X0306 4 2017-05-08 1 0001003344 HEADWATERS INC HW 0001308589 Gehrmann William 10701 S. RIVER FRONT PARKWAY, SUITE 300 SOUTH JORDAN UT 84095 0 1 0 0 Pres. Headwaters Resources COMMON STOCK 2017-05-08 4 D 0 77131 D 0 D STOCK APPRECIATION RIGHTS 13.57 2017-05-08 4 D 0 32813 D 2008-09-30 2017-09-30 Common Stock 32813 0 D STOCK APPRECIATION RIGHTS 9.84 2017-05-08 4 D 0 32813 D 2009-09-30 2018-09-30 Common Stock 32813 0 D STOCK APPRECIATION RIGHTS 4.60 2017-05-08 4 D 0 40000 D 2010-09-30 2019-09-30 Common Stock 40000 0 D STOCK APPRECIATION RIGHTS 3.81 2017-05-08 4 D 0 32927 D 2011-09-30 2020-09-30 Common Stock 32927 0 D STOCK APPRECIATION RIGHTS 1.85 2017-05-08 4 D 0 105904 D 2012-09-30 2021-09-30 Common Stock 105904 0 D STOCK APPRECIATION RIGHTS 6.79 2017-05-08 4 D 0 21049 D 2013-09-30 2022-09-30 Common Stock 21049 0 D STOCK APPRECIATION RIGHTS 9.19 2017-05-08 4 D 0 10291 D 2014-09-30 2023-09-30 Common Stock 10291 0 D STOCK APPRECIATION RIGHTS 13.03 2017-05-08 4 D 0 7917 D 2015-09-30 2024-09-30 Common Stock 7917 0 D STOCK APPRECIATION RIGHTS 17.83 2017-05-08 4 D 0 11807 D 2016-09-30 2015-09-30 Common Stock 11807 0 D Disposed of pursuant to the merger agreement between issuer and Boral Limited in exchange for the per-share right to receive $24.25 in cash, without interest. These stock appreciation rights were canceled in the merger in exchange for a cash payment of $5,341,683.33, without interest, representing the difference between the exercise price of the stock appreciation rights and the base price per share of the issuer's common stock subject to such stock appreciation rights. /s/ Harlan M. Hatfield For: William Gehrmann 2017-05-08