Document:

exv10w1

 

Exhibit 10.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 333-14036) of James Hardie Industries N.V. and
Subsidiaries of our report dated June 24, 2004, except for Note 14, as to which
the date is November 19, 2004 relating to the consolidated financial
statements, which appears in this Form 20-F.

	 	 	 	 	 
	 	 	 
	/s/PricewaterhouseCoopers LLP
 	 
	PricewaterhouseCoopers LLP 	 
	 	 	 
	 

Los Angeles, California

November 19, 2004<PAGE>
                                                                     EXHIBIT 4.1

                   [FORM OF STOCK CERTIFICATE -- FRONT SIDE]

COMMON STOCK                                                        COMMON STOCK

  NUMBER                                                               SHARES
                    [SEABRIGHT INSURANCE HOLDINGS, INC. LOGO]
  SEAB

                       SEABRIGHT INSURANCE HOLDINGS, INC.
              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

THIS CERTIFICATE IS TRANSFERABLE                               CUSIP 811656 10 7
IN CANTON, MA, JERSEY CITY, NJ               SEE REVERSE FOR CERTAIN DEFINITIONS
OR NEW YORK, NY

THIS CERTIFIES THAT

IS THE OWNER OF

       FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK PAR VALUE
                               $.01 PER SHARE OF

SEABRIGHT INSURANCE HOLDINGS, INC. (hereinafter called the "Corporation"),
transferable on the books of the Corporation by the holder hereof in person or
by duly authorized attorney, upon surrender of this Certificate properly
endorsed. This Certificate and the shares represented hereby are issued and
shall be held subject to all of the provisions of the Certificate of
Incorporation of the Corporation and of the amendments from time to time made
thereto, to all of which the holder by acceptance hereof assents.

     This Certificate is not valid until countersigned by the Transfer Agent and
     registered by the Registrar.

     WITNESS the facsimile seal of the Corporation and the facsimile signatures
     of its duly authorized officers.

Dated:

/s/ JOSEPH S. DE VITA                                    /s/ JOHN G. PASQUALETTO
    -----------------                                        -------------------

           SECRETARY                                               PRESIDENT AND
                                                         CHIEF EXECUTIVE OFFICER

                   [SEABRIGHT INSURANCE HOLDINGS, INC. SEAL]

                                                   COUNTERSIGNED AND REGISTERED:
                                                   EQUISERVE TRUST COMPANY, N.A.
                                               BY: TRANSFER AGENT AND REGISTRAR

                                                            AUTHORIZED SIGNATURE

<PAGE>
                    [FORM OF STOCK CERTIFICATE -- BACK SIDE]

                       SEABRIGHT INSURANCE HOLDINGS, INC.

The Corporation will furnish without charge to each stockholder who so requests
the powers, designations, preferences and relative, participating, optional or
other special rights of each class of stock or series thereof and the
qualifications, limitations or restrictions of such preferences and/or rights.
Such requests shall be made to the Corporation's Secretary at the principal
office of the Corporation.

                                 ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
<S>                                             <C>
TEN COM  -- as tenants in common                UNIF GIFT MIN ACT --          Custodian
TEN ENT  -- as tenants by the entireties                            ----------         ----------
JT TEN   -- as joint tenants with right of                          (Cust)           (Minor)
            survivorship and not as tenants                         Under Uniform Gifts to Minors
            in common                                               Act
                                                                       --------------------------
                                                                                (State)
</Table>

    Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED,                        hereby sell, assign and transfer unto
                   ------------------------

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE
---------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

--------------------------------------------------------------------------------

                                                                         Shares
-------------------------------------------------------------------------
of the Common Stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

                                                                        Attorney
------------------------------------------------------------------------
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

Dated
     --------------------------------

                                       -----------------------------------------
                                       NOTICE: THE SIGNATURE TO THIS ASSIGNMENT
                                       MUST CORRESPOND WITH THE NAME AS WRITTEN
                                       UPON THE FACE OF THE CERTIFICATE IN EVERY
                                       PARTICULAR, WITHOUT ALTERATION OR
                                       ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature Guaranteed:
                     -----------------------------------------------------------
                     THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE
                     GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS
                     AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
                     MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
                     MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, MUTILATED OR
DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO
THE ISSUANCE OF A REPLACEMENT CERTIFICATE.<PAGE>
                                                                   EXHIBIT 10.20

                        AMENDMENT TO EMPLOYMENT AGREEMENT

         THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment"), dated as of
November 8, 2004, is made by and among SeaBright Insurance Company f/k/a Kemper
Employers Insurance Company, an Illinois domiciled insurance company
("Employer"), and John G. Pasqualetto ("Executive").

                                    RECITALS

         WHEREAS, the parties entered into that certain Employment Agreement
between Employer and Executive, dated as of September 30, 2003 (the
"Agreement");

         WHEREAS, the Board of Directors of the Employer has approved an
increase in the annual bonus target amount set forth in Section 3(b) of the
Agreement; and

         WHEREAS, the parties desire to amend the Agreement to reflect the
increased annual bonus target amount;

         NOW, THEREFORE, in consideration of the foregoing recitals, which shall
constitute a part of this Amendment, and the mutual promises contained in this
Amendment, and intending to be legally bound thereby, the parties agree as
follows:

         1. Effective as of January 1, 2004, the Agreement is hereby amended by
deleting Section 3(b) in its entirety and replacing such section with the
following:

         "Executive will be eligible to receive an annual bonus in a target
         amount equal to 65% of his Base Salary for each calendar year (or
         portion thereof) during the Period of Employment based upon achievement
         by Executive and achievement by Employer of performance criteria and
         other goals established by the Board (after consultation with
         Executive) on an annual basis prior to commencement of each calendar
         year or as soon as reasonably practicable thereafter. The bonus payable
         in respect of any given year (or portion thereof) during the Period of
         Employment shall be paid within 30 days following the delivery of
         Employer's annual audited statutory financial statements for such year.
         The target amount of Executive's bonus as set forth above will be
         reviewed for market and performance adjustments within thirty (30) days
         of the beginning of each calendar year during the Period of Employment
         by the Board and may be adjusted after such review in the Board's sole
         discretion."

         2. All other sections, paragraphs, provisions, and clauses in the
Agreement not so modified remain in full force and effect as originally written.

         3. Certain capitalized terms not defined herein shall have the meanings
given to such terms in the Agreement.

<PAGE>

         4. This Amendment may be executed in one or more counterparts, each of
which is an original, but all of which together constitute one and the same
instrument.

         5. This Amendment shall be governed by and construed in accordance with
the law of the State of Washington.

                                    * * * * *

<PAGE>

         The parties have duly executed this Amendment as of the date first
written above.

                                              SEABRIGHT INSURANCE COMPANY
                                              f/k/a/ KEMPER EMPLOYERS
                                              INSURANCE COMPANY

                                              By:  /s/  Richard Gergasko
                                                 -----------------------------
                                              Name:  Richard Gergasko
                                              Its:  Executive Vice President

                                                   /s/  John G. Pasqualetto
                                              --------------------------------
                                              JOHN G. PASQUALETTO

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