event of the Indemnitor meeting its obligations under this deed, any
rights which the Director has or might have against any other party in respect of any
matter which has been the subject of indemnity will be subject to a right of
subrogation by the Indemnitor.
	 
	 	(b)	 	If the Indemnitor acts under this clause 8, the Director agrees to any
claim or proceedings being brought by the Indemnitor in the Director’s name and
agrees to provide the Indemnitor with all reasonable assistance and co-operation
including the execution of any necessary documents and papers.
	 
	 	(c)	 	If the Director recovers any amount from a Third Party in respect of any
matter giving rise to a claim under this indemnity, the Liability of the Indemnitor
will be reduced by the amount so recovered. Should the Indemnitor recover an amount
in excess of the total payment made, then the excess of that payment shall be
restored to the Director less the cost to the Indemnitor of such recovery.
	 
	 	(d)	 	The Director and Indemnitor shall do nothing to prejudice these rights.

	9	 	Notices
	 
	9.1	 	Requirements for notices
	 
	 	 	All notices, consents, approvals, waivers and other communications in connection with this
deed must be in writing, signed by the sender (if the Director) or an authorised
representative of the sender (if the Indemnitor), and sent to the address or facsimile
number, and marked for attention of the person identified in the Details or, if the
recipient has notified otherwise, then marked for attention in the way last notified.
	 
	9.2	 	When effective
	 
	 	 	Communications take effect from the time they are received or taken to be received.
Communications are taken to be received:

			
	 	 	 
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	 	(a)	 	if sent by post, on the day after the date of posting; or
	 
	 	(b)	 	if sent by fax, at the time shown in the transmission report as the time
that the whole fax was sent; or
	 
	 	(c)	 	if sent by email, on the earlier of receipt by the sender of an automated
message confirming delivery or on the day after the email is sent, unless the sender
receives an automated message that the email has not been delivered.

	10	 	General
	 
	10.1	 	Exercise of rights
	 
	 	 	A right in favour of the Director under this deed or a breach of an obligation of the
Indemnitor under this deed can only be waived by an instrument duly executed by the
Director. No other act, omission or delay of the Director will constitute a waiver
binding against, or estoppel against, the Director.
	 
	10.2	 	Discretion in exercising rights
	 
	 	 	The Indemnitor may exercise a right or remedy or give or refuse its consent in any way it
considers appropriate (including by imposing conditions), unless this deed expressly
states otherwise. However, the Indemnitor acknowledges that in exercising any discretion
it will in the ordinary course seek to provide the maximum protection to the Director that
is consistent with the terms of this deed and applicable law.
	 
	10.3	 	Successors: Binding Agreement
	 
	 	 	This deed shall be binding on, and shall inure to the benefit of and be enforceable by,
the Indemnitor’s successors and assigns and by the Director’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees, and
legatees. Indemnitor shall require any successor or assignee (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Indemnitor expressly to assume and agree in writing to
perform this
Agreement in the same manner and to the same extent that such Indemnitor would be required
to perform if no such succession or assignment had taken place.
	 
	10.4	 	Reinstatement of rights
	 
	 	 	If a transaction (including a payment) in connection with this deed is determined or
conceded or compromised to be void or voidable then:

	 	(a)	 	the Director is immediately entitled as against the Indemnitor to all the
rights under this deed to which the Director was entitled immediately before the
transaction; and
	 
	 	(b)	 	on request from the Director, the Indemnitor must do all things necessary
(including signing any document) to restore all those rights to the Director.

			
	 	 	 
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	10.5	 	VAT
	 
	 	 	Unless otherwise specifically stated, amounts payable under this deed are on a VAT
exclusive basis. If any Supply made by one party (“supplier”) in connection with this
deed becomes subject to VAT, then the party receiving the Supply or other transaction
being subject to VAT (“recipient”) agrees to pay an additional amount to the supplier
equal to the amount of VAT payable by the supplier to the applicable tax authority in
respect of the Supply or other transaction being subject to VAT. If the amount of VAT
recovered by the supplier from the recipient under this clause differs from the amount of
VAT payable under applicable law by the supplier, the amount payable by the recipient to
the supplier is to be adjusted accordingly.
	 
	 	 	Where one party (“payer”) is liable to reimburse another party (“payee”) for any
expenditure incurred by the payee (“Expenditure”), the amount reimbursed by the payer
shall be the VAT exclusive Expenditure plus an amount in respect of irrecoverable VAT (if
any) of the payee in respect of such Expenditure, and an amount in respect of VAT (if any)
payable to the payee by the payer under this clause.
	 
	10.6	 	Variation and waiver
	 
	 	 	A provision of this deed, or right created under it, may not be waived or varied except in
writing signed by the party or parties to be bound. A purported variation has no effect
if it infringes applicable law.
	 
	10.7	 	Severability
	 
	 	 	If the whole or any part of a provision of this deed is void, unenforceable or illegal in
a jurisdiction it is severed for that jurisdiction. The remainder of this deed has full
force and effect and the validity or enforceability of that provision in any other
jurisdiction is not affected. This clause has no effect if the severance alters the basic
nature of this deed.
	 
	10.8	 	Corporate Power and Capacity
	 
	 	 	The Indemnitor warrants by its execution hereof that it has the corporate power and
capacity to enter into and has duly authorised the execution and delivery of this deed.
	 
	10.9	 	Governing law and jurisdiction

	 	(a)	 	This indemnity shall be governed by and construed in accordance with the
laws of Ireland.
	 
	 	(b)	 	Each of the parties to this deed irrevocably agrees that the courts of
Ireland are to have non-exclusive jurisdiction to settle any dispute arising out of
or in connection with this deed and, for such purposes, irrevocably submits to the
non-exclusive jurisdiction of such courts. Any proceeding, suit or action arising out
of or in connection with this indemnity (“Litigation”) may therefore be brought in
the courts of Ireland.

			
	 	 	 
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	 	(c)	 	The Indemnitor irrevocably waives any objection to Litigation in the courts
referred to in clause 10.9(b) on the grounds of venue or on the grounds of forum non
conveniens.
	 
	 	(d)	 	The submission to the non-exclusive jurisdiction of the courts referred to
in clause 10.9(b) shall not (and shall not be construed so as to) limit the right of
the parties to this deed to commence Litigation against any of the parties to this
deed, in any other court of competent jurisdiction, nor shall the commencing of
Litigation in any one or more jurisdictions preclude the commencing of Litigation in
any other jurisdiction (whether concurrently or not) if and to the extent permitted
by applicable law.

IN WITNESS of which this document has been executed and delivered as a deed on the date which first
appears above.

			
	 	 	 
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Deed of access, insurance and indemnity

Signing page

	 	 	 	 	 
	Present when the Common Seal
	 	 	 	 
	 
	 	 	 	 
	of JAMES HARDIE INDUSTRIES SE

was affixed hereto
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	 

	 	 

Director/Secretary
	 	 

SIGNED SEALED AND DELIVERED

by [Name of Director]                                                                      

in the presence of:

Signature of witness:

Name:

Address:

Occupation:

			
	 	 	 
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	 	iexv10w11

Exhibit 10.11

	 	 	 	 	 
	QUEENSLAND LAND REGISTRY

	 	SURRENDER OF FREEHOLD LEASE
	 	Form 8 Version 4
	Land Title Act 1994, Land Act 1994 and Water Act 2000

	 	OR SUBLEASE	 	 

	 	 	 
	Dealing Number
	 	Duty Imprint

OFFICE
USE ONLY

Privacy Statement

Collection of this information is authorised by the Land Title Act 1994

the Land Act 1994 and the Water Act 2000 and is used to maintain the

publicly searchable registers in the land registry and the water

register. For more information about privacy in NR&W see the

department’s website.

	 	 	 	 	 	 	 
	1.

	 	Dealing number of instrument being surrendered
	 	Lodger (Name, address & phone number)
	 	Lodger
	 

	 	Lease 706009811
	 	Deacons
	 	Code
	 

	 	 	 	Level 17, 175 Eagle Street	 	 
	 

	 	 	 	Brisbane QLD 4000	 	 
	 

	 	 	 	3309 0888	 	 

	 	 	 	 	 	 	 	 	 	 	 
	2.

	 	Lot on Plan Description
	 	County
	 	Parish
	 	Title Reference

	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Lot 108 on CP SL 7249
	 	Stanley
	 	Woogaroo
	 	 	15798160	 
	 
	 	 	 	 	 	 	 	 	 	 
	3.

	 	Lessor	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Mulitplex Carole Park Landowner Pty Limited ABN 15 784 033 895	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	4.

	 	Lessee	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	James Hardie Australia Pty Limited ACN 084 635 558	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	5.	 	Surrender/Execution	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	a)	 	Surrender of Freehold Lease/Sublease	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	*Full Surrender The lease/sublease in item 1 is surrendered from 19 November 2007	 	 	 	 
	 	 	*Partial Surrender The lease/sublease in item 1 is surrendered
from     /     /     .	 	 	 	 
	 	 	*so far as relates to the land in item 2.	 	 	 	 
	 	 	*so far as relates to part of the leased area.	 	 	 	 
	OR
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	b)	 	Surrender of Land Act Sublease	 	 	 	 
	 	 	*I surrender all my right title and interest in the sublease in item 1 as from     /     /     .	 	 	 	 
	 
	
 

	* delete if not applicable	 	 	 	 	 	 
	 	 	Witnessing officer must be aware of his/her obligations under section 162 of the Land Title Act 1994

 

	 	 	 	 	 	 	 
	/s/ Bruce J.W. Potts

	 	signature
	 	 	 	Executed for and on behalf of James Hardie Australia Pty Limited by its attorney, Joanne Marchione, under power of attorney registered number 707564405 dated 12 March 2004
	 
	 	 	 
	Bruce J. W. Potts

	 	full name
	 	 	 
	 
	 	 	 
	 
	 	 	 	 	 	 
	Solicitor NSW

	 	qualification
	 	18/10/2007
	 	/s/ Joanne Marchione
	 
	 	 	 	 

	 	 	 	 	 
	Witnessing Officer
	 	Execution Date    
	 	Lessee’s Signature

	 	 	 	 	 
	(Witnessing officer must be in accordance with Schedule 1
of the Land Title Act 1994 eg Legal Practitioner, JP, C Dec)

	 	 	 	Mulitplex Carole Park Landowner Pty Limited

ABN 15 784 033 895 by its attorney

   under power of attorney James
Hardie Australia Pty 
Limited ABN 084 635 558

	 	 	 
	6.

	 	Acceptance
	 
	The lessor accepts this surrender.

	 	 	 	 	 
	 

	 	 	 	/s/ Ian Robert O’Toole
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Director
	 

	 	 	 	/s/ Alex Carrodus
	 

	 	 	 	 
	 

	 	18/10/2007
	 	Secretary
	 

	 	Execution Date
	 	Lessor’s Signature
	 

	 	 	 	James Hardie Australia Pty Limited ACN 084 635 558

Multiplex Carole Park Landowner Pty Limited

ABN 15 784 033895

 

Dated 19 October 2007

Deed of Surrender of Lease

Parties

Multiplex Carole Park Landowner Pty Limited

ABN 15 784 033 895

(Landlord)

James Hardie Australia Pty Limited

ACN 084 635 558

(Tenant)

James Hardie Industries N.V.

ARBN 097 829 895

(Guarantor)

	 	 	 
	Contact
	 	 
	 
	Julian Olley
	 	 
	Partner
	 	 
	1 Alfred Street, Circular Quay, Sydney NSW 2000
	Telephone:

	 	+61 (0)2 9330 8184
	Email:

	 	julian.olley@deacons.com.au
	Website:

	 	www.deacons.com.au

 

 

Contents

	 	 	 	 	 
	1. Definitions and interpretation
	 	 	2	 
	2. Surrender
	 	 	4	 
	3. Surrender Conditional
	 	 	4	 
	4. Releases
	 	 	5	 
	5. Limitation of liability
	 	 	5	 
	6. Administrative provisions
	 	 	6	 
	7. GST
	 	 	8	 
	8. Testing and Remediation Works
	 	 	8	 

Deed of Surrender of Lease

Page 1

©         Deacons

 

 

Deed dated 19 October 2007

	 	 	 
	Parties

	 	Multiplex Carole Park Landowner Pty Limited ABN 15 784 033 895 as trustee for the Multiplex
	 

	 	Carole Park Landowning Trust
	 

	 	of 1 Kent Street, Sydney NSW 2000
	 

	 	(Landlord)
	 
	 	 
	 

	 	James Hardie Australia Pty Limited ACN 084 635 558
	 

	 	of Level 3, 22 Pitt Street Sydney NSW 2000
	 

	 	(Tenant)
	 
	 	 
	 

	 	James Hardie Industries N.V. ARBN 097 829 895
	 

	 	c/- Level 3, 22 Pitt Street Sydney NSW 2000
	 

	 	(Guarantor)

Introduction

	A.	 	The Landlord is the registered proprietor of the Property.
	 
	B.	 	The Landlord leases to the Tenant the Premises pursuant to the Lease.
	 
	C.	 	The Tenant has agreed to surrender the Lease and the Premises on the Surrender Date and the
Landlord has agreed to accept the surrender.
	 
	D.	 	On the Surrender Date, the Lease will be surrendered by operation of Law.
	 
	E.	 	There is no contract of sale between the Landlord and the Tenant and no premium or other
consideration was paid in respect of the surrender of the Lease.

It is agreed

	1.	 	Definitions and interpretation
	 
	1.1	 	Definitions
	 
	 	 	In this Deed:

	 	(1)	 	Deed means this document, including any schedule or annexure to it;
	 
	 	(2)	 	Property means the land described in certificate of title reference 15798160
known as Cnr Cobalt and Silica Streets, Carole Park Queensland;
	 
	 	(3)	 	Lease means lease dealing no. 706009811 (as varied);
	 
	 	(4)	 	New Lease means the proposed lease and licence of the New Premises to the
Tenant, on terms of the lease annexed to this Deed as Annexure A;
	 
	 	(5)	 	New Premises means the premises and the licensed areas as defined in the New
Lease;

Deed of Surrender of Lease

Page 2

© Deacons

 

 

	 	(6)	 	Premises means the premises demised under the Lease;
	 
	 	(7)	 	Surrender Date means 19 November 2007
;
	 
	 	(8)	 	Surrender of Lease means the surrender of lease form attached as Annexure B
to this Deed; and
	 
	 	(9)	 	Trust means the Multiplex Carole Park Landowning Trust.

	1.2	 	Interpretation
	 
	 	 	In this Deed:

	 	(1)	 	reference to a person includes any other entity recognised by law and vice
versa;
	 
	 	(2)	 	words importing the singular number include the plural number and vice versa;
	 
	 	(3)	 	words importing one gender include every gender;
	 
	 	(4)	 	reference to any party to this Deed includes that party’s executors,
administrators or permitted assigns, or being a company, its successors or permitted
assigns;
	 
	 	(5)	 	an agreement, representation, or warranty by two or more persons binds them
jointly and severally;
	 
	 	(6)	 	an agreement, representation, or warranty in favour of two or more persons is
for the benefit of them jointly and severally;
	 
	 	(7)	 	reference to a statute, ordinance, code, or other law includes regulations
and other instruments under it and consolidations, amendments, re-enactments, or
replacements of it;
	 
	 	(8)	 	reference to an item is reference to the corresponding item in the Schedule;
	 
	 	(9)	 	reference to the Schedule or an Annexure means the Schedule and Annexures
attached to and forming part of this Deed;
	 
	 	(10)	 	reference to a thing includes the whole and each part;
	 
	 	(11)	 	reference to any body (including an institute, association or authority)
which ceases to exist; or whose powers or functions are transferred refers to the body
that replaces it or substantially succeeds to its powers or functions;
	 
	 	(12)	 	each example is descriptive only and not exhaustive;
	 
	 	(13)	 	clause headings are for reference purposes only.

	1.3	 	Words used in Lease
	 
	 	 	Capitalised words used in this Deed but not defined have the same meaning as in the Lease.

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	2.	 	Surrender
	 
	2.1	 	Surrender
	 
	 	 	Subject to clause 3 of this Deed, the Landlord and Tenant acknowledge that:

	 	(1)	 	as at the Surrender Date the Tenant surrenders all of its interest in the
Lease and the Premises and the Landlord accepts that surrender; and
	 
	 	(2)	 	up to the Surrender Date, the Tenant must comply with and perform all the
agreements and obligations of the Tenant under the Lease; and
	 
	 	(3)	 	up to the Surrender Date, the Landlord must comply with and perform all
agreements and obligations of the Landlord under the Lease.

	2.2	 	Vacating
	 
	 	 	Despite clause 2.1(2), the Landlord and Tenant both acknowledge that, as the New Lease
deals with the leasing and licensing of the New Premises, which includes parts of the
Premises, the Tenant is not required to yield up or make good that part of the Premises
which forms part of the New Premises, in accordance with the provisions of the Lease but
may remain in occupation immediately after the Surrender Date under the terms and
conditions of the New Lease.
	 
	2.3	 	Tenant’s Property
	 
	 	 	Despite the surrender of the Lease referred to in Clause 2.1 and any other provisions of
this Deed, the Landlord and Tenant agree that the Tenant retains title to all of the
“Lessee’s Fitout and Fittings” (as defined in the Lease) which is the property of the
Tenant, immediately before the Surrender Date, and otherwise subject to the terms of the
New Lease.
	 
	2.4	 	Yielding up
	 
	 	 	If the Tenant gives notice to any sublessee of that part of the Premises which is not
included as part of the New Premises (Non-leased Area) requiring the sublessee to vacate
and yield up the Non-leased Area, the Landlord may not make any Claim against the Tenant
for failing to yield up the Non-leased Area on the Surrender Date if a sublessee is still
in occupation of the Non-leased Area.
	 
	3.	 	Surrender Conditional
	 
	3.1	 	Conditions
	 
	 	 	This Deed (clause 3.2 excepted) is conditional on the Landlord receiving all of the
following:

	 	(1)	 	this Deed (in duplicate) properly executed by the Tenant and the Guarantor;
	 
	 	(2)	 	payment of any arrears payable by the Tenant in respect of the period up to
and including the Surrender Date;
	 
	 	(3)	 	the New Lease (in duplicate) properly executed by the Tenant and the
Guarantor together with evidence that the Tenant has effected the insurances required
under the New Lease; and

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	 	(4)	 	the Surrender of the Lease in registrable form (other than the payment of any
stamp duty)

	3.2	 	Tenant to provide documents
	 
	 	 	The Tenant must:

	 	(1)	 	provide to the Landlord:

	 	(a)	 	the documents referred to in clause 3.1(1) on the date of
this Deed; and
	 
	 	(b)	 	the payment referred to in clause 3.1(2) as soon as possible
and, in any event, on or before the Surrender Date;

	 	(2)	 	procure that the documents referred to in clauses 3.1(3) and (4) are provided
to the Landlord on the date of this Deed.

	3.3	 	Landlord to stamp and register documents
	 
	 	 	The Landlord will, at its own cost, use its best endeavours to:

	 	(1)	 	execute the Surrender of Lease and the New Lease; and
	 
	 	(2)	 	lodge the Surrender of Lease and the New Lease for stamping (if required) and
registration,
	 
	 	
within 30 days after this Deed has been entered into by the parties.

	3.4	 	Landlord’s waiver
	 
	 	 	The Landlord may, by notice in writing to the Tenant, waive (in whole or in part) the
conditions referred to in clause 3.1.

	4.	 	Releases
	 
	4.1	 	Release of Landlord
	 
	 	 	With effect from the Surrender Date, the Landlord is released from and against all Claims
whatever which the Tenant and/or the Guarantor may have had or might then or after the
Surrender Date have maintained against the Landlord in respect of or in any way arising
from the Lease after the Surrender Date.
	 
	4.2	 	Release of Tenant and Guarantor
	 
	 	 	With effect from the Surrender Date, the Tenant and the Guarantor are both released from
and against all Claims whatever which the Landlord may have had or might then or after the
Surrender Date have maintained against the Tenant and/or the Guarantor in respect of or in
any way arising from the Lease after the Surrender Date.
	 
	5.	 	Limitation of liability
	 
	5.1	 	Capacity
	 
	 	 	The Lessor enters into this Deed only in its capacity as trustee of the Trust (Trustee).
	 
	5.2	 	Limitation

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	 	 	Subject to clause 5.4:

	 	(1)	 	a liability arising under or in connection with this Deed (or the
transactions contemplated by it) is limited and can be enforced against the Trustee
only to the extent to which it can be satisfied out of property of the Trust out of
which the Trustee is actually indemnified for the liability; and
	 
	 	(2)	 	the limitation in clause 5.2(1) applies despite any other provisions of this
Deed.

	5.3	 	No action
	 
	 	 	Subject to clause 5.4 no party shall:

	 	(1)	 	sue the Trustee in any capacity other than as Trustee of the Trust;
	 
	 	(2)	 	seek to appoint or take any steps to procure or support the appointment of a
receiver, a receiver and manager, a liquidator, a provisional liquidator, an
administrator or similar person to the Trustee or prove in any liquidation,
administration or arrangement of or affecting the Trustee (except in relation to the
property of the Trust);
	 
	 	(3)	 	enforce or seek to enforce any judgment in respect of any liability arising
under or in connection with this Deed (or the transactions contemplated by it) against
any property of the Trustee other than property held by the Trustee as responsible
entity of the Trust.

	5.4	 	Extent of limitation
	 
	 	 	The limitations in clauses 5.1, 5.2 and 5.3 do not apply to any liability of the Trustee to
the extent that the liability is not satisfied because, under the constitution of the Trust
or by operation of law there is a reduction in the extent of the Trustee’s indemnification
out of the assets of the Trust, as a result of the Trustee’s fraud, negligence or breach of
trust

	6.	 	Administrative provisions
	 
	6.1	 	Notices

	 	(1)	 	Any notice, approval, request, demand or other communication (notice) to be
given for the purposes of this Deed must be in writing and must be:

	 	(a)	 	served personally; or
	 
	 	(b)	 	sent by ordinary or registered post — person to person mail
(airmail if overseas) to the address of the party specified in this Deed (or
such other address as that party notifies in writing); or
	 
	 	(c)	 	sent by facsimile transmission to the facsimile number of
that party specified in this Deed, (or such other facsimile number as that
party notifies in writing).

	 	(2)	 	A notice given:

	 	(a)	 	personally will be served on delivery;
	 
	 	(b)	 	by post will be served seven days after posting;

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	 	(c)	 	by facsimile transmission will be served on receipt of a
transmission report by the machine from which the facsimile was sent
indicating that the facsimile had been sent in its entirety to the facsimile
number specified in this Deed or such other number as may have been notified
by the receiving party. If the facsimile has not been completely transmitted
by 5:00 pm (determined by reference to the time of day at the recipient’s
address) it will be deemed to have been served on the next day.

	6.2	 	Governing Law
	 
	 	 	This Deed will be governed by the laws of Queensland. The parties submit to the
non-exclusive jurisdiction of the courts of that state.

	6.3	 	Waiver
	 
	 	 	The failure or omission of the Landlord at any time to:

	 	(1)	 	enforce or require the strict observance of or compliance with any provision
of this Deed; or
	 
	 	(2)	 	exercise any election or discretion under this Deed,

	 	 	will not operate as a waiver of them or the rights of the Landlord, whether express or
implied, arising under this Deed.

	6.4	 	Further Assurance
	 
	 	 	Each party must sign, execute and complete all additional documents which may be necessary
to effect, perfect, or complete the provisions of this Deed and the transactions to which
it relates.
	 
	6.5	 	Severability
	 
	 	 	If any part of this Deed is or becomes illegal, invalid or unenforceable in any relevant
jurisdiction, the legality, validity or enforceability of the remainder of the Deed will
not be affected and this Deed will be read as if the part had been deleted in that
jurisdiction only.
	 
	6.6	 	No Representations
	 
	 	 	No oral explanation or information provided by any party to another will affect the meaning
or interpretation of this Deed or constitute any collateral agreement, warranty or
understanding between any of the parties.
	 
	6.7	 	Merger
	 
	 	 	The obligations contained in this Deed will continue until satisfied in full.

	 
	6.8	 	
 Execution by Counterparts
	 
	 	 	This Deed may consist of one or more counterpart copies and all counterparts will, when
taken together, constitute the one document.
	 
	6.9	 	Stamp Duty and Costs

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	 	(1)	 	The Landlord shall pay the Tenant’s reasonable legal costs arising out of the
preparation, negotiation and execution of this Deed, the Surrender of Lease and the
New Lease.
	 
	 	(2)	 	The Landlord shall pay any registration fees chargeable on the registration
of the Surrender of Lease and the New Lease.
	 
	 	(3)	 	The Landlord shall pay any survey fees payable with respect to any plans
necessary to enable the registration of the Surrender of Lease and the New Lease.
	 
	 	(4)	 	The Landlord shall pay any stamp duty on this Deed and the Surrender of
Lease.

	7.	 	GST
	 
	7.1	 	GST exclusive value
	 
	 	 	Except where the relevant supply is not a taxable supply or express provision is made to
the contrary, and subject to this clause 7, the consideration for the supply payable by any
party under this Deed excludes GST.
	 
	7.2	 	Ability to pass on GST
	 
	 	 	If a party makes a taxable supply in connection with this Deed for a consideration which
excludes GST the party liable to pay for the taxable supply must also pay, within 14 days
of receipt of a tax invoice under clause 7.4 or at the same time as the GST exclusive value
is otherwise payable (whichever is later) and in the same manner as the consideration, an
amount equal to the GST payable in respect of the taxable supply.
	 
	7.3	 	Reimbursements
	 
	 	 	If this Deed requires a party (“First Party”) to pay, reimburse or contribute to an amount
paid or payable by another party (“Second Party”) in respect of an acquisition from a third
party for which the Second Party is entitled to claim an input tax credit, the amount
required to be paid, reimbursed or contributed by the First Party will be the GST exclusive
value of the acquisition by the Second Party. However, nothing in this clause 7.3 shall
limit the operation of clause 7.2.
	 
	7.4	 	Tax Invoice
	 
	 	 	A party’s right to payment under clause 7.2 is subject to a valid tax invoice being
delivered to the party liable to pay for the taxable supply.
	 
	8.	 	Testing and Remediation Works
	 
	8.1	 	As and from the date of this Deed, the Tenant consents to the Landlord and persons authorised
by the Landlord entering on that part of the Premises which is not included as part of the New
Premises for the purposes of carrying out testing and remediation works (Landlord’s Works).
	 
	8.2	 	The Landlord will carry out the Landlord’s Works at its sole risk and cost.
	 
	8.3	 	Subject to clause 8.4, the Landlord indemnifies and will keep indemnified the Tenant against
all Claims which may arise in relation to any loss or damage suffered by the Tenant in
connection with the Landlord carrying out the Landlord’s Works.

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	8.4	 	The indemnity provided in clause 8.3 applies only in respect of and is limited to Claims
arising at any time but with respect to activities carried on by the Landlord on that part of
the Premises which is not included as part of the New Premises up to and including the
Surrender Date.

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Executed as a deed and delivered on the date shown on the first page.

Executed by Multiplex Carole Park Landowner Pty

Limited in accordance with section 127 of the

Corporations Act
2001:

	 	 	 	 	 
	/s/ Alex Carrodus
 

Director/Company Secretary

	 	/s/ Ian Robert O’Toole
 

Director	 	 
	 
	 	 	 	 
	Alex Carrodus
 

Name of Director/Company Secretary

(BLOCK LETTERS)

	 	Ian Robert O’Toole
 

Name of Director

(BLOCK LETTERS)
	 	 
	 
	 	 	 	 
	Signed for and on behalf of James Hardie
Australia Pty Limited by its attorney Joanne
Marchione under power of attorney registered
number 707564405 dated 12 March 2004 in the
presence of:

	 	James Hardie Australia Pty
Limited by its attorney

/s/ Joanne Marchione
 

	 	 
	 
	 	 	 	 
	/s/ Bruce J. W. Potts
 

Signature of witness

	 	 	 	 
	 
	 	 	 	 
	Bruce J. W. Potts
 

Name of witness (BLOCK LETTERS)

	 	 	 	 
	 
	 	 	 	 
	Level 3, 22 Pitt Street, Sydney 2000
 

Address of witness

	 	 	 	 
	 
	 	 	 	 
	Signed for and on behalf of James Hardie
Industries N.V. by its attorney Joanne
Marchione under power of attorney registered
number 707564412 dated 12 March 2004 in the
presence of:

	 	James Hardie Industries N.V.
by its attorney

/s/ Joanne Marchione
 

	 	 
	 
	 	 	 	 
	/s/ Bruce J. W. Potts
 

Signature of witness

	 	 	 	 
	 
	 	 	 	 
	Bruce J. W. Potts
 

Name of witness (BLOCK LETTERS)

	 	 	 	 
	 
	 	 	 	 
	Level 3, 22 Pitt Street, Sydney 2000
 

Address of witness

	 	 	 	 

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