Document:

exv10w32

EXHIBIT 10.32

USG CORPORATION

PERFORMANCE SHARES AGREEMENT

          WHEREAS, the “Grantee” is an employee of USG Corporation, a Delaware corporation (the
“Company”) or a Subsidiary;

          WHEREAS, the Board of Directors of the Company (the “Board”) has granted to the Grantee, as
set forth in the Award Summary on the Smith Barney website on the “Date of Grant”, the number of
Performance Shares (as defined in the Plan) pursuant to the Company’s Long-Term Incentive Plan, as
amended (the “Plan”), subject to the terms and conditions of the Plan and the terms and conditions
hereinafter set forth; and

          WHEREAS, the execution of a Performance Shares Agreement substantially in the form hereof to
evidence such grant has been authorized by a resolution of the Board.

          NOW, THEREFORE, the Company and the Grantee agree as follows:

	1.	 	Grant of Performance Share Right. Subject to the terms of the Plan, the Company hereby
grants to the Grantee a targeted number of performance shares (the “Target Performance
Shares”), payment of which depends on the Company’s performance as set forth in this Agreement
and in the Statement of Performance Goals (the “Statement of Performance Goals”) approved by
the Board.

	2.	 	Earning of Award.

     (a)    Performance Measure. The Grantee’s right to receive all, any portion of,
or more than, the Target Performance Shares will be contingent upon the achievement of
specified levels of performance of the Company’s total stockholder return (including
reinvestment of dividends) relative to the performance of the Dow Jones U.S. Construction
and Materials Index (“Total Stockholder Return”), as set forth in the Statement of
Performance Goals and will be measured over the period from December 1, 2008 through
December 31, 2011 (the “Performance Period”).

     (b)    Below Threshold. If, upon the conclusion of the Performance Period, Total
Stockholder Return for the Performance Period falls below the threshold level, as set forth
in the Performance Matrix contained in the Statement of Performance Goals, no performance
shares for the Performance Period shall become earned.

     (c)    Threshold. If, upon the conclusion of the Performance Period, Total
Stockholder Return for the Performance Period equals the threshold level, as set forth in
the Performance Matrix contained in the Statement of Performance Goals, 35% of the Target
Performance Shares for the Performance Period shall become earned.

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     (d)    Between Threshold and Target. If, upon the conclusion of the Performance
Period, Total Stockholder Return exceeds the threshold level, but is less than the target
level, as set forth in the Performance Matrix contained in the Statement of Performance
Goals, the Target Performance Shares shall become earned based on performance during the
Performance Period, as determined by mathematical straight-line interpolation between 35% of
the Target Performance Shares and 100% of the Target Performance Shares.

     (e)    Target. If, upon the conclusion of the Performance Period, Total
Stockholder Return for the Performance Period equals the target level, as set forth in the
Performance Matrix contained in the Statement of Performance Goals, 100% of the Target
Performance Shares for the Performance Period shall become earned.

     (f)    Between Target and Intermediate. If, upon the conclusion of the
Performance Period, Total Stockholder Return exceeds the target level, but is less than the
intermediate level, as set forth in the Performance Matrix contained in the Statement of
Performance Goals the Target Performance Shares shall become earned based on performance
during the Performance Period, as determined by mathematical straight-line interpolation
between 100% of the Target Performance Shares and 150% of the Target Performance Shares.

     (g)    Intermediate. If, upon the conclusion of the Performance Period, Total
Stockholder Return for the Performance Period equals the intermediate level, as set forth in
the Performance Matrix contained in the Statement of Performance Goals, 150% of the Target
Performance Shares for the Performance Period shall become earned.

     (h)    Between Intermediate and Maximum. If, upon the conclusion of the
Performance Period, Total Stockholder Return exceeds the intermediate level, but is less
than the maximum level, as set forth in the Performance Matrix contained in the Statement of
Performance Goals the Target Performance Shares shall become earned based on performance
during the Performance Period, as determined by mathematical straight-line interpolation
between 150% of the Target Performance Shares and 200% of the Target Performance Shares.

     (i)    Equals or Exceeds Maximum. If, upon the conclusion of the Performance
Period, Total Stockholder Return for the Performance Period equals or exceeds the maximum
level, as set forth in the Performance Matrix contained in the Statement of Performance
Goals, 200% of the Target Performance Shares shall become earned.

     (j)    Conditions; Determination of Earned Award. Except as otherwise provided
herein, the Grantee’s right to receive any performance shares is contingent upon his or her
remaining in the continuous employ of the Company or a Subsidiary through the end of the
Performance Period. Following the Performance Period, the Board shall determine whether and
to what extent the goals relating to Total Stockholder Return have been

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satisfied for the Performance Period and shall determine the number of performance
shares that shall have become earned hereunder.

	3.	 	Effect of Change in Control. In the event a Change of Control occurs during the Performance
Period, but before the payment of any performance shares as set forth in Section 6, below, the
Company shall pay to the Grantee, as soon as practicable following the Change of Control but
in no event later than two and one-half months following the end of the year in which the
Change of Control occurs, a pro rata number of the Target Performance Shares based on the
number of full months that have elapsed during the Performance Period prior to the Change of
Control, and the remaining performance shares will be forfeited.

	4.	 	Termination Due to Death, Disability, Retirement. If the Grantee’s employment with the
Company or a Subsidiary terminates during the Performance Period, but before the payment of
any performance shares as set forth in Section 6, below, due to (a) the Grantee’s death or (b)
the Grantee becoming permanently and totally disabled while in the employ of the Company or
any Subsidiary or (c) the Grantee’s Retirement, the Company shall pay to the Grantee or his or
her executor or administrator, as the case may be, at the time described in Section 6 and
based on the level of achievement of Total Stockholder Return during the Performance Period, a
pro rata number of the Target Performance Shares based on the number of full months during the
Performance Period during which the Grantee was employed by the Company, and the remaining
performance shares will be forfeited. The Grantee shall be considered to have become
permanently and totally disabled if the Grantee has suffered a total disability within the
meaning of the Company’s Long Term Disability Plan for Salaried Employees. “Retirement” shall
mean the Grantee’s retirement under a retirement plan (including, without limitation, any
supplemental retirement plan) of the Company or any Subsidiary, or the Grantee’s retirement
from employment with the Company or any Subsidiary after completing at least three years of
continuous service with the Company or any Subsidiary and attaining the age of 62. Without
limiting the generality of the foregoing, in no event shall “Retirement” include the
involuntary termination of the Grantee’s employment by the Company (i) for cause or (ii)
without cause if, as a result of such termination without cause, the Grantee becomes eligible
to receive payments on account of such termination under an employment agreement between the
Grantee and the Company.

	5.	 	Forfeiture. If either (i) the Grantee’s employment with the Company or a Subsidiary
terminates before the end of the Performance Period, and before the occurrence of a Change of
Control, for any reason other than as set forth in Section 4 hereof or (ii) the Board (or a
committee of the Board) finds that the Grantee has engaged in any fraud or intentional
misconduct as described in Section 20 hereof, the Performance Shares will be forfeited.

	6.	 	Form and Time of Payment of Performance Shares. Payment of any performance shares that
become earned as set forth herein will be made in the form of Common Shares. Except as
otherwise provided in Section 3, payment will be made as soon as practicable after the end of
the Performance Period and the determination by the Board of the level of

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	 	 	attainment of Total Stockholder Return, but in no event shall such payment occur later than
two and one-half months after the end of the Performance Period. Performance shares will be
forfeited if they are not earned at the end of the Performance Period and, except as
otherwise provided in this Agreement, if the Grantee ceases to be employed by the Company or
a Subsidiary at any time prior to such performance shares becoming earned at the end of the
Performance Period. To the extent that the Company or any Subsidiary is required to
withhold any federal, state, local or foreign tax in connection with the payment of earned
performance shares pursuant to this Agreement, it shall be a condition to the receipt of
such performance shares that the Grantee make arrangements satisfactory to the Company or
such Subsidiary for payment of such taxes required to be withheld, which may include by
having the Company withhold Common Shares otherwise payable pursuant to this award.

	7.	 	Payment of Dividends. No dividends shall be accrued or earned with respect to the
performance shares until such performance shares are earned by the Grantee as provided in this
Agreement.

	8.	 	Performance Shares Nontransferable. Until payment is made to the Grantee as provided herein,
neither the Performance Shares granted hereby nor any interest therein or in the Common Shares
related thereto shall be transferable other than by will or the laws of descent and
distribution prior to payment.

	9.	 	Adjustments. In the event of any change in the aggregate number of outstanding Common Shares
by reason of (a) any stock dividend, extraordinary dividend, stock split, combination of
shares, recapitalization or other change in the capital structure of the Company, or (b) any
Change in Control, merger, consolidation, spin-off, split-off, spin-out, split-up,
reorganization or partial or complete liquidation, or other distribution of assets, issuance
of rights or warrants to purchase securities, or (c) any other corporate transaction or event
having an effect similar to any of the foregoing, then the Board shall adjust the number of
Performance Shares then held by the Grantee in such manner as to prevent dilution or
enlargement of the rights of the Grantee that otherwise would result from such event.
Moreover, in the event of any such transaction or event, the Board (or a committee of the
Board), in its discretion, may provide in substitution for any or all of the Grantee’s rights
under this Agreement such alternative consideration as it may determine to be equitable in the
circumstances.

	10.	 	Compliance with Section 409A of the Code. To the extent applicable, it is intended that this
Agreement and the Plan comply with the provisions of Section 409A of the Code, so that the
income inclusion provisions of Section 409A(a)(1) of the Codedo not apply to the
Grantee. This Agreement and the Plan shall be administered in a manner consistent with this
intent. Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code
of 1986, as amended, and will also include any regulations or any other formal guidance
promulgated with respect to such Section by the U.S. Department of the Treasury or the
Internal Revenue Service.

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	11.	 	No Right to Future Grants; No Right of Employment; Extraordinary Item: In accepting the
grant, Grantee acknowledges that: (a) the Plan is established voluntarily by the Company, it
is discretionary in nature and it may be modified, suspended or terminated by the Company at
any time, as provided in the Plan and this Award Agreement; (b) the grant of the Performance
Shares is voluntary and occasional and does not create any contractual or other right to
receive future grants of Performance Shares or benefits in lieu of Performance Shares, even
if Performance Shares have been granted repeatedly in the past; (c) all decisions with respect
to future grants, if any, will be at the sole discretion of the Company; (d) your
participation in the Plan is voluntary; (e) the Performance Shares are an extraordinary item
that does not constitute compensation of any kind for services of any kind rendered to the
Company, its Affiliates and/or Subsidiaries, and which is outside the scope of Grantee’s
employment contract, if any; (f) the Performance Shares are not part of normal or expected
compensation or salary for any purposes, including, but not limited to, calculating any
severance, resignation, termination, redundancy, end of service payments, bonuses,
long-service awards, pension or retirement benefits or similar payments; (g) in the event that
Grantee is an employee of an Affiliate or Subsidiary of the Company, the grant will not be
interpreted to form an employment contract or relationship with the Company; and furthermore,
the grant will not be interpreted to form an employment contract with the Affiliate or
Subsidiary that is Grantee’s employer; (h) the future value of the underlying Shares is
unknown and cannot be predicted with certainty; (i) no claim or entitlement to compensation or
damages arises from forfeiture or termination of the Performance Shares or diminution in value
of the Performance Shares or the Shares and Grantee irrevocably releases the Company, its
Affiliates and/or its Subsidiaries from any such claim that may arise; and (j) notwithstanding
any terms or conditions of the Plan to the contrary, in the event of involuntary termination
of Grantee’s employment, Grantee’s right to receive Performance Shares and vest in Performance
Shares under the Plan, if any, will terminate effective as of the date that Grantee is no
longer actively employed and will not be extended by any notice period mandated under local
law (e.g., active employment would not include a period of “garden leave” or similar period
pursuant to local law); furthermore, in the event of involuntary termination of employment,
Grantee’s right to vest in the Performance Shares after termination of employment, if any,
will be measured by the date of termination of Grantee’s active employment and will not be
extended by any notice period mandated under local law.

	12.	 	Continuous Employment. For purposes of this Agreement, the continuous employment of the
Grantee with the Company or a Subsidiary shall not be deemed to have been interrupted, and the
Grantee shall not be deemed to have ceased to be an employee of the Company or Subsidiary, by
reason of (a) the transfer of the Grantee’s employment among the Company and its Subsidiaries
or (b) an approved leave of absence.

	13.	 	Employee Data Privacy: Grantee hereby explicitly and unambiguously consents to the
collection, use and transfer, in electronic or other form, of Grantee’s personal data as
described in this document by and among, as applicable, the Company, its Affiliates and its
Subsidiaries (“the Company Group”) for the exclusive purpose of implementing, administering
and managing your participation in the Plan. Grantee’s understands that the Company Group
holds certain personal information about Grantee, including, but not

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	 	 	limited to, Grantee’s name, home address and telephone number, date of birth, social
insurance number or other identification number, salary, nationality, job title, any Shares
of stock or directorships held in the Company, details of all Restricted Stock Units or any
other entitlement to Shares of stock awarded, canceled, exercised, vested, unvested or
outstanding in Grantee’s favor, for the purpose of implementing, administering and managing
the Plan (“Data”). Grantee understands that Data may be transferred to any third parties
assisting in the implementation, administration and management of the Plan, that these
recipients may be located in your country or elsewhere, and that the recipient’s country may
have different data privacy laws and protections than your country. You understand that you
may request a list with the names and addresses of any potential recipients of the Data by
contacting Grantee’s local human resources representative. Grantee authorizes the recipients
to receive, possess, use, retain and transfer the Data, in electronic or other form, for the
purposes of implementing, administering and managing Grantee’s participation in the Plan,
including any requisite transfer of such Data as may be required to a broker or other third
party with whom Grantee may elect to deposit any Shares acquired. Grantee understands that
Data will be held only as long as is necessary to implement, administer and manage Grantee’s
participation in the Plan. Grantee understands that Grantee may, at any time, view Data,
request additional information about the storage and processing of Data, require any
necessary amendments to Data or refuse or withdraw the consents herein, in any case without
cost, by contacting in writing Grantee’s local human resources representative. Grantee
understands, however, that refusing or withdrawing Grantee’s consent may affect Grantee’s
ability to participate in the Plan. For more information on the consequences of Grantee’s
refusal to consent or withdrawal of consent, Grantee understand that Grantee may contact
Grantee’s local human resources representative.

	14.	 	Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the
event of any inconsistency between the provisions of this Agreement and the Plan, the Plan
shall govern. All terms used herein with initial capital letters and not otherwise defined
herein that are defined in the Plan shall have the meanings assigned to them in the Plan. The
Board acting pursuant to the Plan, as constituted from time to time, shall, except as
expressly provided otherwise herein, have the right to determine any questions which arise in
connection with the grant of the Performance Shares.

	15.	 	Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement
to the extent that the amendment is applicable hereto; provided, however, that
no amendment shall adversely affect the rights of the Grantee under this Agreement without the
Grantee’s consent. Notwithstanding the foregoing, the limitation requiring the consent of a
Grantee to certain amendments shall not apply to any amendment that is deemed necessary by the
Company to ensure compliance with Section 409A of the Code.

	16.	 	Severability. Subject to Section 20, if any provision of this Agreement or the application
of any provision hereof to any person or circumstances is held invalid, unenforceable or
otherwise illegal, the remainder of this Agreement and the application of such provision to
any other person or circumstances shall not be affected, and the provisions so held to be

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	 	 	invalid, unenforceable or otherwise illegal shall be reformed to the extent (and only to the
extent) necessary to make it enforceable, valid and legal.

	17.	 	Successors and Assigns. Without limiting Section 8 hereof, the provisions of this Agreement
shall inure to the benefit of, and be binding upon, the successors, administrators, heirs,
legal representatives and assigns of the Grantee, and the successors and assigns of the
Company.

	18.	 	Governing Law. This Agreement shall be governed by and construed in accordance with the
internal substantive laws of the State of Delaware, without giving effect to any principle of
law that would result in the application of the law of any other jurisdiction.

	19.	 	The Optionee acknowledges that by clicking on the “Accept” button on the Smith Barney web
page titled “Step 3: Confirm the Review/Acceptance of your Award,” the Optionee agrees to be
bound by the electronic execution of this Award Agreement.

	20.	 	In accordance with Section 20(d) of the Plan, if the Board (or a committee of the Board) has
determined that any fraud or intentional misconduct by the Grantee was a significant
contributing factor to the Company having to restate all or a portion of its financial
statement(s), to the extent permitted by applicable law the Grantee shall: (a) return to the
Company all Performance Shares that the Grantee has not disposed of that were paid out
pursuant to this Agreement; and (b) with respect to any Performance Shares that the Grantee
has disposed of that were paid out pursuant to this Agreement, pay to the Company in cash the
value of such Performance Shares on the date such Performance Shares were paid out. The
remedy specified herein shall not be exclusive, and shall be in addition to every other right
or remedy at law or in equity that may be available to the Company. Notwithstanding any other
provision of this Agreement or the Plan to the contrary, if this Section 20 is held invalid,
unenforceable or otherwise illegal, the remainder of this Agreement shall be deemed to be
unenforceable due to a failure of consideration, and the Grantee’s rights to the Performance
Shares that would otherwise be granted under this Agreement shall be forfeited.

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Executed in the name and on behalf of the Company at Chicago, Illinois as of the 10th
day of February, 2010.

	 	 	 	 	 
	 
	 
	 
	 
	 	USG CORPORATION

 	 
	 
	 	
 	 
	 	Name:  Brian J. Cook 	 
	 	Title: 	 Senior Vice President,

  Human Resources 	 
	 

     The undersigned Grantee hereby accepts the award of Performance Shares evidenced by this
Performance Shares Agreement on the terms and conditions set forth herein and in the Plan.

PLEASE PRINT AND KEEP A COPY FOR YOUR RECORDS.

USG Corporation

Performance Shares Agreement (N. America/Officers)

8exv10w43

EXHIBIT 10.43

DATED 10 NOVEMBER 2009 

GYPSUM TRANSPORTATION LIMITED

(as borrower)

-and-

USG CORPORATION

(as guarantor)

-and-

DVB BANK SE

(as lender)

-and-

DVB BANK SE

(as agent)

-and-

DVB BANK SE

(as security trustee)

 

SECOND SUPPLEMENTAL AGREEMENT TO SECURED

LOAN FACILITY AGREEMENT DATED 21 OCTOBER 2008

 

STEPHENSON HARWOOD

One, St. Paul’s Churchyard

London EC4M 8SH

Tel: +44 (0)20 7329 4422

Fax: +44 (0)20 7329 7100

Ref: 1313/48-01497

 

 

CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 	 	 
	 	 	 	 
	1	 	Interpretation
	 	 	2	 
	 	 	 
	 	 	 	 
	2	 	Condition
	 	 	2	 
	 	 	 
	 	 	 	 
	3	 	Representations and Warranties
	 	 	3	 
	 	 	 
	 	 	 	 
	4	 	Amendments to Loan Agreement
	 	 	3	 
	 	 	 
	 	 	 	 
	5	 	Amendments to Guarantee
	 	 	4	 
	 	 	 
	 	 	 	 
	6	 	Confirmation and Undertaking
	 	 	5	 
	 	 	 
	 	 	 	 
	7	 	Communications, Law and Jurisdiction
	 	 	6	 
	 	 	 
	 	 	 	 
	SCHEDULE 1	 	 	7	 
	 	 	The Lenders
	 	 	7	 
	 	 	 
	 	 	 	 
	SCHEDULE 2	 	 	8	 
	 	 	Effective Date Confirmation
	 	 	8	 
	 	 	 
	 	 	 	 
	SCHEDULE 3	 	 	9	 
	 	 	Form of Compliance Certificate
	 	 	9	 
	 	 	 
	 	 	 	 
	SCHEDULE 4	 	 	10	 
	 	 	Form of Compliance Certificate
	 	 	10	 

 

 

SECOND SUPPLEMENTAL AGREEMENT

Dated: 10 November 2009

BETWEEN:

	(1)	 	GYPSUM TRANSPORTATION LIMITED, a company incorporated according to the law of Bermuda, with
registered office at Clarendon House, 2 Church Street, Hamilton HM11, Bermuda (the
“Borrower”); and

	(2)	 	USG CORPORATION, a company incorporated according to the law of the state of Delaware whose
principal executive office is at 550 West Adams Street, Chicago, Illinois 60661 (the
“Guarantor”); and

	(3)	 	the banks listed in Schedule 1, each acting through its office at the address indicated
against its name in Schedule 1 (together the “Lenders” and each a “Lender”); and

	(4)	 	DVB BANK SE, with its registered office in Frankfurt and acting as agent through its office
at Parklaan 2, 3016BB Rotterdam, The Netherlands (in that capacity the “Agent”); and

	(5)	 	DVB BANK SE, with its registered office in Frankfurt and acting as security trustee through
its office at Parklaan 2, 3016BB Rotterdam, The Netherlands (in that capacity the “Security
Trustee”).

SUPPLEMENTAL TO a secured loan agreement dated 21 October 2008 (the “Original Loan Agreement”) as
amended and supplemented by an amendment no. 1 dated 27 February 2009 (the “First Supplemental
Agreement”, and together with the Original Loan Agreement, the “Loan Agreement”) made between the
Borrower, the Lenders, the Agent and the Security Trustee on the terms and subject to the
conditions of which each of the Lenders agreed to advance to the Borrower its respective Commitment
of an aggregate amount not exceeding the total of (i) the lesser of forty million Dollars
($40,000,000) and fifty per cent of the Market Value of Vessel A (in respect of Tranche A) and (ii)
the lesser of fifty million dollars ($50,000,000) and fifty per cent of the Market Value of Vessel
B (in respect of Tranche B) (together, the “Loan”).

WHEREAS:

	(A)	 	The Lenders, the Borrower and the Guarantor have agreed to vary certain terms of the Loan
Agreement and the Guarantee.

 

 

	(B)	 	The Lenders, the Borrower and the Guarantor have agreed to amend the Loan Agreement and the
Guarantee on the terms and subject to the conditions contained in this Supplemental Agreement.

IT IS AGREED THAT:

	1	 	Interpretation

	 	1.1	 	In this Supplemental Agreement “Effective Date” means the date on which the
Agent confirms to the Borrower and the Guarantor in writing substantially in the form
set out in Schedule 2 that the condition referred to in Clause 2.1 has been satisfied,
which confirmation the Agent shall be under no obligation to give if either a Potential
Event of Default or an Event of Default shall have occurred.

	 
	 	1.2	 	In this Supplemental Agreement “Finance Parties” means the Agent, the Security
Trustee and the Lenders.

	 
	 	1.3	 	In this Supplemental Agreement “Security Parties” means all parties to this
Supplemental Agreement other than the Finance Parties.

	 
	 	1.4	 	All words and expressions defined in the Loan Agreement shall have the same
meaning when used in this Supplemental Agreement unless the context otherwise requires,
and clause 1.2 of the Loan Agreement shall apply to the interpretation of this
Supplemental Agreement as if it were set out in full.

	2	 	Condition

	 	2.1	 	As condition for the agreement of the Finance Parties to amend the Loan
Agreement and the Guarantee and for the effectiveness of Clauses 4 and 5, the Security
Parties shall deliver or cause to be delivered to or to the order of the Agent a
certificate from a duly authorised officer of each of the Security Parties confirming
that none of the documents delivered to the Agent pursuant to clauses 3.1.1 and 3.1.3
of the Loan Agreement have been amended or modified in any way since the date of their
delivery to the Agent, or copies, certified by a duly authorised officer of the
Security Party in question as true, complete, accurate and neither amended nor revoked,
of any which have been amended or modified.

	 	2.2	 	All documents and evidence delivered to the Agent pursuant to this Clause shall:

2

 

	 	2.2.1	 	be in form and substance acceptable to the Agent;

	 
	 	2.2.2	 	be accompanied, if required by the Agent, by translations into
the English language, certified in a manner acceptable to the Agent; and

	 
	 	2.2.3	 	if reasonably required by the Agent, be certified, notarised,
legalised, apostilled or attested in a manner acceptable to the Agent.

	3	 	Representations and Warranties

	 
	 	 	Each of the representations and warranties contained in clause 4, except for clauses 4.1.6
and 4.1.9, of the Loan Agreement and in clause 2, except clauses 2.6, 2.9 and 2.12, of the
Guarantee shall be deemed repeated by the Borrower and the Guarantor respectively at the
date of this Supplemental Agreement and at the Effective Date, by reference to the facts and
circumstances then pertaining, as if references to the Security Documents included this
Supplemental Agreement.

	 
	4	 	Amendments to Loan Agreement

	 	4.1	 	With effect from the Effective Date:

	 	4.1.1	 	the following definitions shall be deleted from clause 1.1 of
the Loan Agreement:

	 
	 	 	 	“Borrowings”

	 
	 	 	 	“Debt Service”

	 
	 	 	 	“EBITDA”

	 
	 	 	 	“Market Adjusted Net Worth”

	 
	 	 	 	“Value Adjusted Equity”

	 
	 	 	 	“Value Adjusted Total Assets”

	 
	 	 	 	“Value Adjusted Total Liabilities”

	 
	 	4.1.2	 	clause 10.2.2 of the Loan Agreement shall be amended with
the words “one hundred and twenty five per centum (125%)” being deleted and
replaced with “one hundred and thirty three and one third per
centum
(1331/3%)”;

3

 

	 	4.1.3	 	clauses 10.3.1, 10.3.2 and 10.3.4 of the Loan Agreement shall
be deleted;

	 	4.1.4	 	the Borrower shall not be required to perform, or enforce the
performance of the other party thereto, any of the provisions of that certain
COA dated as of January 1, 2008, between the Borrower and United States Gypsum
Company; and

	 	4.1.5	 	schedule 5 of the Loan Agreement shall be deleted and replaced
with the form of compliance certificate attached as Schedule 3 to this
Supplemental Agreement.

	 	4.2	 	All other terms and conditions of the Loan Agreement shall remain unaltered and
in full force and effect.

	5	 	Amendments to Guarantee

	 	5.1	 	With effect from the Effective Date:

	 	5.1.1	 	a new definition of “Cash Reserves” shall be added to clause
1.1 of the Guarantee that shall read:

	 	 	 	““Cash Reserves” means the aggregate amount of cash and cash equivalents set
forth on the Guarantor’s consolidated balance sheet in accordance with
generally accepted accounting principles in the United States of
America plus the aggregate amount then available for borrowing under
the committed credit lines of the Guarantor and its consolidated
subsidiaries.”

	 	5.1.2	 	a new definition of “Liquidity” shall be added to clause 1.1
of the Guarantee that shall read:

	 	 	 	““Liquidity” means the sum of Cash Reserves and Marketable Securities.

	 	5.1.3	 	a new definition of “Marketable Securities” shall be added to
clause 1.1 of the Guarantee that shall read:

	 	 	 	““Marketable Securities” means the aggregate amount of marketable securities
set forth on the Guarantor’s consolidated balance sheet in

4

 

	 	 	 	accordance with generally accepted accounting principles in the United
States of America.”

	 	5.1.4	 	a new clause 8.3 shall be added to the Guarantee that shall read:

	 	“8.3	 	 The Guarantor covenants that, throughout the
Facility Period, its Liquidity will be at all times at least one
hundred and seventy five million Dollars ($175,000,000).”

	 	5.1.5	 	a new clause 9.4 shall be added to the Guarantee that shall
read:

	 	“9.4	 	on a semi annual basis, a compliance
certificate substantially in the form of Schedule 1, duly signed by an
officer of the Guarantor, evidencing compliance with the covenant
contained in Clause 8.3.”

	 	5.1.6	 	a schedule 1 shall be added to the Guarantee that shall be in
the form attached as Schedule 4 to this Supplemental Agreement.

	 	5.2	 	All other terms and conditions of the Guarantee shall remain unaltered and in
full force and effect.

	6	 	Confirmation and Undertaking

	 	6.1	 	Each of the Security Parties confirms that all of its respective obligations
under or pursuant to each of the Security Documents to which it is a party remain in
full force and effect, despite the amendments to the Loan Agreement made in the First
Supplemental Agreement and in this Supplemental Agreement, as if all references in any
of the Security Documents to the Loan Agreement were references to the Loan Agreement
as amended and supplemented by the First Supplemental Agreement and this Supplemental
Agreement.

	 	6.2	 	The definition of any term defined in any of the Security Documents shall, to
the extent necessary, be modified to reflect the amendments to the Loan Agreement made
in or pursuant to the First Supplemental Agreement and this Supplemental Agreement.

5

 

	7	 	Communications, Law and Jurisdiction

	 
	 	 	The provisions of clauses 16 and 19 of the Loan Agreement shall apply to this Supplemental
Agreement as if they were set out in full and as if references to the Loan Agreement were
references to this Supplemental Agreement and references to the Borrower were references to
the Security Parties.

6

 

SCHEDULE 1

The Lenders

Names

DVB Bank SE

Parklaan 2

3016BB Rotterdam

The Netherlands

Fax no: +31 10 436 2957

Attn: Doina van Tooren-Rotari

7

 

SCHEDULE 2

Effective Date Confirmation

			

	To:	 
	Gypsum Transportation Limited

Clarendon House

2 Church Street

Hamilton HM11

Bermuda

			

	To:	 
	USG Corporation

550 West Adams Street

Chicago

Illinois 60661

We, DVB Bank SE, refer to the second supplemental agreement dated
                                         2009 (the “Supplemental Agreement”) relating to a secured loan
agreement dated 21 October 2008 as amended and supplemented by amendment no. 1 dated 27 February
2009 and as further amended and supplemented by the Supplemental Agreement (the “Loan Agreement”)
made between Gypsum Transportation Limited as the Borrower, the banks listed in it as the Lenders,
ourselves as the Agent and ourselves as the Security Trustee in respect of a loan to you from the
Lenders of up to $90,000,000.

We hereby confirm that the condition precedent referred to in Clause 2.1 of the Supplemental
Agreement has been satisfied. In accordance with Clauses 1.1, 4 and 5 of the Supplemental
Agreement, the Effective Date is the date of this confirmation and the amendments to the Loan
Agreement and the Guarantee are now effective.

	 	 	 	 	 
	Dated:

	 	2009
	 	 

	 	 	 
	Signed: 
 

	 	 

	For and on behalf of

	 	 

	DVB BANK SE

	 	 

8

 

SCHEDULE 3

Form of Compliance Certificate

	To:	 	DVB Bank SE (as agent and security trustee)

Dear Sirs

We refer to the loan agreement dated 21 October 2008 (as amended and supplemented from time to time
the “Agreement”) made between (inter alia) yourselves and ourselves. Words and expressions defined
in the Agreement shall bear the same meanings when used herein.

We hereby certify, as at [           ], that

	1.	 	Our Cash Reserves are [           ].

	 
	2.	 	The current Valuations of the Vessels show an aggregate value of [           ].

As such, we are in compliance with each of the covenants set out in Clause 10.2.2 and 10.3 of the
Agreement.

We further confirm that the charters or contracts of affreightment under which the Vessels operate,
which are of twelve months duration or more, are as follows:-

[Brief details to be inserted]

Yours faithfully

For and on behalf of

Gypsum Transportation Limited

9

 

SCHEDULE 4

Form of Compliance Certificate

	To: 	 	 DVB Bank SE (as agent and security trustee)

Dear Sirs

We refer to the guarantee dated 21 October 2008 (the “Guarantee”) made between yourselves and
ourselves. Words and expressions defined in the Guarantee shall bear the same meanings when used
herein.

We hereby certify, as at [           ], that

	1.	 	Our Cash Reserves are [           ];

	 	 	Our Marketable Securities are [                               ]; and our

	 	 	Liquidity is therefore [           ].

As such, we are in compliance with the covenant set out in Clause 8.3 of the Guarantee.

Yours faithfully

For and on behalf of

USG Corporation

10

 

IN WITNESS of which the parties to this Supplemental Agreement have executed this Supplemental
Agreement as a deed the day and year first before written.

	 	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as

	)	 	 	 	 	 

	a DEED by

	)	 	 	 	 	 

	GYPSUM TRANSPORTATION LIMITED

	)	 	 	 	 	 

	acting by Michael Ensminger

	)	 	 	 	 	/s/ Michael Ensminger

	 

	)	 	 	 	 	 

	its duly authorised Attorney

	)	 	 	 	 	 

	 

	)	 	 	 	 	 

	in the presence of: Daniel Gordon

	)	 	 	 	 	/s/ Daniel Gordon

	 	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as

	)	 	 	 	 	 

	a DEED by

	)	 	 	 	 	 

	USG CORPORATION

	)	 	 	 	 	 

	acting by Karen L. Leets

	)

)	 	 	 	 	/s/ Karen L. Leets

	its duly authorised Vice
President & Treasurer

	)	 	 	 	 	 

	 

	)	 	 	 	 	 

	in the presence of: Ellis A. Regenbogen

	)	 	 	 	 	/s/ Ellis A. Regenbogen

	 

	 	 	 	 
	 	 

	SIGNED SEALED and DELIVERED as

	)	 	 	 	 	 

	a DEED by

	)	 	 	 	 	 

	DVB BANK SE (as a Lender)

	)	 	 	 	 	 

	acting by Doina van Tooren Rotari

	)	 	 	 	 	/s/ Doina van Tooren Rotari

	 

	)	 	 	 	 	 

	its duly authorised

	)	 	 	 	 	 

	 

	)	 	 	 	 	 

	in the presence of: Petro Zynber

	)	 	 	 	 	/s/ Petro Zynber

	 

	 	 	 	 
	 	 

	SIGNED SEALED and DELIVERED as

	)	 	 	 	 	 

	a DEED by

	)	 	 	 	 	 

	DVB BANK SE (as Agent)

	)	 	 	 	 	 

	acting by Doina van Tooren Rotari

	)	 	 	 	 	/s/ Doina van Tooren Rotari

	 

	)	 	 	 	 	 

	its duly authorised

	)	 	 	 	 	 

	 

	)	 	 	 	 	 

	in the presence of: Petro Zynber

	)	 	 	 	 	/s/ Petro Zynber

11

 

	 	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as

	)	 	 	 	 	 

	a DEED by

	)	 	 	 	 	 

	DVB BANK SE (as Security Trustee)

	)	 	 	 	 	 

	acting by Doina van Tooren Rotari

	)	 	 	 	 	/s/ Doina van Tooren Rotari

	 

	)	 	 	 	 	 

	its duly authorised

	)	 	 	 	 	 

	 

	)	 	 	 	 	 

	in the presence of: Petro Zynber

	)	 	 	 	 	/s/ Petro Zynber

12

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