Document:

Exhibit

EXHIBIT 10.1
USG CORPORATION
CHANGE IN CONTROL SEVERANCE AGREEMENT
THIS CHANGE IN CONTROL SEVERANCE AGREEMENT (this “Agreement”), dated as of _________________, is made and entered into by and between USG Corporation, a Delaware corporation (the “Company”), and _________________ (the “Executive”).
RECITALS:
I.    The Executive is a senior executive of the Company or a Subsidiary and has made and is expected to continue to make major contributions to the growth and financial strength of the Company;
II.    The Company recognizes that the possibility of a Change in Control (as defined below) exists and that such possibility, and the uncertainty it may create among management, may result in the distraction or departure of management personnel, to the detriment of the Company and its stockholders;
III.    The Company desires to assure itself of the continuity of management and desires to establish certain minimum severance benefits for certain of its senior executives, including the Executive, applicable in the event of a Change in Control; 
IV.    The Company wishes to ensure that its senior executives are not unduly distracted by the circumstances attendant to the possibility of a Change in Control and to encourage the continued attention and dedication of such executives, including the Executive, to their assigned duties with the Company; and
V.    The Company desires to provide additional inducement for the Executive to continue to remain in the employ of the Company.
NOW, THEREFORE, the Company and the Executive agree as follows:
		
	1.
	Certain Defined Terms.  In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement with initial capital letters:

		
	(a)
	“Base Pay” means the Executive’s annual base salary rate as in effect from time to time.

		
	(b)
	“Board” means the Board of Directors of the Company.

		
	(c)
	“Cause” means that, prior to any termination pursuant to Section 3(b), the Executive shall have:

		
	(i)
	been convicted of a criminal violation involving fraud, embezzlement or theft in connection with the Executive’s duties or in the course of the Executive’s employment with the Company or any Subsidiary;

    

		
	(ii)
	committed intentional wrongful damage to tangible or intangible property of the Company or any Subsidiary; or

		
	(iii)
	committed intentional wrongful disclosure of secret processes or confidential information of the Company or any Subsidiary.

For purposes of this Agreement, no act or failure to act on the part of the Executive will be deemed “intentional” if it was due primarily to an error in judgment or negligence, but will be deemed “intentional” only if done or omitted to be done by the Executive not in good faith and without reasonable belief that the Executive’s action or omission was in the best interest of the Company.  Notwithstanding the foregoing, the Executive will not be deemed to have been terminated for “Cause” hereunder unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the Board then in office (excluding the Executive if the Executive is then a member of the Board) at a meeting of the Board called and held for such purpose, after reasonable notice to the Executive and an opportunity for the Executive, together with the Executive’s counsel (if the Executive chooses to have counsel present at such meeting), to be heard before the Board, finding that, in the good faith opinion of the Board, the Executive had committed an act constituting “Cause” as herein defined and specifying the particulars thereof in reasonable detail.  Nothing herein will limit the right of the Executive or the Executive’s beneficiaries to contest the validity or propriety of any such determination.

		
	(d)
	“Change in Control” means the occurrence during the Term of any of the following events:

		
	(i)
	any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) is or becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the combined voting power of the then-outstanding Voting Stock of the Company; provided, however, that:

		
	(1)
	for purposes of this Section 1(d), the following acquisitions shall not constitute a Change in Control: (A) any acquisition of Voting Stock of the Company directly from the Company that is approved by a majority of the Incumbent Directors, (B) any acquisition of Voting Stock of the Company by the Company or any Subsidiary, (C) any acquisition of Voting Stock of the Company by the trustee or other fiduciary holding securities under any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, and (D) any acquisition of Voting Stock of the Company by any Person pursuant to a Business Transaction that complies with clauses (A), (B) and (C) of Section 1(d)(iii) below;

2

		
	(2)
	if any Person is or becomes the beneficial owner of 20% or more of combined voting power of the then-outstanding Voting Stock of the Company as a result of a transaction described in clause (A) of Section 1(d)(i)(1) above and such Person thereafter becomes the beneficial owner of any additional shares of Voting Stock of the Company representing 1% or more of the then-outstanding Voting Stock of the Company, other than in an acquisition directly from the Company that is approved by a majority of the Incumbent Directors or other than as a result of a stock dividend, stock split or similar transaction effected by the Company in which all holders of Voting Stock are treated equally, such subsequent acquisition shall be treated as a Change in Control;

		
	(3)
	a Change in Control will not be deemed to have occurred if a Person is or becomes the beneficial owner of 20% or more of the Voting Stock of the Company as a result of a reduction in the number of shares of Voting Stock of the Company outstanding pursuant to a transaction or series of transactions that is approved by a majority of the Incumbent Directors unless and until such Person thereafter becomes the beneficial owner of any additional shares of Voting Stock of the Company representing 1% or more of the then-outstanding Voting Stock of the Company, other than as a result of a stock dividend, stock split or similar transaction effected by the Company in which all holders of Voting Stock are treated equally; and 

		
	(4)
	if at least a majority of the Incumbent Directors determine in good faith that a Person has acquired beneficial ownership of 20% or more of the Voting Stock of the Company inadvertently, and such Person divests as promptly as practicable but no later than the date, if any, set by the Incumbent Board a sufficient number of shares so that such Person beneficially owns less than 20% of the Voting Stock of the Company, then no Change in Control shall have occurred as a result of such Person’s acquisition; or

		
	(ii)
	a majority of the Board ceases to be comprised of Incumbent Directors; or

		
	(iii)
	the consummation of a reorganization, merger or consolidation, or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of the stock or assets of another corporation, or other transaction (each, a “Business Transaction”), unless, in each case, immediately following such Business Transaction (A) the Voting Stock of the Company outstanding immediately prior to such Business Transaction continues to represent (either by remaining outstanding or by being converted into Voting Stock of the surviving entity or any parent thereof), more than 60% of the combined voting power of the then outstanding shares of Voting Stock of the entity resulting from such Business 

3

Transaction (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries), (B) no Person (other than the Company, such entity resulting from such Business Transaction, or any employee benefit plan (or related trust) sponsored or maintained by the Company, any Subsidiary or such entity resulting from such Business Transaction) beneficially owns, directly or indirectly, 20% or more of the combined voting power of the then outstanding shares of Voting Stock of the entity resulting from such Business Transaction, and (C) at least a majority of the members of the Board of Directors of the entity resulting from such Business Transaction were Incumbent Directors at the time of the execution of the initial agreement or of the action of the Board providing for such Business Transaction; or
		
	(iv)
	approval by the stockholders of the Company of a complete liquidation or dissolution of the Company, except pursuant to a Business Transaction that complies with clauses (A), (B) and (C) of Section 1(d)(iii).

Notwithstanding anything in this Agreement to the contrary, a Change in Control shall not be deemed to have occurred as a result of an acquisition or the holding of Voting Stock of the Company permitted by Section 2(a) of the Shareholder’s Agreement entered into as of January 30, 2006, by and between the Company and Berkshire Hathaway, Inc.
		
	(e)
	“Code” means the Internal Revenue Code of 1986, as amended.

		
	(f)
	“Exchange Act” means the Securities Exchange Act of 1934, as amended.

		
	(g)
	“Good Reason” means the failure of the Company to remedy any of the following within 10 calendar days after receipt by the Company of written notice thereof from the Executive:

		
	(i)
	a material diminution in the Executive’s normal duties and responsibilities, including, but not limited to, the assignment without the Executive’s written consent of any diminished duties and responsibilities which are inconsistent with the Executive’s positions, duties and responsibilities with the Company immediately prior to a Change in Control, or a materially adverse change in the Executive’s reporting responsibilities or titles as in effect immediately prior to the Change in Control, whether or not resulting from an act of the Company or otherwise, or any removal of the Executive from or any failure to re-elect the Executive to any of such positions, except in connection with the termination of the Executive’s employment for disability, retirement, or Cause or as a result of the Executive’s death or by the Executive other than for Good Reason; 

4

		
	(ii)
	a reduction by the Company in the Executive’s Base Pay as in effect on the date hereof or as the same may be increased from time to time; 

		
	(iii)
	a change in the Executive’s Target Direct Annual Compensation that results in an aggregate decrease in such Target Direct Annual Compensation in excess of ten percent (10%);

		
	(iv)
	the Company’s requiring the Executive, without the Executive’s written consent, to be based anywhere other than within fifty (50) miles of the Executive’s office location immediately prior to the Change in Control, except for required travel on the Company’s business to an extent substantially consistent with business travel obligations immediately prior to the Change in Control;

		
	(v)
	the failure by the Company to continue in effect any investment plan, retirement plan, savings plan, supplemental retirement plan, deferred compensation plan, supplemental investment plan, life insurance plan, health and accident plan, disability plan or other welfare benefit plan in which the Executive was participating at the time of the Change in Control (or plans providing the Executive with substantially similar benefits), the taking of any action by the Company which would adversely affect the Executive’s participation or materially reduce the Executive’s benefits or value under any of such plans or deprive the Executive of any material fringe benefit enjoyed by the Executive at the time of the Change in Control, or the failure by the Company to provide the Executive with the number of paid vacation days to which the Executive was then entitled in accordance with the Company’s normal vacation policy in effect on the date of the Change in Control; or

		
	(vi)
	the failure by the Company to obtain the assumption of the obligation to perform this Agreement by any successor as contemplated in Section 11 hereof.

		
	(h)
	“Incumbent Directors” means the individuals who, as of the date of this Agreement, are Directors of the Company and any individual becoming a Director subsequent to the date of this Agreement whose election, nomination for election by the Company’s stockholders, or appointment, was approved by a vote of at least two-thirds of the then Incumbent Directors (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination); provided, however, that an individual shall not be an Incumbent Director if such individual’s election or appointment to the Board occurs as a result of an actual or threatened election contest (as described in Rule 14a‐12(c) of the Exchange Act) with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board.

5

		
	(i)
	“Release Agreement” means an agreement, in substantially the form customarily used by the Company for similarly situated executives of the Company in similar instances, pursuant to which the Executive releases, to the extent permitted by law, all current or future claims, known or unknown, arising on or before the date of the release against the Company, its subsidiaries and its officers.

		
	(j)
	“Severance Period” means the period of time commencing on the date of the first occurrence of a Change in Control and continuing until the earlier of (i) the second anniversary of the occurrence of the Change in Control, or (ii) the Executive’s death.

		
	(k)
	“Subsidiary” means a corporation, company or other entity (i) at least 50 percent of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, joint venture or unincorporated association), but at least 50 percent of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or controlled, directly or indirectly, by the Company.

		
	(l)
	“Target Annual Direct Compensation” means the sum of the Executive’s Base Pay, target annual incentive opportunity, and the annualized value of the most recent long-term incentive award approved by the Compensation and Organization Committee of the Board.  For purposes of measuring annualized long-term incentives, the awards shall be measured on their date of grant using reasonable assumptions, including, but not limited to, fair value principles such as those identified in Statement of Financial Accounting Standards No. 123, Share-Based Payment; the value of such awards shall be annualized over the frequency of their grant.

		
	(m)
	“Term” means the period commencing as of the date hereof and expiring on January 1, 2018, with automatic one-year renewals thereafter unless either party notifies the other at least 120 days before the scheduled expiration date that the Term is not to renew; provided, however, that (i) if a Change in Control occurs during the Term, the Term will expire on, and no sooner than, the last day of the Severance Period; and (ii) subject to Section 3(c), if, prior to a Change in Control, the Executive ceases for any reason to be an officer of the Company or an employee of the Company or any Subsidiary, thereupon without further action the Term shall be deemed to have expired and this Agreement will immediately terminate and be of no further effect.  For purposes of this Section 1(m), the Executive shall not be deemed to have ceased to be an employee of the Company and any Subsidiary by reason of the transfer of the Executive’s employment between the Company and any Subsidiary, or among Subsidiaries.

		
	(n)
	“Termination Date” means (i) the date on which the Executive’s employment is terminated by the Company or any Subsidiary or (ii) the date on which the Executive terminates his or her employment pursuant to Section 3(b).

6

		
	(o)
	“Voting Stock” means at any time, the then-outstanding securities entitled to vote generally in the election of directors of the Company.

		
	2.
	Operation of Agreement.  This Agreement will be effective and binding immediately upon its execution, but, anything in this Agreement to the contrary notwithstanding, except as provided in Section 3(c), the payments and benefits provided under this Agreement will not be payable unless and until a Change in Control occurs.  Upon the occurrence of a Change in Control at any time during the Term, without further action, this Agreement will become immediately operative.

		
	3.
	Termination Following a Change in Control.  

		
	(a)
	If a Change in Control occurs and the Executive’s employment is terminated by the Company or a Subsidiary during the Severance Period (or pursuant to Section 3(c)), the Executive will be entitled to the benefits provided by Section 4 unless such termination is the result of the occurrence of one or more of the following events:

		
	(i)
	The Executive’s death;

		
	(ii)
	The Executive’s having become unable (as determined by the Board in good faith), with or without reasonable accommodations, to regularly perform the Executive’s duties by reason of illness or incapacity; or

		
	(iii)
	Cause.

		
	(b)
	In the event of the occurrence of a Change in Control, the Executive may terminate employment with the Company and any Subsidiary during the Severance Period for Good Reason with the right to severance compensation as provided in Section 4 regardless of whether any other reason, other than Cause, for such termination exists or has occurred, including, without limitation, other employment.

		
	(c)
	Anything in this Agreement to the contrary notwithstanding, if a Change in Control occurs and not more than 120 days prior to the date on which the Change in Control occurs, the Executive’s employment with the Company is terminated by the Company other than as described in Section 3(a)(i), 3(a)(ii) or 3(a)(iii), such termination of employment will be deemed to be a termination of employment after a Change in Control for purposes of this Agreement and, in addition, the Company will be required to pay to the Executive in a lump sum in cash within ten (10) business days after such Change in Control (subject to Section 4(b)), the sum of: (1) the difference between the fair market value of a common share of the Company and the exercise price of each outstanding stock option held by the Executive that was forfeited as a result of the Executive’s termination of employment, multiplied by the number of shares underlying each stock option held by the Executive that was forfeited as a result of the Executive’s termination of employment and (2) the fair market value of a common share of the Company multiplied by the number of shares underlying each share of 

7

restricted stock and each performance share and other equity award held by the Executive that was forfeited as a result of the Executive’s termination of employment.  For this purpose, the “fair market value of a common share of the Company” shall be deemed to be the price per share paid in connection with the Change in Control.
		
	(d)
	A termination of employment pursuant to Section 3(a), 3(b) or 3(c) will not affect any rights that the Executive may have pursuant to any agreement, policy, plan, program or arrangement of the Company or any Subsidiary providing employee benefits, which rights will be governed by the terms thereof; provided, however, that if upon termination of employment, the Executive is entitled to severance compensation or benefits under this Agreement and pursuant to any employment or severance agreement or employee plan (an “Employment Agreement”), the Executive will be entitled to severance benefits under either this Agreement or such Employment Agreement, whichever agreement provides for greater benefits, but will not be entitled to benefits under both agreements.

		
	4.
	Severance Compensation.  

		
	(a)
	If, following the occurrence of a Change in Control, the Company or a Subsidiary of the Company terminates the Executive’s employment during the Severance Period other than as described in Section 3(a)(i), 3(a)(ii) or 3(a)(iii), or because the Executive terminates the Executive’s employment pursuant to Section 3(b), subject to Section 4(b), the Company will be obligated to make the following payments and provide the following benefits to the Executive; provided that if payment to the Executive of any amount pursuant to this Section 4(a) would constitute a “deferral of compensation” under Section 409A of the Code and if the Executive’s termination does not constitute a “separation from service” with the Company and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the Code, then payment of such amount shall be made, to the extent necessary to comply with Section 409A of the Code and subject to Section 4(b), to the Executive on the later of (i) the payment date identified below in the applicable paragraph of this Section 4(a) or (ii) on the earlier of (A) the Executive’s “separation from service” with the Company and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the Code, (B) the Executive’s disability (within the meaning of Section 409A of the Code), (C) a change in control of the Company within the meaning of Section 409A of the Code or (D) the Executive’s death.

		
	(i)
	The Executive will be entitled to receive: (I) on the sixty-first (61st) day after the Termination Date (subject to Sections 4(a) and 4(b)), any Base Pay which has accrued but is unpaid and any reimbursable expenses which have been incurred but are unpaid, (II) on the first payroll date following the Termination Date (subject to Sections 4(a) and 4(b)), payment for any unexpired vacation days which have accrued under the Company’s or a Subsidiary’s vacation policy but are unused, as of the date of termination of the Executive’s employment, (III) any plan benefits which by their 

8

terms extend beyond termination of the Executive’s employment (but only to the extent provided in any such benefit plan in which the Executive has participated as an employee of the Company or a Subsidiary and excluding, except as hereinafter provided in this Section 4, any severance pay program or policy of the Company or a Subsidiary), and (IV) subject to Section 4(a)(ii) below, payments or benefits payable pursuant to the terms of any annual and/or long-term incentive plan of the Company or a Subsidiary in accordance with the terms thereof.  In addition, the Executive shall be entitled to the additional benefits and amounts described in the succeeding subsections of this Section 4, in the circumstances described in such subsections.
		
	(ii)
	On the sixty-first (61st) day after the Termination Date (subject to Sections 4(a) and 4(b)), the Executive will be entitled to receive a lump sum cash payment in an amount equal to the greater of (A) the Executive’s target or par annual bonus for the fiscal year in which the Termination Date occurs or (B) the Executive’s target or par annual bonus for the fiscal year in which the Change in Control occurs, pro-rated for the number of full months that the Executive was employed during such fiscal year (i.e., the annual bonus shall be multiplied by a fraction, the numerator of which is the number of full months during which the Executive was actively employed by the Company in the relevant fiscal year and the denominator of which is 12).

		
	(iii)
	On the sixty-first (61st) day after the Termination Date (subject to Sections 4(a) and 4(b)), the Executive will be entitled to receive a lump sum cash payment in an amount equal to two (2) times the sum of (A) Base Pay (at the highest rate in effect for any period within three years prior to the Termination Date), plus (B) annual bonus (in an amount equal to the greater of the Executive’s target or par annual bonus for the year in which the Termination Date occurs or for the year in which the Change in Control occurs, whichever is greater).

		
	(iv)
	For a period of eighteen (18) months following the Termination Date (the “Continuation Period”), the Executive will be entitled to continued participation in the Company’s medical, dental, vision, long-term disability and life insurance plans (excluding benefits under the executive death benefit plan) (the “Benefit Plans”), subject to the terms and conditions of the Benefit Plans, including, but not limited to, timely payment of any employee contributions necessary to maintain participation; provided, however, that (A) such coverage shall be provided only to the extent that such coverage would not be considered “deferred compensation” subject to the requirements of Section 409A of the Code; and (B) the Executive’s continued participation in the Benefit Plans during the Continuation Period shall satisfy the Benefit Plans’ obligation, if any, to provide the Executive the right to continuation coverage under the Benefit Plans pursuant to the Consolidated Omnibus Budget Re

9

conciliation Act of 1986, as amended.  If any benefit described in this Section 4(a)(iv) is subject to tax, the Company will pay to the Executive on the sixty-first (61st) day after the Termination Date (subject to Sections 4(a) and 4(b)) an additional amount such that after payment by the Executive or the Executive’s dependents or beneficiaries, as the case may be, of all taxes (including any income or social security tax) imposed on the benefits described in this Section 4(a)(iv) and any such additional payment by the Company, the recipient retains an amount equal to such taxes.
		
	(v)
	On the sixty-first (61st) day after the Termination Date (subject to Sections 4(a) and 4(b)), the Executive will be entitled to receive a lump sum cash payment in an amount equal to the present value of continued participation in the Benefit Plans for an additional six (6) months.  If any benefit described in this Section 4(a)(v) is subject to tax, the Company will pay to the Executive an additional amount such that after payment by the Executive or the Executive’s dependents or beneficiaries, as the case may be, of all taxes (including any income or social security tax) imposed on the benefits described in this Section 4(a)(v) and any such additional payment by the Company, the recipient retains an amount equal to such taxes.

		
	(vi)
	The Executive shall be entitled to outplacement services for a time period (not less than six (6) months) established by the Company, by a firm selected by the Company in its sole discretion, and at the expense of the Company; provided, however, that all such outplacement services must be completed by December 31 of the second calendar year following the calendar year in which the Termination Date occurs and the Company will be required to make all payments to the Executive for such outplacement services by December 31 of the third calendar year following the calendar year in which the Termination Date occurs.

		
	(vii)
	Section 4(a)(i)(III) to the contrary notwithstanding, the Executive shall be entitled to all benefits under the applicable equity or other long-term incentive awards applicable on a termination of employment due to retirement, to the extent that such benefits are more favorable to the Executive than applies upon a termination pursuant to this Section 4(a)(other than this paragraph (vii)).

		
	(b)
	Notwithstanding anything to the contrary contained in this Agreement, if any payment, reimbursement, or the provision of any benefit under this Agreement that is paid or provided upon the Executive’s “separation from service” with the Company and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the Code would constitute a “deferral of compensation” under Section 409A of the Code and the Executive is a “specified employee” (as determined pursuant to procedures adopted by the Company in compliance with Section 409A of the Code) on the date of the Executive’s “separation from service” with the Company 

10

and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the Code, the Executive (or the Executive’s beneficiary) will receive payment or reimbursement of such amounts or the provision of such benefits upon the earlier of (i) the first day of the seventh month following the date of the Executive’s “separation from service” with the Company and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the Code or (ii) the Executive’s death.
		
	(c)
	Without limiting the rights of the Executive at law or in equity, if the Company fails to make any payment or provide any benefit required to be made or provided hereunder on a timely basis, the Company will pay interest on the amount or value thereof at an annualized rate of interest equal to the “prime rate” as set forth from time to time during the relevant period in The Wall Street Journal “Money Rates” column.  Such interest will be payable as it accrues on demand.  Any change in such prime rate will be effective on and as of the date of such change.

		
	5.
	Section 280G.  The amounts payable to the Executive under Section 4 may be adjusted as set forth in this Section 5 if the sum (the “combined amount”) of the amounts payable under Section 4 and all other payments or benefits which the Executive has received or has the right to receive from the Company which are defined in Section 280G(b)(2)(A)(i) of the Code, would, but for the application of this Section 5, constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code).  In such event, the combined amount shall be reduced to the minimum extent necessary (but in no event to less than zero) so that no portion of any such payment or benefit, as so reduced, constitutes a parachute payment; provided, however, that the foregoing reduction shall be made only if and to the extent that such reduction would result in an increase in the aggregate payments and benefits to be provided to the Executive, determined on an after-tax basis (taking into account the excise tax imposed pursuant to Section 4999 of the Code, or any successor provision thereto, any tax imposed by any comparable provision of state law, and any applicable federal, state and local income taxes).  To the extent the reduction referred to in the second sentence of this Section 5 applies, such reduction shall be made to the combined amount by reduction of the aggregate amount of the lump sum payments described in Sections 4(a)(ii), 4(a)(iii) and 4(a)(v) of this Agreement and, to the extent further reductions are required, in such payments due to the Executive as the Company may determine.  Any determinations required to be made under this Section 5 shall be made by the Company’s independent accountants, which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the date of termination or such earlier time as is requested by the Company, and shall be made at the expense of the Company.  The fact that the Executive’s right to payments or benefits may be reduced by reason of the limitations contained in this Section 5 shall not of itself limit or otherwise affect any other rights of the Executive under this Agreement.  

		
	6.
	No Mitigation Obligation.  The Company hereby acknowledges that it will be difficult and may be impossible for the Executive to find reasonably comparable employment following the Termination Date.  Accordingly, the payment of the severance compensation by the Company to the Executive in accordance with the terms of this Agreement is hereby acknowledged by the Company to be reasonable, and the Executive 

11

will not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor will any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset, reduction or any other obligation on the part of the Executive hereunder or otherwise.
		
	7.
	Legal Fees and Expenses.  

		
	(a)
	If it should appear to the Executive that the Company has failed to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any proceeding designed to deny, or to recover from, the Executive the benefits provided or intended to be provided to the Executive hereunder, the Company irrevocably authorizes the Executive from time to time to retain counsel of the Executive’s choice, at the expense of the Company as hereafter provided, to advise and represent the Executive in connection with any such dispute or proceeding.  Without respect to whether the Executive prevails, in whole or in part, in connection with any of the foregoing, the Company will pay to the Executive and be financially responsible for reasonable attorneys’ and related fees and expenses incurred by the Executive in connection with claims made in good faith but only if, and to the extent and at the earliest date(s) that, such actions are determined to be permitted without violating Section 409A of the Code.  Such payments will be made after delivery of the Executive’s written requests for payment, accompanied by such evidence of fees and expenses incurred as the Company may reasonably require.  Notwithstanding the foregoing, any such reimbursement shall be for expenses incurred during the Executive’s lifetime and shall be made no later than the last day of the Executive’s tax year following the tax year in which the Executive incurs the expense.  In no event will the amount of expenses eligible for reimbursement by the Company in one year affect the amount of expenses eligible for reimbursement to be provided in any other taxable year.

		
	(b)
	Without limiting the obligations of the Company pursuant to Section 7(a), in the event that (i) the Executive is entitled to benefits hereunder and (ii) payments to the Executive would be required to be delayed by more than 20 business days due to Section 409A of the Code or otherwise, the performance of the Company’s obligations under Section 4 and this Section 7 will be secured by amounts deposited or to be deposited in a grantor trust pursuant to certain trust agreements to which the Company will be a party providing that the benefits to be paid pursuant to Section 4 and the reasonable fees and expenses of counsel selected from time to time by the Executive pursuant to Section 7(a) will be paid, or reimbursed to the Executive if paid by the Executive, either in accordance with the terms of such trust agreements, or, if not so provided, on a regular, periodic basis upon presentation by the Executive to the trustee of a statement or statements prepared by such counsel in accordance with its customary practices.  Any failure by the Company to satisfy any of its obligations under this Section 7(b) will not limit the rights of the Executive hereunder.  Subject to the foregoing, the Executive will have the status of a general unsecured creditor of the Company 

12

and will have no right to, or security interest in, any assets of the Company or any Subsidiary.  Notwithstanding anything contained in this Agreement to the contrary, in no event shall any amount be transferred to a trust described in this Section 7(b) if, pursuant to Section 409A(b)(3)(A) of the Code, such amount would, for purposes of Section 83 of the Code, be treated as property transferred in connection with the performance of services.  
		
	8.
	Competitive Activity; Confidentiality; Nonsolicitation.  

		
	(a)
	Acknowledgements and Agreements.  The Executive hereby acknowledges and agrees that in the performance of the Executive’s duties for the Company during the Executive’s employment, the Executive will be brought into frequent contact, either in person, by telephone or through the mails, with existing and potential customers of the Company throughout the United States.  The Executive also agrees that trade secrets and confidential information of the Company, more fully described in Section 8(i) of this Agreement, gained by the Executive during the Executive’s association with the Company, have been developed by the Company through substantial expenditures of time, effort and money and constitute valuable and unique property of the Company.  The Executive further understands and agrees that the foregoing makes it necessary for the protection of the business of the Company that the Executive not compete with the Company during the Executive’s employment and not compete with the Company for a reasonable period thereafter, as further provided in the following subsections.

		
	(b)
	Covenants During Employment.  During the Executive’s employment, the Executive will not compete with the Company anywhere that the Company conducts its business.  In accordance with this restriction, but without limiting its terms, during the Executive’s employment, the Executive will not:

		
	(i)
	enter into or engage in any business which competes with the business of the Company;

		
	(ii)
	solicit customers, business, patronage or orders for, or sell, any products and services in competition with, or for any business that competes with, the business of the Company;

		
	(iii)
	divert, entice or otherwise take away any customers, business, patronage or orders of the Company or attempt to do so; or

		
	(iv)
	promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or other entity engaged in any business which competes with the business of the Company.

		
	(c)
	Covenants Following Termination.  If, during the Severance Period, the Executive’s employment is terminated entitling the Executive to payments and benefits under Section 4 of this Agreement, for a period of one (1) year following the termination of the Executive’s employment, the Executive will not:

13

		
	(i)
	enter into or engage in any business which competes with the Company’s business within the United States;

		
	(ii)
	solicit customers, business, patronage or orders for, or sell, any products and services in competition with, or for any business, wherever located, that competes with, the Company’s business within the United States;

		
	(iii)
	divert, entice or otherwise take away any customers, business, patronage or orders of the Company within the United States, or attempt to do so; or

		
	(iv)
	promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or other entity engaged in any business which competes with the Company’s business within the United States.

		
	(d)
	Indirect Competition.  For the purposes of Sections 8(b) and 8(c), but without limitation thereof, the Executive will be in violation thereof if the Executive engages in any or all of the activities set forth therein directly as an individual on the Executive’s own account, or indirectly as a general partner, joint venturer, employee, agent, salesperson, consultant, officer and/or director of any firm, association, partnership, corporation or other entity, or as a limited partner, member or stockholder of any limited partnership, limited liability company, or corporation in which the Executive or the Executive’s spouse, child or parent owns, directly or indirectly, individually or in the aggregate, more than five percent (5%) of the limited partnership interests, limited liability company interests or outstanding stock, as the case may be.

		
	(e)
	The Company.  For purposes of this Section 8, the Company shall include any and all Subsidiaries.

		
	(f)
	The Company’s Business.  For the purposes of Sections 8(b), 8(c), 8(j) and 8(k), the Company’s business is defined to be the manufacture and distribution of gypsum wallboard, joint compound and related gypsum products, cement board, gypsum fiber panels, ceiling panels and grid, the distribution of building products and any future businesses that the Company may enter, as further described in any and all manufacturing, marketing and sales manuals and materials of the Company as the same may be altered, amended, supplemented or otherwise changed from time to time, or of any other products or services substantially similar to or readily substitutable for any such described products and services.

		
	(g)
	Extension.  If it shall be judicially determined that the Executive has violated any of the Executive’s obligations under Section 8(c), then the period applicable to each obligation that the Executive shall have been determined to have violated shall automatically be extended by a period of time equal in length to the period during which such violation(s) occurred.

		
	(h)
	Non-Solicitation.  Until the expiration of two (2) years following the Termination Date, the Executive will not directly or indirectly at any time solicit or induce or attempt to solicit or induce any employee(s), sales representative(s), agent(s) or 

14

consultant(s) of the Company and/or of its Subsidiaries to terminate their employment, representation or other association with the Company and/or its Subsidiaries.
(i)    Further Covenants.
		
	(i)
	The Executive will keep in strict confidence, and will not, without the prior written consent of the Company or as may otherwise be required by law or legal process, directly or indirectly, at any time during or after the Executive’s employment with the Company, disclose, furnish, disseminate, make available or, except in the course of performing the Executive’s duties of employment, use any trade secrets or non-public confidential business and technical information of the Company or its customers or vendors, including without limitation as to when or how the Executive may have acquired such information before or during employment.  Such confidential information shall include, without limitation, the Company’s unique non-public confidential selling, manufacturing and servicing methods and business techniques, training, service and business manuals, promotional materials, training courses and other training and instructional materials, vendor and product information, customer and prospective customer lists, other customer and prospective customer information and other business information.  The Executive specifically acknowledges that all such non-public confidential information, whether reduced to writing, maintained on any form of electronic media, or maintained in the Executive’s mind or memory and whether compiled by the Company and/or the Executive, derives independent economic value from not being readily known to or ascertainable by proper means by others who can obtain economic value from its disclosure or use, that reasonable efforts have been made by the Company to maintain the secrecy of such information, that such information is the sole property of the Company and that any retention and use of such information by the Executive during the Executive’s employment with the Company (except in the course of performing the Executive’s duties and obligations to the Company) or after the termination of the Executive’s employment shall constitute a misappropriation of the Company’s trade secrets.

		
	(ii)
	The Executive agrees that upon termination of the Executive’s employment with the Company, for any reason, the Executive shall return to the Company, in good condition, all property of the Company, including without limitation, the originals and all copies of any materials which contain, reflect, summarize, describe, analyze or refer or relate to any items of information listed in Section 8(i)(i) of this Agreement.  In the event that such items are not so returned, the Company will have the right to charge the Executive for all reasonable damages, costs, attorneys’ fees and other expenses incurred in searching for, taking, removing and/or recovering such property.

15

(j)    Discoveries and Inventions; Work Made for Hire.
		
	(i)
	The Executive hereby assigns and agrees to assign to the Company, its successors, assigns or nominees, all of the Executive’s rights to any discoveries, inventions and improvements, whether patentable or not, made, conceived or suggested, either solely or jointly with others, by the Executive while in the Company’s employ with the use of the Company’s time, material or facilities or in any way within or related to the existing or contemplated scope of the Company’s business.  Any discovery, invention or improvement relating to any subject matter with which the Company was concerned during the Executive’s employment and made, conceived or suggested by the Executive, either solely or jointly with others, within one (1) year following termination of the Executive’s employment under this Agreement or any successor agreements shall be irrebuttably presumed to have been so made, conceived or suggested in the course of such employment with the use of the Company’s time, materials or facilities.  Upon request by the Company with respect to any such discoveries, inventions or improvements, the Executive will execute and deliver to the Company, at any time during or after the Executive’s employment, all appropriate documents for use in applying for, obtaining and maintaining such domestic and foreign patents as the Company may desire, and all proper assignments therefor, when so requested, at the expense of the Company, but without further or additional consideration.

		
	(ii)
	Executive acknowledges that, to the extent permitted by law, all work papers, reports, documentation, drawings, photographs, negatives, tapes and masters therefor, prototypes and other materials (hereinafter, “items”), including without limitation, any and all such items generated and maintained on any form of electronic media, generated by the Executive during the Executive’s employment with the Company shall be considered a “work made for hire” and that ownership of any and all copyrights in any and all such items shall belong to the Company.  The item will recognize the Company as the copyright owner, will contain all proper copyright notices, e.g., “(creation date) USG Corporation, All Rights Reserved,” and will be in condition to be registered or otherwise placed in compliance with registration or other statutory requirements throughout the world.

		
	(k)
	Communication of Contents of Agreement.  During the Executive’s employment and for one (1) year thereafter, the Executive will communicate the contents of this Agreement to any person, firm, association, partnership, corporation or other entity which the Executive intends to be employed by, associated with, or represent and which is engaged in a business that is competitive to the business of the Company.

		
	(l)
	Relief.  The Executive acknowledges and agrees that the remedy at law available to the Company for breach of any of the Executive’s obligations under this 

16

Agreement would be inadequate.  The Executive therefore agrees that, in addition to any other rights or remedies that the Company may have at law or in equity, temporary and permanent injunctive relief may be granted in any proceeding which may be brought to enforce any provision contained in Sections 8(b), 8(c), 8(h), 8(i), 8(j) and 8(k) of this Agreement, without the necessity of proof of actual damage.
		
	(m)
	Reasonableness.  The Executive acknowledges that the Executive’s obligations under this Section 8 are reasonable in the context of the nature of the Company’s business and the competitive injuries likely to be sustained by the Company if the Executive was to violate such obligations.  The Executive further acknowledges that this Agreement is made in consideration of, and is adequately supported by, the agreement of the Company to perform its obligations under this Agreement and by other consideration, which the Executive acknowledges constitutes good, valuable and sufficient consideration.

		
	9.
	Employment Rights.  Nothing expressed or implied in this Agreement will create any right or duty on the part of the Company or the Executive to have the Executive remain in the employment of the Company or any Subsidiary prior to or following any Change in Control.

		
	10.
	Withholding of Taxes.  The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as the Company is required to withhold pursuant to any applicable law, regulation or ruling.

		
	11.
	Successors and Binding Agreement.  

		
	(a)
	The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance reasonably satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place.  This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company, including without limitation any persons acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the “Company” for the purposes of this Agreement), but will not otherwise be assignable, transferable or delegable by the Company.

		
	(b)
	This Agreement will inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees and legatees.

		
	(c)
	This Agreement is personal in nature and neither of the parties hereto will, without the consent of the other, assign, transfer or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 11(a) and 

17

11(b).  Without limiting the generality or effect of the foregoing, the Executive’s right to receive payments hereunder will not be assignable, transferable or delegable, whether by pledge, creation of a security interest, or otherwise, other than by a transfer by the Executive’s will or by the laws of descent and distribution and, in the event of any attempted assignment or transfer contrary to this Section 11(c), the Company will have no liability to pay any amount so attempted to be assigned, transferred or delegated.
		
	12.
	Notices.  For all purposes of this Agreement, all communications, including without limitation notices, consents, requests or approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three business days after having been sent by a nationally recognized overnight courier service such as FedEx or UPS, addressed to the Company (to the attention of the Secretary of the Company) at its principal executive office and to the Executive at the Executive’s principal residence, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt.

		
	13.
	Governing Law.  The validity, interpretation, construction and performance of this Agreement will be governed by and construed in accordance with the substantive laws of the State of Delaware and federal law, without giving effect to the principles of conflict of laws of such State, except as expressly provided herein.

		
	14.
	Validity.  If any provision of this Agreement or the application of any provision hereof to any person or circumstance is held invalid or otherwise unenforceable, the remainder of this Agreement and the application of such provision to any other person or circumstance will not be affected, and the provision so held to be invalid or otherwise unenforceable will be reformed to the extent (and only to the extent) necessary to make it enforceable or valid.

		
	15.
	Miscellaneous.  

		
	(a)
	No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and the Company.  No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement.

		
	(b)
	Subject to Section 3(d), this Agreement supersedes, as of the date first above written, any prior agreements providing for severance payments and benefits 

18

following a Change in Control (the “Prior Agreements”).  The Executive agrees that he or she has no further rights under the Prior Agreements.
		
	(c)
	The headings used in this Agreement are intended for convenience or reference only and will not in any manner amplify, limit, modify or otherwise be used in the construction or interpretation of any provision of this Agreement.  References to Sections are to Sections of this Agreement.  Any reference in this Agreement to a provision of a statute, rule or regulation will also include any successor provision thereto.

		
	16.
	Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid or unenforceable provision had never been contained herein.

		
	17.
	Survival.  Notwithstanding any provision of this Agreement to the contrary, the parties’ respective rights and obligations under Sections 3(d), 4, 5, 7, 8, 10, 11(b), 16 and 17 will survive any termination or expiration of this Agreement or the termination of the Executive’s employment following a Change in Control for any reason whatsoever.

		
	18.
	Beneficiaries.  The Executive will be entitled to select (and change, to the extent permitted under any applicable law) a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder following the Executive’s death, and may change such election, in either case by giving the Company written notice thereof in accordance with Section 12.  In the event of the Executive’s death or a judicial determination of the Executive’s incompetence, reference in this Agreement to the “Executive” will be deemed, where appropriate, to the Executive’s beneficiary, estate or other legal representative.

		
	19.
	Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same agreement.

		
	20.
	Release Agreement.  No payments shall be made under Section 3(c) and Section 4 hereof (other than Section 4(a)(i)) unless the Executive, on or before the 60th day following the Executive’s Termination Date, (a) signs and returns a Release Agreement within the number of days that the Company determines is required under applicable law, but in no event more than forty-five (45) days after the Company delivers the Release Agreement to the Executive and (b) does not revoke such Release Agreement within the time period provided therein, such time period not to exceed seven (7) days.  If the Executive becomes entitled to payments under Section 4 hereof (other than Section 4(a)(i)), the Company shall deliver to the Executive a copy of the Company’s standard form of Release Agreement within seven (7) days of the Executive’s Termination Date.

19

		
	21.
	Representations.  The Executive represents and warrants to the Company that upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of the Executive, enforceable in accordance with its terms.  The Company represents and warrants to the Executive that upon the execution and delivery of this Agreement by the Executive, this Agreement shall be the valid and binding obligation of the Company, enforceable in accordance with its terms.

		
	22.
	Section 409A of the Code.  Each payment or reimbursement and the provision of each benefit under this Agreement shall be considered to be a separate payment and not one of a series of payments for purposes of Section 409A of the Code.  To the extent applicable, it is intended that this Agreement comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Executive.  This Agreement 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. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

	
	
	USG CORPORATION

	By:                                                                             

	Name:

	Title:

	 

	                                                                                   
Executive

20Exhibit

EXHIBIT 10.2
	
			
	UR NR. 1059/2015 
Anteilskaufvertrag 
verhandelt zu Dortmund,  
am 15. September.2015
	 
	DEED NO. 1059/2015 
Interest and Share Purchase Agreement 
recorded in Dortmund,  
on 15/September/2015

	Vor mir, dem unterzeichnenden Notar Dr. Detlef Götz mit dem Amtssitz in Dortmund
erschienen: 
	 
	Before me, the undersigned Notary Dr. Detlef Götz with office in Dortmund
appeared:

	1.   Frau Adriane Sturm, geboren am 15. August 1967, geschäftsansässig in Prinzregentenstraße 11, 80538 München, hier nicht handelnd im eigenen Namen, sondern sowohl
	 
	1.   Mrs. Adriane Sturm, born on 15 August 1967, with business address at Prinzregentenstraße 11, 80538 Munich, not acting on her own behalf but 

	(i)   aufgrund der im Original vorgelegten Vollmacht vom 08.09.2015, die dieser Urkunde als beglaubigte Kopie beigefügt ist, als Vertreterin der im Handelsregister des Amtsgerichts Mönchengladbach unter HRB 10524 eingetragenen USG Ventures-Europe GmbH mit Sitz in Viersen (nachfolgend „Verkäuferin“), als auch
	 
	(i) by virtue of the power of attorney 08.09.2015 presented as an original, a certified copy of which is attached to this deed as attorney-in-fact of USG Ventures-Europe GmbH, this entity being registered in the commercial register (Handelsregister) held at the local court (Amtsgericht) of Mönchengladbach under reg. no. HRB 10524 and having its registered seat in Viersen (hereinafter the “Seller”), and

	(ii)   aufgrund der im Original vorgelegten Vollmacht vom 08.09.2015, die dieser Urkunde als beglaubigte Kopie beigefügt ist, als Vertreterin der nach dem Recht des Staates Delaware, Vereinigte Staaten von Amerika, gegründeten USG Corporation mit Sitz in Chicago, Illinois, Vereinigte Staaten von Amerika (nachfolgend „USG Corporation“);
	 
	(ii)   by virtue of the power of attorney 08.09.2015 presented as an original, a certified copy of which is attached to this deed as attorney-in-fact of USG Corporation, this entity being incorporated under the laws of the state of Delaware, United States of America, and having its registered seat in Chicago, Illinois, United States of America (hereinafter the “USG Corporation”);

	2.   Herr Dr. Thomas Koslowski, geboren am 24. Oktober 1952, geschäftsansässig in Kipperstraße 19, 44147 Dortmund, hier nicht handelnd in eigenem Namen,
	 
	2.   Dr Thomas Koslowski, born on 24 October 1952, with business address at Kipperstraße 19, 44147 Dortmund, not acting on his own behalf,

	3.   Herr Holger Hoffmann, geboren am 1. Oktober 1972, geschäftsansässig in Kipperstraße 19, 44147 Dortmund, hier nicht handelnd in eigenem Namen, sondern
	 
	3.   Herr Holger Hoffmann, born on 1 October 1972, with business address at Kipperstraße 19, 44147 Dortmund, not acting on his own behalf, but

EUI-1200092669v15 
1

	
			
	(i) die Erschienen zu 2 und 3 handelnd gemeinsam

als zur Vertretung berechtigte Vertreter der im Handelsregister des Amtsgerichts Dortmund unter HRB 2156 eingetragenen Knauf Aquapanel GmbH (vormals als Knauf Perlite GmbH und davor als Deutsche Perlite GmbH firmierend) mit Sitz in Dortmund (nachfolgend „Käuferin“) als auch 

	 
	(i) the individuals appearing under 2 and 3 acting together

as attorneys-in-fact of Knauf Aquapanel GmbH, with power to represent this entity this entity being registered in the commercial register (Handelsregister) held at the local court (Amtsgericht) of Dortmund under reg. no. HRB 2156 (having previously traded under the name Knauf Perlite GmbH and prior to that, the name Deutsche Perlite GmbH) and having its registered seat in Dortmund (hereinafter the “Buyer”) and

	(ii) der Erschienene zu 2 handelnd

   als zur alleinigen Vertretung berechtigter und von den Beschränkungen des § 181 BGB befreiter Geschäftsführer der im Handelsregister des Amtsgerichts Iserlohn unter HRB 2548 eingetragenen Knauf/USG Verwaltungs GmbH mit Sitz in Iserlohn (nachfolgend „Komplementär GmbH“), handelnd (A) für die Komplementär GmbH sowie (B) für die von dieser vertretenen Knauf/USG Systems GmbH & Co. KG.
	 
	(ii) the individual appearing under 2 acting

in his capacity as managing director of Knauf/USG Verwaltungs GmbH with power to represent this entity alone and being exempted from the restrictions set forth in § 181 BGB; this entity being registered in the commercial register (Handelsregister) held at the local court (Amtsgericht) of Iserlohn under reg. no. HRB 2548 and with registered seat in Iserlohn (hereinafter “General Partner”), acting (A) on behalf of the General Partner, and (B) on behalf of the General Partner as the representative of Knauf/USG Systems GmbH & Co. KG.

	Verkäuferin und Käuferin werden im Folgenden auch als „Partei“ oder als „Parteien“ bezeichnet.

	 
	The Seller and Buyer are also referred to below as a “Party” or the „Parties”.

	Die Erschienenen wiesen sich aus durch Vorlage ihrer amtlichen Ausweise mit Lichtbild.
	 
	The individuals appearing identified themselves through the presentation of official photographic identification.

EUI-1200092669v15 
2

	
			
	Die Erschienenen vereinbarten und erklärten sodann zur Beurkundung folgendenVertrag über den Verkauf und die Abtretung eines Kommandit- und eines Geschäftsanteils

	 
	The individuals appearing then entered into the following 

 
Agreement on the Sale and Assignment of a Limited Partner’s Interest and of a Share in a Limited Liability Company

which they requested be notarised

	1.   Vorbemerkung
	 
	1.   Recitals

	1.1.   Die Kommanditgesellschaft Knauf/USG Systems GmbH & Co. KG ist im Handelsregister des Amtsgerichts Iserlohn unter HRA 2165 eingetragen und hat ihren Sitz in Iserlohn (nachfolgend „Gesellschaft“). 
	 
	1.1.   The limited partnership (Kommanditgesellschaft) trading as Knauf/USG Systems GmbH & Co. KG is registered in the Commercial Register of the local court (Amtsgericht) of Iserlohn under reg. no. HRA 2165, with its registered seat in Iserlohn (hereinafter the “Limited Partnership”).  

	1.2.   Das Kommanditkapital (Haftkapital) der Gesellschaft in Höhe von 4.400.000 EUR ist voll eingezahlt. Es ist weder durch Verluste noch durch Entnahmen gemindert.
	 
	1.2.   The Limited Partnership’s limited partnership capital (liable capital) of EUR 4,400,000 has been fully paid in. It is not reduced by losses or withdrawals.

	1.3.   Verkäuferin und Käuferin sind jeweils mit einem Kommanditanteil (Hafteinlage) in Höhe von 2.200.000 EUR (= 50%) an dem Kommanditkapital (Haftkapital) der Gesellschaft beteiligt. 
	 
	1.3.   Each of the Seller and the Buyer hold a limited partner’s interest (capital contribution) in the Limited Partnership’s limited partnership capital (liable capital) in the amount of EUR 2,200,000 (= 50%).

	1.4.   Alleinige persönlich haftende Gesellschafterin der Gesellschaft ohne Kapitaleinlage ist die Komplementär GmbH. 

	 
	1.4.   The Limited Partnership’s sole personally liable (general) partner without capital contribution is the General Partner.

	   Das Stammkapital der Komplementär GmbH beträgt 25.000 EUR.

	 
	   The registered share capital of the General Partner is EUR 25,000.

EUI-1200092669v15 
3

	
			
	1.5.   An dem Stammkapital der Komplementär GmbH sind die Verkäuferin und die Käuferin jeweils mit einem Geschäftsanteil in Höhe von 12.500 EUR (= 50%) beteiligt.

	 
	1.5.   Each of the Seller and the Buyer each hold a share in the registered share capital of the General Partner in the amount of EUR 12,500 (= 50%).

	1.6.   Die Gesellschaft ist jeweils zu 100% beteiligt an der Knauf USG Building Systems A.B.E.E. (Griechenland) und der OOO Knauf USG Systems (Russland). 
	 
	1.6.   The Limited Partnership holds a 100% interest in Knauf USG Building Systems A.B.E.E. (Greece) and in OOO Knauf USG Systems (Russia).  

	1.7.   Die Gesellschaft hat Grundbesitz.
	 
	1.7.   The Limited Partnership’s assets include land.

	2.   Kauf
	 
	2.   Purchase

	2.1.   Die Verkäuferin verkauft hiermit der Käuferin

	 
	2.1.   The Seller hereby sells to the Buyer

	-ihren Kommanditanteil an der Gesellschaft im Nennbetrag von 2.200.000 EUR (nachfolgend der „verkaufte Kommanditanteil") und
	 
	-its limited partner’s interest in the Limited Partnership with a nominal value (Nennbetrag) of EUR 2,200,000 (hereinafter the "Limited Partner’s Interest"), and

	-ihren Geschäftsanteil an der Komplementär GmbH im Nennbetrag von 12.500 EUR (nachfolgend der „verkaufte Geschäftsanteil").
	 
	-its share in the General Partner and with a nominal value (Nennbetrag) of EUR 12,500 (hereinafter the "Company Share").

	2.2.   Mit verkauft sind sämtliche mit dem verkauften Kommanditanteil und dem verkauften Geschäftsanteil verbundene Nebenrechte, Gewinnbezugsrechte und Guthaben auf den gem. Art. 4 des Gesellschaftsvertrags der Gesellschaft eingerichteten Gesellschafterkonten einschließlich der in der Bilanz als Verbindlichkeit gegenüber der Verkäuferin ausgewiesenen Beträge, auch soweit diese sich auf frühere Geschäftsjahre beziehen.
	 
	2.2.   The sale of the above also includes the sale of any and all ancillary rights, rights to (a share of) profits and the credit balances on the partner’s accounts opened pursuant to Art. 4 of the Limited Partnership’s partnership agreement, in connection with the Limited Partner’s Interest and the Company Share being sold, including the amount of liabilities towards the Seller as indicated on the balance sheet, even if the foregoing relates to previous financial years of the relevant entities.

	 
	 
	 

	 
	 
	 

EUI-1200092669v15 
4

	
			
	2.3.   Die Käuferin nimmt diesen Verkauf an.
	 
	2.3.   The Buyer hereby accepts this sale.

	3.   Abtretung
	 
	3.   Assignment

	3.1.   Die Verkäuferin tritt hiermit den verkauften Kommanditanteil und den verkauften Geschäftsanteil an die Käuferin mit Wirkung zum Tag der Eintragung der Käuferin als Kommanditistin mit der von der Verkäuferin übernommenen weiteren Hafteinlage von 2.200.000 EUR kraft Sonderrechtsnachfolge im Handelsregister der Gesellschaft ab. Der Tag, an dem die Änderung gem. Satz 1 in das Handelsregister eingetragen wird, wird als „Vollzugstag“ bezeichnet. Die Käuferin nimmt diese Abtretung an.
	 
	3.1.   The Seller hereby assigns its Limited Partner’s Interest and the Company Share to the Buyer effective as of the date the Buyer is registered as the limited partner of the Limited Partnership with the additional capital contribution of EUR 2,200,000 acquired from the Seller by way of succession to specific rights and obligations (Sonderrechtsnachfolge) in the Commercial Register applicable to the Limited Partnership. The day on which the amendment pursuant to sentence 1 above is registered in the Commercial Register is referred to as “Closing Date”. The Buyer hereby accepts such assignment.

	3.2.   Die nicht ausgeschütteten Ergebnisse der Gesellschaft und der Komplementär GmbH im Geschäftsjahr 2015 stehen in voller Höhe der Käuferin zu. Die Verkäuferin wird keine Ansprüche auf bis zum Vollzugstag nicht ausgeschüttete Ergebnisse der Gesellschaft und der Komplementär GmbH geltend machen.
	 
	3.2.   The entire amount of the undistributed earnings of the Limited Partnership and of the General Partner of the year 2015 shall accrue to the Buyer. The Seller will make no claim to the amounts of the undistributed earnings of the Limited Partnership or of the General Partner accrued through the Closing Date.

	3.3.   Ist die Eintragung im Handelsregister gem. Ziffer 3.1. nicht bis zum 31. März 2016 erfolgt, kann jede Partei durch schriftliche Erklärung gegenüber der anderen Partei von diesem Anteilskaufvertrag zurücktreten. In diesem Fall erlöschen sämtliche Rechte und Pflichten aus diesem Vertrag mit Ausnahme der Verpflichtungen aus Ziffer 9 (Geheimhaltung), Ziffer 14 (Kosten) sowie Ziffer 15.2. (Presseerklärung) und keine Partei kann wegen des Rücktritts irgendwelche Ansprüche – gleich aus welchem Rechtsgrund – gegen die andere Partei geltend machen.
	 
	3.3.   If the registration of the Buyer with the commercial register as set forth under clause 3.1. has not occurred by 31 March 2016, then either of the Parties can revoke this Agreement by notifying the other Party of the revocation in writing. In such a case, all rights and duties arising under this Agreement, except for the obligations under clause 9 (Confidentiality), clause 14 (Costs) and clause 15.2. (Press Statement) shall expire and neither Party can assert any claims against the other Party –regardless of their legal basis – as a result of the revocation.

EUI-1200092669v15 
5

	
			
	Ein Recht zum Rücktritt besteht nicht, wenn die Partei, die den Rücktritt erklärt, die Erfüllung einer oder mehrerer Fälligkeitsbedingungen gem. Ziffern 4.4.1. – 4.4.5. wider Treu und Glauben verhindert hat.

	 
	   Neither Party shall have the right to rescind this Agreement if it prevented the fulfilment of one or more Conditions Precedent under clauses 4.4.1. – 4.4.5. invoked as reason for the rescission acting without good faith.

	4.   Kaufpreis
	 
	4.   Purchase Price

	4.1.   Der Kaufpreis für den verkauften Kommanditanteil beträgt 47.987.500 EUR (in Worten: siebenundvierzig Millionen neunhundert siebenundachtzigtausend fünf hundert Euro).
	 
	4.1.   The purchase price for the Limited Partner’s Interest is EUR 47,987,500 (in words: forty-seven million, nine hundred and eighty-seven thousand, five hundred euros).

	4.2.   Der Kaufpreis für den verkauften Geschäftsanteil beträgt 12.500 EUR (in Worten:  zwölftausend fünf hundert Euro). 
	 
	4.2.   The purchase price for the Company Share is EUR 12,500 (in words: twelve thousand, five hundred euros). 

	4.3.   Die Parteien gehen gemeinsam davon aus, dass die von diesem Vertrag erfassten Transaktionen entweder nicht umsatzsteuerbar oder von der Umsatzsteuer befreit sind. Die Verkäuferin wird ein eventuell bestehendes Optionsrecht zur Umsatzsteuerpflicht nicht ausüben. Soweit die Finanzbehörden von einer Umsatzsteuerpflicht einer der von diesem Vertrag erfassten Transaktionen ausgehen sollten, verstehen sich die in den Ziffern 4.1. und 4.2. aufgeführten Kaufpreise als Nettokaufpreise ohne die gesetzlich geschuldete Umsatzsteuer. Die Verkäuferin ist in diesem Fall verpflichtet, der Käuferin eine den gesetzlichen Vorgaben entsprechende Rechnung zu erstellen, und die Käuferin wird die gesetzliche Umsatzsteuer unverzüglich bezahlen.

	 
	4.3.   Both Parties expect that the transactions under this Agreement will not be subject to value added tax or exempt from value added tax. The Seller shall not opt for value added tax, if such option was available. To the extent the tax authorities consider any of the transactions under this Agreement subject to VAT, the purchase prices set out in clauses 4.1. and 4.2. are deemed net of VAT. In this case, the Seller is shall issue an invoice to the Buyer in accordance with statutory provisions, and the Buyer shall pay the applicable VAT without undue delay.

EUI-1200092669v15 
6

	
			
	4.4.   Die Kaufpreise für den verkauften Kommanditanteil und den verkauften Geschäftsanteil gem. Ziffer 4.1. und 4.2. werden nach Erfüllung von oder Verzicht auf die folgenden aufschiebenden Bedingungen („Fälligkeitsbedingungen“) fällig: 

	 
	4.4.   The purchase price for the Limited Partner’s Interest and the Company Share under clause 4.1. and 4.2. are payable upon satisfaction or waiver of the following conditions precedent (“Conditions Precedent”):

	4.4.1.   Freigabe des in diesem Vertrag vereinbarten Anteilskaufs durch die zuständigen Kartellbehörden in Deutschland, Österreich, Russland, Ukraine und Mazedonien entweder durch Ablauf der für eine Untersagung des vereinbarten Anteilskaufs geltenden Fristen oder durch Erklärung der zuständigen Kartellbehörden, dass die Voraussetzungen für eine Untersagung des in diesem Vertrag vereinbarten Anteilskaufs nicht vorliegen; 
	 
	4.4.1.   Clearance by the competition authorities in Germany, Austria, Russia, Ukraine and Macedonia of the sale of the interest and share as contemplated by this Agreement either by virtue of the expiry of the relevant deadlines applicable for imposing a prohibition of the agreed sale of the interest and share or by means of a declaration by the relevant competition authorities that there are no prerequisites for imposing a prohibition of the sale of the interest and the share as contemplated by this Agreement; 

	4.4.2.   Abschluss des in Ziffer 7.2 näher beschriebenen Trade Secret Cross License Agreement zwischen der Gesellschaft, der Käuferin und der Verkäuferin;
	 
	4.4.2.   The Limited Partnership, the Buyer and the Seller entered into the Trade Secret Cross License Agreement as set out in more detail in clause 7.2;

	4.4.3.   Genehmigung dieses Anteilskaufvertrages durch die Gesellschafterversammlung der Verkäuferin;

	 
	4.4.3.   The shareholders’ meeting of the Seller approved this Agreement;

	4.4.4.   Rücktritt oder Abberufung zum Vollzugstag von Jennifer Flynn Scanlon und Dominic Dannessa als Mitglieder des Beirats der Gesellschaft sowie der Tochtergesellschaften Knauf USG Systems OOO in der Russischen Förderation und Knauf USG Building Systems ABEE in Griechenland;
	 
	4.4.4.   Jennifer Flynn Scanlon and Dominic Dannessa have resigned or have been removed as members of the advisory board (Beirat) of the Limited Partnership as well as its subsidiaries Knauf USG Systems OOO in Russia and Knauf USG Building Systems ABEE in Greece as of the Closing Date;

EUI-1200092669v15 
7

	
			
	4.4.5.   Notarielle Beglaubigung der Anmeldung zur Eintragung der Käuferin als Kommanditistin der Gesellschaft mit der übernommenen weiteren Hafteinlage von 2.200.000 EUR kraft Sonderrechtsnachfolge im Handelsregister der Gesellschaft und Übergabe der beurkundeten Anmeldung an den beurkundenden Notar zur Handhabung gem. Ziffer 4.6.  
	 
	4.4.5.   The application for registration of the Buyer as Limited Partner with the additional capital contribution of EUR 2,200,000 acquired from the Seller by way of succession to specific rights and obligations (Sonderrechtsnachfolge) in the Commercial Register applicable to the Limited Partnership has been notarially certified and provided to the officiating Notary for further handling as provided in clause 4.6. hereof.

	4.5. Die Parteien können, soweit rechtlich zulässig, auf den Eintritt einer oder mehrerer Fälligkeitsbedingungen verzichten. Der Verzicht muss von beiden Parteien erklärt werden, mit Ausnahme der Fälligkeitsbedingung gem. Ziffer 4.4.4., auf dessen Eintritt die Käuferin allein verzichten kann.
	 
	4.5. The Parties may, to the extent legally permitted, waive one or more Conditions Precedent. The waiver must be declared by both Parties, with the exception of the Condition Precedent under clause 4.4.4., which may be waived by the Buyer alone.

	4.6.   Der beurkundende Notar wird von den Parteien gemeinsam und unwiderruflich beauftragt, die Anmeldung zum Handelsregister gem. Ziffer 4.4.5. treuhänderisch aufzubewahren und unverzüglich, nachdem die Käuferin den Eingang des Kaufpreises schriftlich bestätigt hat, beim Handelsregister einzureichen. Die Parteien werden sich gegenseitig sowie den beurkundenden Notar unverzüglich über den Eintritt jeder einzelnen der Fälligkeitsbedingungen oder auf deren Verzicht schriftlich unterrichten. Soweit die Parteien den beurkundenden Notar schriftlich über den Eintritt aller Fälligkeitsbedingungen oder den Verzicht auf deren Eintritt gem. Ziffer 4.5. unterrichtet haben, wird der Notar den Parteien den Eintritt der bzw. den Verzicht auf die Fälligkeitsbedingungen schriftlich bestätigen (diese Mitteilung im Folgenden die „Bedingungseintrittsbestätigung“).
	 
	4.6.   The officiating Notary is hereby jointly by the Parties and irrevocably instructed to hold in trust the notification to the Commercial Register contemplated by clause 4.4.5. and file such application immediately upon having received the Seller’s written confirmation that the purchase price has been paid. The Parties shall provide each other and to the officiating Notary written notification as regards the occurrence or waiver of each of the Conditions Precedent without undue delay. If and when the officiating Notary is notified in writing that all Conditions Precedent are fulfilled or, waived by both Parties in accordance with clause 4.5., the officiating Notary shall notify the Parties in writing as regards fulfilment or waiver of the Conditions Precedent (such notification, the “Conditions Confirmation”). 

EUI-1200092669v15 
8

	
			
	4.7.   Die Kaufpreise sind fünf (5) Tage nach Eingang der Bedingungseintrittsbestätigung bei der Käuferin zur Zahlung fällig. Die Zahlung der Kaufpreise erfolgt durch Überweisung auf ein von der Verkäuferin vor dem Vollzugstag zu benennendes Bankkonto. Zahlt die Käuferin bei Fälligkeit nicht, ist der geschuldete Kaufpreis ab Fälligkeit mit 5% per annum bis zur Zahlung zu verzinsen.
	 
	4.7.   The purchase prices shall be due within five (5) days following receipt of the Conditions Confirmation by the Buyer. The payment of the purchase prices shall be made by bank transfer to a bank account to be named by the Seller before the Closing Date. If the Buyer does not pay the purchase prices when due, an interest of 5% per annum shall be applicable from the due date until payment.

	4.8.   Die Parteien bestätigen sich, dass das Joint Venture Agreement zwischen der Verkäuferin und der Käuferin bezüglich der Gesellschaft vom 12. Juli 2001 (geändert und neu gefasst am 18. Oktober 2001) (nachfolgend „Joint Venture Agreement“) im Einklang mit dessen Ziffer 8.1. am Vollzugstag erlischt. Ferner (i) sind sich die Parteien einig und bestätigen, dass (A) keine der Parteien wie auch immer geartete Ansprüche gegen die jeweils andere Partei, und (B) der Verkäuferin keinerlei Ansprüche gegen die Gesellschaft und die Komplementär GmbH aus der Veräußerung der in dieser Urkunde übertragenen Beteiligungen sowie aus oder in Verbindung mit dem Joint Venture Agreement zustehen und (ii) jede Partei hiermit ausdrücklich auf die Geltendmachung jedweder solcher Ansprüche, ob bekannt oder unbekannt, verzichtet.
	 
	4.8.   The Parties confirm that the Joint Venture Agreement entered into between the Seller and the Buyer in relation to the Limited Partnership dated 12 July 2001 (as amended and restated on 18 October 2001) (hereinafter the “Joint Venture Agreement”) terminates on the Closing Date as contemplated by its Section 8.1. Further, the Parties (ii) agree and confirm that (A) neither Party has any claims whatsoever against the respective other Party, and (B) the Seller has no further claims against the Limited Partnership or the General Partner, and (ii) each Party hereby explicitly waives any claims whatsoever, known or unknown, resulting from or under the Joint Venture Agreement or the disposal of the interest and share being transferred under this deed.

	5.   Steuern
	 
	5.   Tax

	5.1.   Vorbehaltlich der Regelung in § 5.2 und § 5.3 dieses Vertrages tragen die Käuferin und die Verkäuferin die auf ihren Anteil am Gesamtgewinn der Mitunternehmerschaft jeweils entfallenden Ertragsteuern selbst.
	 
	5.1.   Subject to the provisions of Sec. 5.2 and Sec. 5.3 of this Agreement, Seller and Buyer shall each bear their respective income Taxes (Ertragsteuern) relating to their respective share in the overall profit for taxation purposes of the co-entrepreneurship (Anteil am Gesamtgewinn der Mitunternehmerschaft). 

EUI-1200092669v15 
9

	
			
	5.2.    Gewerbesteuer, die bei der Gesellschaft festgesetzt wird, ist der Käuferin oder, nach freier Entscheidung der Käuferin, der Gesellschaft von der Verkäuferin zu erstatten, wenn und soweit sie (i) auf den Veräußerungsgewinn der Verkäuferin aus der Veräußerung der verkauften Kommandit- und Geschäftsanteile entfällt oder (ii) den anteiligen laufenden Gewinn der Gesellschaft des Jahres 2015 bis zum Vollzugsstichtag oder (iii) den anteiligen laufenden Gewinn der Gesellschaft früherer Veranlagungszeiträume betrifft, letztere unter (iii) bezeichnete Steuern allerdings nur, soweit diese noch nicht gezahlt worden sind und nicht auf nach einer Betriebsprüfung geänderten Steuerbescheiden beruhen.
	 
	5.2. Trade Tax (Gewerbesteuer) assessed against the Limited Partnership is to be reimbursed by the Seller to the Buyer or, at the discretion of the Buyer, to the Limited Partnership, if and to the extent the Trade Tax relates to (i) the capital gain of the Seller resulting from the disposal of the Limited Partner’s Interest and the Company Share or (ii) the pro-rata profit of the company for 2015 until Closing Date or (iii) the pro-rata profit of the company for previous fiscal years, but the latter Taxes as described under (iii) only to the extent such Taxes have not yet been paid by the Company and do not result from amended Tax assessments after a Tax audit.

	 
	 
	 

	5.3   Die Käuferin stellt die Verkäuferin frei, und hält sie schadlos von jeder Verpflichtung zur Tragung von Ertragsteuern, soweit diese Ertragsteuern (i) nicht im Zusammenhang mit dem Veräußerungsgewinn der Verkäuferin aus der Veräußerung der verkauften Kommandit- und Geschäftsanteile stehen, (ii) von der Verkäuferin für Zeiträume geschuldet werden, die am oder vor dem Vollzugsstichtag enden und noch nicht gezahlt worden sind, (iii) auf nach einer Betriebsprüfung geänderten Steuerbescheiden beruhen und (iv)  aus der Beteiligung der Verkäuferin an der Gesellschaft resultieren und auf den Anteil der Verkäuferin am Gesamtgewinn der Mitunternehmerschaft entfallen, jedoch mit Ausnahme von solchen Steuern, für die § 5.1 und § 5.2 dieses Vertrages gilt.
	 
	5.3.   Buyer shall indemnify and hold harmless Seller from and against any duty to bear Taxes on income (Ertragssteuern), to the extent that such Taxes on income (i) do not relate to the the disposal of the Limited Partner’s Interest and the Company Share by Seller, (ii) are owed by Seller for any period ending on or prior to the Closing Date and have not yet been paid (iii) are based on amended tax assessments after a Tax audit, (iv) result from the interest of the Seller in the Partnership and the share of the Seller in the overall profit for taxation purposes of the co-entrepreneurship (Anteil am Gesamtgewinn der Mitunternehmerschaft), except for any Taxes covered by Section 5.1 or Section 5.2 above.

	 
	 
	 

EUI-1200092669v15 
10

	
			
	5.4.   Grunderwerbsteuer, die im Zusammenhang mit der Veräußerung oder durch die Übertragung der verkauften Kommandit- und Geschäftsanteile fällig wird, trägt die Käuferin.
	 
	5.4.   Real estate transfer tax (Grunderwerbsteuer) payable as a result of the sale or the transfer of the Limited Partner’s Interest and of the Company Share shall be borne by the Buyer.

	5.5    Der Begriff "Steuern" erfasst alle Steuern i.S.d. § 3 AO. Dies gilt auch, wenn der Begriff "Steuern" im Begriff Ertragsteuern aufgeht. 
	 
	5.5.   The term "Taxes" means any taxes within the meaning of § 3 of the German General Tax Code. This shall also apply if the term "Taxes" is specified with the term income (income Taxes). 

	6.   Gewährleistung
	 
	6.   Warranties

	6.1.   Die Verkäuferin erklärt gegenüber der Käuferin in Form selbständiger Garantieversprechen gem. § 311 Abs. 1 BGB, dass
	 
	6.1.   The Seller warrants to the Buyer by way of independent guarantees pursuant to § 311 (1) BGB that 

	-sie mit einem Kommanditanteil (Hafteinlage) in Höhe von 2.200.000 EUR an dem Kommanditkapital (Haftkapital) der Gesellschaft und mit einem Geschäftsanteil in Höhe von 12.500 EUR an dem Stammkapital der Komplementär GmbH beteiligt ist; und
	 
	-it holds a limited partner’s interest (capital contribution) in the Limited Partnership’s limited partnership capital (liable capital) in the amount of EUR 2,200,000 and a share in the registered share capital of the General Partner in the amount of EUR 12,500; and

	         -das auf den verkauften Kommanditanteil entfallene Kommanditkapital (Haftkapital) der Gesellschaft in Höhe von 2.200.000 EUR voll eingezahlt und weder durch Verluste noch durch Entnahmen gemindert ist; und
	 
	    -the Limited Partnership’s limited partnership capital (liable capital) corresponding to the Limited Partner’s Interest in an amount of EUR 2,200,000 has been fully paid in and is not reduced by losses or withdrawals; and

	 
	 
	 

	      -die verkauften Kommandit- und Geschäftsanteile nicht mit Rechten Dritter belastet sind; und
	 
	-the Limited Partner’s Interest and the Company Share are not encumbered by any rights of third parties; and

	-sie über die verkauften Kommandit- und Geschäftsanteile – vorbehaltlich des Zustimmungserfordernisses gem. Ziffer 4.4.3. – frei verfügen kann.
	 
	   -the Seller is free to dispose of the Limited Partner’s Interest and the Company Share – subject to the approval requirement under clause 4.4.3.

EUI-1200092669v15 
11

	
			
	6.2.   Im Übrigen wird jede Sach- oder Rechtsmängelhaftung ausgeschlossen. Die Verkäuferin haftet also insbesondere nicht für Wert oder Ertragsfähigkeit der verkauften Kommandit- und Geschäftsanteile, für Umfang und Eigenschaften der zum Vermögen der Gesellschaft oder der Komplementär GmbH gehörenden Gegenstände oder in Verbindung mit Verbindlichkeiten der Gesellschaft oder der Komplementär-GmbH, einschließlich Steuerverbindlichkeiten, sofern in diesem Vertrag nicht ausdrücklich etwas anderes geregelt ist.
	 
	6.2.   In all other respects, any liability for defects in quality or title is hereby excluded. Thus, the Seller is in particular not liable for the value or earning capacity of the Limited Partner’s Interest and the Company Share, for the quantity, quality or characteristics of the Limited Partnership’s or the General Partner’s assets or in connection with any liabilities of the Company or of the General Partner, including Tax liabilities, unless otherwise provided in this Agreement.

	7.   Lizenzverträge
	 
	7.   Licensing agreements

	7.1.   Die Parteien, die Gesellschaft und die Komplementär GmbH sind sich einig darüber, dass das Trademark Agreement/Sublicense „Durock“ und das Cement Board Technology Use Confidentiality and Assistance Agreement jeweils vom 18. Oktober 2001 einschließlich aller schriftlichen und mündlichen Nachträge mit Wirkung zum Vollzugstag aufgehoben werden, ohne dass den Parteien dieser beiden Lizenzverträge untereinander irgendwelche Ansprüche aus oder im Zusammenhang mit diesen beiden Lizenzverträgen und ihren Nachträgen oder seiner Aufhebung zustehen.
	 
	7.1.   All of the Parties, the Limited Partnership and the General Partner agree that the Trademark Agreement/Sublicense “Durock” and the Cement Board Technology Use Confidentiality and Assistance Agreement, each dated 18 October 2001, including all written and oral amendments thereto, are terminated with effect as of the Closing Date, without any claims or rights accruing to either party thereto as a result of, or in connection with, these two agreements, as amended, or their termination.

	7.2.   Anstelle der in Ziffer 7.1. aufgehobenen Lizenzverträge werden die Verkäuferin, die Käuferin und die Gesellschaft mit Wirkung zum Vollzugstag einen dem als Anlage 1 beigefügten Trade Secret Cross License Agreement entsprechenden Vertrag vereinbaren.
	 
	7.2.   In order to replace the licensing agreements referred to in clause 7.1. above, the Seller, the Buyer and the Limited Partnership will enter effective as of the Closing Date into a Trade Secret Cross License Agreement substantially in the form attached as an Exhibit 1 to this Agreement.

EUI-1200092669v15 
12

	
			
	8.   Wettbewerbsverbot
	 
	8.   Non-competition

	8.1.   Die Verkäuferin verpflichtet sich, innerhalb eines Zeitraums von drei (3) Jahren nach dem Vollzugstag weder direkt noch durch mit ihr Verbundene Unternehmen, als Inhaberin, Gesellschafterin oder unabhängiger Vertragspartnerin eine Konkurrierende Geschäftstätigkeit auszuüben. "Konkurrierende Geschäftstätigkeit" umfasst die Herstellung, den Vertrieb und den Verkauf in Europa (ausgenommen die Türkei) sowie den Ländern der ehemaligen Sowjetunion (CIS) von (i) Zementbauplatten und (ii) zugehörigen, für den Gebrauch mit Zementbauplatten vorgesehenen Produkten wie von der Gesellschaft derzeit hergestellt, verkauft und vertrieben und in Anlage 8.1 gelistet. "Verbundene Unternehmen" sind verbundene Unternehmen im Sinne von §§ 15 ff. AktG.
	 
	8.1.   The Seller agrees not to engage, directly or through any of its Affiliates, as a proprietor, shareholder, or independent contractor in any Competing Business for a time period of three (3) years following the Closing Date. “Competing Business” shall be the manufacturing, supplying and selling in Europe (except Turkey) and the countries of the former Soviet Union (CIS) of (i) cement boards and (ii) related products designed to be used with cement boards, currently manufactured and sold by the Limited Partnership, a list of which is attached as Exhibit 8.1. “Affiliates” has the meaning set forth in §§ 15 et seq. of the German Stock Corporation Act (AktG). 

	8.1.1.   Als eine Verletzung der oder ein Verzug mit den Handlungspflichten unter dieser Ziffer 8.1. durch die Verkäuferin wird es nicht angesehen, wenn die Verkäuferin eine Beteiligung von 15% oder weniger am Kapital, den Eigentums- oder den Stimmrechten an einer Person hält oder erwirbt, welche eine Konkurrierende Geschäftstätigkeit ausübt. "Person" bedeutet jegliches Individuum, jede Gesellschaft, jede Partnerschaft, jedes Joint Venture, jede Vereinigung und jede andere Organisation.
	 
	8.1.1.   The Seller shall not be deemed to violate or be in default under the covenant in this Section 8.1. as a result of any holding or acquisition of an investment of fifteen percent (15%) or less of the capital, the ownership interests or the voting rights in any Person engaged in a Competing Business. “Person” shall mean any individual, corporation, partnership, joint venture, association or any other entity.

EUI-1200092669v15 
13

	
			
	8.1.2.   Diese Ziffer 8.1. soll nicht in einer Weise ausgelegt werden, dass sie den Erwerb oder das Halten von Beteiligungen durch die Verkäuferin oder mit ihr Verbundenen Unternehmen untersagt, welche im Zusammenhang mit einem Erwerb von Beteiligungen, einer Verschmelzung, einem Joint Venture, einem Erwerb von Vermögenswerten oder einem sonstigen Unternehmenszusammenschluss an oder mit einer Person steht, welche weniger als fünfundzwanzig Prozent (25%) ihrer konsolidierten Umsätze im letzten Geschäftsjahr mit einer Konkurrierenden Geschäftstätigkeit erzielt hat.
	 
	8.1.2.   This Section 8.1. shall not be construed to prohibit the acquisition or holding by the Seller or any of its Affiliates, in the context of any acquisition of shares, merger, joint venture, asset purchase, or any other business combination in or with a Person which derives less than twenty-five percent (25%) of its consolidated revenues in its most recent fiscal year from a Competing Business. 

	8.1.3. Diese Ziffer 8.1. soll nicht in einer Weise ausgelegt werden, dass sie einen Erwerb oder das Halten einer Beteiligung an einer Gesellschaft untersagt, welche eine Konkurrierende Geschäftstätigkeit betreibt, sofern diese Beteiligung ausschließlich aus Gründen der Kapitalanlage im Rahmen von Arbeitnehmer-Spar-, Pensions- oder ähnlichen Fonds bzw. Plänen der Verkäuferin oder mit ihr Verbundener Unternehmen erfolgt; vorausgesetzt, dass die Investitionsentscheidung eines solchen Fonds oder nach einem Plan von unabhängigen Treuhändern oder unabhängigen Managern getroffen wird.
	 
	8.1.3.   This Section 8.1. shall not be construed to prohibit the acquisition or ownership, for investment purposes only, by any employee savings, retirement, or similar benefit fund or plan of any of the Seller or any if its Affiliates, of any ownership in any company engaged in a Competing Business; provided, however, that the investment decisions of such fund or plan shall be made by independent trustees or independent managers.

	8.2.   Die Verkäuferin wird weiterhin sicherstellen und haftet dafür, dass auch alle mit ihr Verbundenen Unternehmen dieses Verbot einhalten wie die Verkäuferin. 
	 
	8.2.   Furthermore, the Seller shall ensure that its Affiliates comply with this non-competition restriction in the same manner as the Seller, the Seller bearing liability for same. 

EUI-1200092669v15 
14

	
			
	9.   Geheimhaltung
	 
	9.   Confidentiality

	9.1.   Außer soweit im Trade Secret Cross License Agreement anderes geregelt, verpflichtet sich die Verkäuferin dazu, nach dem Vollzugstag alle ihr bekannten Angelegenheiten, insbesondere Betriebs- und Geschäftsgeheimnisse der Gesellschaft, der Komplementär GmbH und der Käuferin sowie deren Verbundenen Unternehmen („Vertrauliche Informationen“) keinem Dritten zu offenbaren. Dies gilt nicht für Vertrauliche Informationen, die (i) der Verkäuferin bereits vor deren Überlassung ohne Verpflichtung zur Geheimhaltung rechtmäßig bekannt waren, (ii) öffentlich zugänglich sind oder werden, ohne dass dies die Verkäuferin zu vertreten hat, (iii) der Verkäuferin von einem Dritten rechtmäßig und ohne Geheimhaltungsverpflichtung mitgeteilt bzw. überlassen wurden, vorausgesetzt, der Dritte verletzt bei Übergabe der Vertraulichen Informationen keine eigene Geheimhaltungsverpflichtung, (iv) von der Verkäuferin unabhängig und ohne Rückgriff auf Vertrauliche Informationen entwickelt worden sind, (v) aufgrund einer bindenden behördlichen oder richterlichen Anordnung oder zwingender rechtlicher Vorschriften zu offenbaren sind, vorausgesetzt, dass die Käuferin im Voraus über die Offenbarung schriftlich informiert wurde; oder (vi) von der Käuferin schriftlich freigegeben worden sind.
	 
	9.1.   Except as may be permitted under the Trade Secret Cross License Agreement, after the Closing Date, the Seller shall maintain strict confidence regarding all matters and affairs, in particular the trade and business secrets, of the Limited Partnership, the General Partner, the Buyer and its other Affiliates (“Confidential Information”, and not disclose any such Confidential Information to any third parties. This obligation shall not apply to Confidential Information that (i) became legally known to the Seller prior to the information becoming confidential, provided that the Confidential Information was obtained observing all applicable laws, (ii) is or shall become publicly accessible without the Seller being responsible for the release; provided, however, that such Confidential Information is not deemed to have become publicly accessible merely because portions of it are or will become publicly accessible, (iii) has been communicated to the Seller by a third party observing applicable laws and without being subject to a confidentiality obligation; provided, however, that the third party did not infringe any confidentiality obligation, (iv) was developed by the Seller independent of, and without recourse to, Confidential Information, (v) must be disclosed pursuant to a binding decision of a public authority, a judgment or a mandatory statutory regulation; provided, however, that the Buyer has been informed in advance in writing with respect to the disclosure; or (vi) was confirmed by the Buyer in writing as not being confidential.

EUI-1200092669v15 
15

	
			
	9.2.   Die Verkäuferin verpflichtet sich ferner, auch mit Wirkung für ihre Verbundenen Unternehmen bis zum Ablauf von einem Jahr nach dem Vollzugstag ohne vorherige schriftliche Zustimmung der Käuferin keinen Mitarbeiter der Gesellschaft, der zum Vollzugstag bei der Gesellschaft angestellt ist, einzustellen oder abzuwerben. Das Verbot gilt nicht, wenn: (i) dieser Mitarbeiter sich aufgrund einer allgemeinen Stellenausschreibung bei der Verkäuferin oder einem mit ihr Verbundenen Unternehmen bewirbt, (ii) dieser Mitarbeiter von einem unabhängigen Personalvermittler zuvor kontaktiert wurde, vorausgesetzt, dass weder die Verkäuferin noch ein mit ihr Verbundenes Unternehmen diesen Personalvermittler explizit mit der Vermittlung dieses Mitarbeiters beauftragt hat; oder (iii) dieser Mitarbeiter sich eigeninitiativ beworben hat, ohne dass die Verkäuferin oder ein mit ihr Verbundenes Unternehmen hierzu Veranlassung gegeben hätten (außer durch eine allgemeine Stellenausschreibung).
	 
	9.2.   In addition, the Seller undertakes itself and on behalf of its Affiliates for a time period of one (1) year after the Closing Date not to hire or entice away, without the Buyer’s prior written consent, any members of staff of the Limited Partnership employed by the Limited Partnership as of the Closing Date. The prohibition to employ such an employee does not apply if (i) such employee applies to the Seller or any of its Affiliates on the basis of a general job advertisement, (ii) such employee was previously contacted by an independent recruiter, provided that neither the Seller nor any of its Affiliates explicitly instructed this recruiter to contact such employee; or (iii) such employee applied on his or her own initiative, without the Seller or any of its Affiliates having caused the application (other than by a general job advertisement).

	 
	 
	 

	 
	 
	 

	 
	 
	 

EUI-1200092669v15 
16

	
			
	10.   Keine weiteren Rechte
	 
	10.   Sole remedies

	10.1.   Die ausdrücklich in diesem Vertrag vorgesehenen Gewährleistungen, Garantien, Rechte und Ansprüche der Käuferin sind die einzigen und ausschließlichen Gewährleistungen, Garantien, Rechte und Ansprüche der Käuferin aufgrund dieses Vertrages. Außer im Falle von arglistiger Täuschung oder Vorsatz stehen der Käuferin darüber hinaus keinerlei weiteren Ansprüche oder Rechte zu, weder Ansprüche in Verbindung mit Verbindlichkeiten der Gesellschaft oder der Komplementär GmbH, noch ein Rücktrittsrecht, ein Recht auf Rückabwicklung oder Anpassung der Geschäftsgrundlage wegen Störung oder Wegfall der Geschäftsgrundlage, Ansprüche aus culpa in contrahendo oder positiver Forderungsverletzung oder Schadensersatzansprüche, diese sind ausdrücklich ausgeschlossen und die Käuferin verzichtet hiermit, soweit gesetzlich zulässig, auf weitere Ansprüche.
	 
	10.1.   The warranties, guarantees, rights and claims of the Buyer explicitly provided in this Agreement are sole and exclusive warranties, guarantees, rights and remedies of the Buyer under this Agreement. Other than explicitly provided herein, any other claims or remedies, including claims relating to any liabilities of the Limited Partnership or the General Partner, the right to withdraw (zurücktreten) from this Agreement or to require the winding up (Rückabwicklung) or the alteration (Anpassung) of the transactions contemplated hereunder (e.g., by way of Störung oder Wegfall der Geschäftsgrundlage), any claims for breach of pre-contractual obligations (culpa in contrahendo) or ancillary obligations (positive Forderungsverletzung) or damages (Schadensersatz) other than expressly provided under this Agreement, except claims for willful deceit (arglistige Täuschung) and damages based on intent (Vorsatz), are hereby expressly excluded and waived by the Buyer to the extent legally permitted.

	10.2.   Zahlungen unter Freistellungen nach diesem Vertrag gelten als Kaufpreisanpassung. 
	 
	10.2.   Any indemnification payment under this Agreement are deemed to be an adjustment of the purchase price.

	11.   Namensänderung
	 
	11.   Change of name

	11.1.   Die Käuferin wird Sorge dafür tragen, dass die Firma der Gesellschaft innerhalb von vier (4) Wochen nach dem Vollzugstag geändert und der Namenszusatz „USG“ aus der Firma gestrichen wird.
	 
	11.1.   The Buyer shall ensure that the name of the Limited Partnership is changed within four (4) weeks after the Closing Date and the “USG” element is no longer part of the trade name. 

EUI-1200092669v15 
17

	
			
	11.2.   Der Gesellschaft und der Komplementär GmbH wird von der Verkäuferin darüber hinaus eine „Aufbrauchfrist“ von sechs (6) Monaten ab dem Vollzugstag eingeräumt, innerhalb derer die Gesellschaft und die Komplementär GmbH noch Produkte, Briefpapier, Prospekte, Werbematerial etc. mit der Aufschrift „USG“, welche zum Vollzugstag noch im Bestand vorhanden sind, in Umlauf bringen darf, um Restbestände aufzubrauchen. Dabei wird die Käuferin Sorge tragen, dass weder sie selbst, noch die Gesellschaft oder andere mit ihr verbundene Unternehmen Produkte, Unterlagen oder sonstige Gegenstände mit der Aufschrift „USG“ in Verbindung mit jedweden Aktivitäten mit oder in Ländern benutzen, die von den Vereinigten Staaten von Amerika mit Embargo belegt sind, oder solche Produkte, Unterlagen oder sonstige Gegenstände in solche Länder verbringen. Eine Haftung für ein entsprechendes Verhalten Dritter (d.h. von Personen, die nicht Verbundenes Unternehmen der Käuferin oder der Gesellschaft sind) ist ausgeschlossen. 
	 
	11.2.   In addition, the Seller grants the Limited Partnership and the General Partner a “phasing-out period” of six (6) months starting from the Closing Date, during which the Limited Partnership and the General Partner shall be permitted to circulate products, letter headed paper, brochures, marketing and advertising material etc. existing as of the Closing Date and bearing the “USG” element, in order to enable them to use up and phase out any remaining supplies; provided, however, that neither the Buyer nor the Company or any of its other Affiliates (which shall be procured by the Buyer) shall use any kind of product, paper or other asset bearing the name “USG” in connection with any business activities with countries subject to embargo by the United States of America or ship those products, paper or other assets to any of these countries. Any liability for such conduct of a third party (meaning a person that is not an Affiliate of Buyer or the Company) is excluded.

	11.3.   Nach Ablauf der Aufbrauchfrist wird weder die Käuferin noch die Gesellschaft oder die Komplementär GmbH den Zusatz „USG“ in ihrem jeweiligen Geschäftsbetrieb verwenden, soweit dies nicht ausdrücklich von der Verkäuferin vorher schriftlich genehmigt wird.
	 
	11.3.   Upon expiry of the phasing-out period, neither the Buyer nor the Limited Partnership or the General Partner shall be permitted to use the “USG” element in the course of their business, unless the Seller has provided its prior express written consent.

	 
	 
	 

	 
	 
	 

EUI-1200092669v15 
18

	
			
	12.   Zustimmung, Umfirmierung und Anmeldung bei der Gesellschaft
	 
	12.   Approval, name change, and notification of the Limited Partnership

	12.1.   Komplementär GmbH
	 
	12.1   General Partner

	Die Verkäuferin und die Käuferin treten hiermit als alleinige Gesellschafter der Komplementär GmbH unter Verzicht auf alle satzungsgemäßen und gesetzlichen Form- und Fristvorschriften zu einer außerordentlichen Gesellschafterversammlung zusammen und beschließen einstimmig:
	 
	As the sole shareholders of General Partner, the Seller and the Buyer hereby convene for an extraordinary general meeting, waiving any formal and timing requirements under the articles of association and under statute, and unanimously pass the following resolution:

	12.1.1.   Dem Verkauf und der Abtretung des verkauften Geschäftsanteils, wie vorstehend unter Ziffern 2 und 3 beschrieben, wird zugestimmt.
	 
	12.1.1.   Approval is hereby granted to the sale and assignment of the Company Share, as set out under clauses 2 and 3 above.

	12.1.2.   Die Firma der Gesellschaft wird geändert von „Knauf/USG Verwaltungs GmbH“ in „Knauf Verwaltungs GmbH“ und § 1 Abs. 1 der Satzung dieser Gesellschaft wird entsprechend geändert.
	 
	12.1.2.   The name of the Limited Partnership is changed from “Knauf/USG Verwaltungs GmbH” to “Knauf Verwaltungs GmbH” and § 1 para. 1 of the articles of association of this company is changed accordingly.

	12.1.3.   Verkauf und Abtretung des verkauften Geschäftsanteils sowie der Umfirmierung sind hiermit der Geschäftsführung angezeigt. Herr Dr. Koslowski nimmt insoweit als alleiniger Geschäftsführer der Komplementär GmbH von der Abtretung des verkauften Geschäftsanteils Kenntnis.
	 
	12.1.3.   The sale and assignment of the Company Share and the change of name have thus been hereby notified to the company’s management. As sole managing director (Geschäftsführer) of the General Partner, Dr Koslowski thus takes due note of the assignment of the Company Share being sold.

	12.2.   Gesellschaft
	 
	12.2.   Limited Partnership

	Die Verkäuferin, die Käuferin und die Komplementär GmbH als alleinige Gesellschafter der Gesellschaft sind über die Veräußerung und Abtretung des verkauften Kommanditanteils an der Gesellschaft einig und stimmen der Veräußerung und Abtretung wie unter Ziffern 2 und 3 beschrieben vollinhaltlich zu.
	 
	   As the only partners of the Limited Partnership, the Seller, the Buyer and the General Partner are in agreement on the disposal and assignment of the Limited Partner’s Interest in the Limited Partnership and hereby provide their full and complete approval for the disposal and assignment, as described under clauses 2 and 3. 

EUI-1200092669v15 
19

	
			
	12.3.   Somit ist die Käuferin künftig alleinige Kommanditistin der Gesellschaft mit einer Kommanditeinlage in Höhe von 4.400.000 EUR und alleinige Gesellschafterin der Komplementär GmbH mit zwei Geschäftsanteilen in Höhe von jeweils 12.500 EUR (zusammen 25.000 EUR). 
	 
	12.3.   Therefore, in future, the Buyer shall be the Limited Partnership’s sole limited partner with a limited partner’s contribution amounting to EUR 4,400,000 and the sole shareholder of the General Partner with two company shares, each amounting to EUR 12,500 (EUR 25,000 in total). 

	13.   Vollmachten
	 
	13.   Powers of attorney

	13.1.   Die Parteien und die Komplementär GmbH beauftragen und bevollmächtigen hiermit den beurkundenden Notar und dessen amtlich bestellten Vertreter, alle zur Rechtswirksamkeit und zum Vollzug dieses Vertrages erforderlichen und zweckdienlichen Erklärungen und Genehmigungen (einschließlich der unter Ziffer 13.4. genannten) einzuholen und entgegenzunehmen. 
	 
	13.1.   The Parties and the General Partner hereby instruct and authorise, by the grant of power of attorney, the officiating Notary and the officially appointed representatives of the Notary to obtain and accept all statements, declarations, consent and approval (including those referred to in clause 13.4.) required and appropriate for legal validity and for execution of this Agreement. 

	13.2.   Genehmigungen sollen mit dem Eingang in den Amtsräumen des Notars allen Parteien gegenüber als mitgeteilt gelten und rechtswirksam sein. 
	 
	13.2.   Any and all consent and approval shall be deemed to have been communicated to all Parties and to have legal effect upon receipt at the offices of the Notary. 

	13.3.   Der beurkundende Notar wird zum Vollzug der einzelnen Anmeldungen ausdrücklich ermächtigt.
	 
	13.3.   The officiating Notary is expressly empowered to complete all relevant registrations.

EUI-1200092669v15 
20

	
			
	13.4.   Zum Zweck der Eintragung der Abtretung des verkauften Kommanditanteils und der Anzeige der Abtretung des verkauften Geschäftsanteils bevollmächtigt die Verkäuferin die Käuferin, insbesondere die zur Eintragung der Abtretung des verkauften Kommanditanteils in das Handelsregister etwa noch erforderlichen oder zweckdienlichen Erklärungen, Änderungen und Ergänzungen abzugeben und zu erklären und beurkunden zu lassen sowie die entsprechenden Handelsregisteranmeldungen vorzunehmen. 
	 
	13.4.   For the purposes of registration of the assignment of the Limited Partner’s Interest and of notification of the assignment of the Company Share, the Seller authorises the Buyer, by the grant of power of attorney, to submit and make any statements, declarations, changes and additions that remain necessary or appropriate for the registration of the assignment of the Limited Partner’s Interest in the Commercial Register and to have them notarised or certified and also to carry out the relevant registrations in the Commercial Register. 

	14.   Kosten
	 
	14.   Costs

	14.1.   Jede Partei trägt ihre eigenen Kosten und Auslagen im Zusammenhang mit der Vorbereitung, Verhandlung und Durchführung dieses Vertrages, einschließlich der Honorare, Kosten und Auslagen ihrer Berater.
	 
	14.1.   Each Party bears its own costs and expenses in connection with the preparation, negotiation and implementation of this Agreement, including also the fees, costs and expenses of their advisors.

	14.2.   Die Kosten der notariellen Beurkundung dieses Vertrages und die Gebühren der zuständigen Kartellbehörden tragen die Verkäuferin und die Käuferin jeweils zur Hälfte. Die Kosten der Eintragung im Handelsregister trägt die Gesellschaft. 
	 
	14.2.   Each of the Seller and the Buyer shall bear half of the costs of the notarisation of this Agreement and the fees charged by the competent cartel authorities. The Limited Partnership shall bear the cost of the registration in the Commercial Register.

	 
	 
	 

EUI-1200092669v15 
21

	
			
	15.   Sonstiges
	 
	15.   Miscellaneous

	15.1.   Sollte eine Bestimmung dieses Vertrages ganz oder teilweise nichtig, unwirksam oder undurchsetzbar sein oder werden, bleiben die übrigen Bestimmungen dieses Vertrages wirksam. Die nichtige, unwirksame oder undurchsetzbare Bestimmung ist, soweit gesetzlich zulässig, als durch diejenige wirksame und durchsetzbare Bestimmung ersetzt anzusehen, die dem mit der nichtigen, unwirksamen oder nicht durchsetzbaren Bestimmung verfolgten wirtschaftlichen Zweck nach Gegenstand, Maß, Zeit, Ort und Geltungsbereich am nächsten kommt. Entsprechendes gilt für die Füllung etwaiger Lücken in diesem Vertrag. 
	 
	15.1.   If any provision of this Agreement should be or become invalid, ineffective or unenforceable in whole or in part, then the remaining provisions of this Agreement shall remain valid and effective. Any such invalid, ineffective or unenforceable provision shall be deemed to be replaced, to the extent legally permitted, by such effective and enforceable provision which, by subject-matter, extent, time, place and scope of application, comes as close as possible to the economic purpose pursued with the invalid, ineffective and unenforceable provision. The same applies to any gapes in this Agreement. 

	15.2.   Keine Partei wird eine Presseerklärung oder ähnliche Verlautbarung in Bezug auf die in diesem Vertrag vereinbarten Rechtsgeschäfte ohne ausdrückliche vorherige Genehmigung durch die jeweils andere Partei herausgeben. Als einzige Ausnahme sind Erklärungen zulässig, wenn und soweit dies gemäß anwendbarer Gesetze oder kapitalmarktbezogener Regularien vorgeschrieben oder auf deren Grundlage nach dem Ermessen der Geschäftsführung empfehlenswert ist (einschließlich gemäß anwendbarerer Regelungen der Securities and Exchange Commission oder anderer in- und ausländischen für den Wertpapierhandel zuständigen Behörden mit Zuständigkeit für die Märkte an denen Wertpapiere der Verkäuferin gehandelt werden). In diesen Fällen wird die Verkäuferin der Käuferin vor Veröffentlichung eine Kopie der Erklärung zukommen lassen.
	 
	15.2.   Neither Party shall release a press statement or make a similar announcement or statement in relation to the legal transactions agreed under this Agreement without the prior express consent of the other Party. As the only exception to the foregoing, disclosure of any of the foregoing may be made as and to the extent required by, or deemed advisable by the management based on, law or capital market regulations (which shall include any applicable requirements of the Securities and Exchange Commission or any other domestic or foreign governmental agency responsible for securities law regulation and compliance or any stock market/stock exchange on which the Seller’s securities are listed). The Seller shall provide the Buyer prior to any announcement a written copy of such announcement.

EUI-1200092669v15 
22

	
			
	15.3.   USG Corporation erklärt gegenüber der Käuferin in Form eines selbstständigen Garantieversprechens gem. § 311 Abs. 1 BGB, dass USG Corporation dafür einsteht und haftet, dass sämtliche Verpflichtungen der Verkäuferin aus diesem Vertrag (namentlich z.B. Ansprüche aus Ziffer 5 (Steuern), der Verletzung der Gewährleistungen in Ziffer 6, oder bezüglich des Wettbewerbsverbots nach Ziffer 8), erfüllt werden. USG Corporation wird sicherstellen, dass die Gesellschafterversammlung der Verkäuferin diesen Vertrag nach der Beurkundung unverzüglich genehmigt.
	 
	15.3.   USG Corporation hereby warrants to the Buyer by way of an independent guarantee pursuant to § 311 (1) BGB that USG Corporation guarantees and is liable to ensure that all obligations the Seller has under this Agreement (including, in particular, any claims resulting under clause 5 (taxes), from an infringement of the guarantees under clause 6 or in relation to the non-competition provisions under clause 8) are fulfilled. USG Corporation will ensure that the shareholders’ meeting of the Seller will approve this Agreement without undue delay after notarisation of the same. 

	15.4.   Falls es einen Unterschied zwischen der englischen und der deutschen Fassung dieses Vertrags gibt, dann geht die deutsche Fassung vor.
	 
	15.4.   In case of any discrepancy between the English and the German version of this agreement, the German version shall prevail.

	15.5.   Alle rechtsgeschäftlichen Erklärungen und Mitteilungen im Zusammenhang mit diesem Vertrag bedürfen der Schriftform, soweit nicht notarielle Beurkundung oder eine andere Form durch zwingendes Recht vorgeschrieben ist. Der Schriftform genügt eine Übermittlung per Telefax oder ein Briefwechsel, nicht aber eine sonstige telekommunikative Übermittlung. Die elektronische Form (z. B. E-Mail) ersetzt die Schriftform nicht.
	 
	15.5.   Any contractual declarations, statements or notifications made in connection with this Agreement require written form to be effective, unless their notarisation or another form is required by mandatory provisions of law. A transmission by fax or by mail is deemed to be sufficient to comply with this requirement of written form, while other forms of telecommunication are so not deemed to be sufficient. Electronic format (e.g. e-mail) is not deemed to fulfil the requirement of written form.

	15.6.   Dieser Vertrag und jede sich hieraus ergebenden Streitigkeiten werden ausschließlich nach dem Recht der Bundesrepublik Deutschland entschieden, unter Ausschluss der Regelungen des Internationalen Privatrechts.
	 
	15.6.   This Agreement and any dispute connected herewith shall be exclusively governed and construed in accordance with the laws of the Federal Republic of Germany without giving effect to its conflict of law provisions.

EUI-1200092669v15 
23

	
			
	15.7.   Ansprüche der Parteien aus diesem Vertrag verjähren wie folgt:
	 
	15.7.   Any claims of the Parties arising out of this Agreement shall expire as follows:

	-   Ansprüche auf Übertragung des verkauften Geschäftsanteils und des verkauften Kommanditanteils zehn (10) Jahre nach dem Vollzugstag;
	 
	-   claims regarding to the transfer of title to the Company Share and the Limited Partner’s Interest on the tenth (10) anniversary of the Closing Date;

	-   Ansprüche aus Ziffer 5 dieses Vertrages sechs (6) Monate nach Festsetzungsverjährung der entsprechenden Steuern; 
	 
	-   claims arising out of Section 5 hereof six (6) months after the applicable limitation period of the relevant Tax has elapsed (Festsetzungsverjährung);

	-   Ansprüche aus der Verletzung der Verpflichtungen gemäß Ziffer 8 vier (4) Jahre nach dem Vollzugstag;
	 
	-   claims in connection with a breach of the obligations pursuant to Section 8 on the fourth (4) anniversary of the Closing Date; and

	-   alle anderen Ansprüche der Käuferin oder der Verkäuferin vierundzwanzig (24) Monate nach dem Vollzugstag.
	 
	-   any other claims of the Buyer or the Seller shall expire twenty-four months after the Closing Date.

	15.8.   Alle Mitteilungen an die Verkäuferin im Zusammenhang mit diesem Vertrag sind zu richten an:
	 
	15.8.   Any notifications to the Seller in connection with this Agreement must be addressed to:

	

USG Ventures-Europe GmbH 
c/o USG Corporation 
Attention: General Counsel
550 West Adams Street
Chicago, IL 60661-3676
United States of America
Facsimile No: + 1 312 672 7745
Email: sferguson@usg.com

	sowie nachrichtlich an ihre Berater:
	 
	and, for information, to their advisors:

	

Jones Day
Attention: Adriane U. Sturm
Prinzregentenstrasse 11
80538 München
Deutschland
Facsimile No: +49 89 20 60 42 293
Email: austurm@jonesday.com

EUI-1200092669v15 
24

	
			
	15.9.   Alle Mitteilungen an die Käuferin im Zusammenhang mit diesem Vertrag sind zu richten an:
	 
	15.9.   Any notifications to the Buyer in connection with this Agreement must be addressed to:

	

Knauf Aquapanel GmbH
z.H. Jörg Schanow
Am Bahnhof 7, 97346 Iphofen, GERMANY
Fax: +49 9323-31-470
E-Mail: schanow.joerg@knauf.de

	sowie nachrichtlich an ihre Berater:
	 
	and, for information, to their advisors:

	

Freshfields Bruckhaus Deringer LLP
z.H. Dr. Christoph Nawroth
Feldmühleplatz 1
Fax: +49 211497965245
E-Mail: christoph.nawroth@freshfields.com

	15.10.   Von dieser Urkunde erhalten:
	 
	15.10.   Of this deed, the following copies shall be sent to the persons stated thereafter:

	-Ausfertigungen:
Verkäuferin und Käuferin jeweils eine
-
    Beglaubigte bzw. einfache Abschriften:
(i) die Gesellschaft, (ii) das Finanzamt – Körperschaftssteuerstelle – sowie (iii) das Registergericht 

Vorstehende Niederschrift nebst Anlagen wurde von dem Notar in deutscher Sprache, die Anlagen auf Wunsch der Erschienenen in englischer Sprache vorgelesen, von den Erschienenen genehmigt und eigenhändig, wie folgt, unterschrieben:
	 
	-   Authentic copies:
Seller and Buyer (one each)
-   Certified and non-certified copies:
(i) the Limited Partnership, (ii) the Tax Office - Corporation Tax Department - and (iii) the Registry Court 

This deed was read to the individuals by the Notary in German, the Exhibit – as requested by the individuals appearing – in English, and then approved and signed by the individuals appearing by their own hands as follows:

/s/      Adriane Sturm

/s/    Thomas Koslowski

/s/    Holger Hoffmann

EUI-1200092669v15 
25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}]]