Document:

EX-10.39

 Exhibit 10.39 

 

			
	

	  	  

 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), is entered into to be effective as of
November 16, 2012 (“Effective Date”) by and among Dialogic Corporation (the “Corporation”, which is a wholly-owned subsidiary of Dialogic Inc.), Dialogic Inc. (“Dialogic” or the
“Company”) and Anthony Housefather (“Executive”). 
 WHEREAS Executive has been employed by
the Corporation since August 25, 1997 (“Start Date”) and is currently employed under the terms of an amended and restated employment agreement dated October 1, 2010 (“Employment Agreement”) and currently
occupies the position of Executive Vice President, Corporate Affairs, General Counsel and Corporate Secretary of the Company. 

WHEREAS Dialogic and Executive wish to amend and restate the terms of Executive’s employment with both the Corporation and the
Company, and therefore desire to replace the Employment Agreement with this Agreement as of the Effective Date. 
 WHEREAS,
notwithstanding the foregoing, the Corporation acknowledges that, for all purposes related to Executive’s employment, including but not limited to Executive’s rights under this Agreement, rights under law and rights under the
Corporation’s policies and benefit plans, it will recognize Executive’s full term of employment with the Corporation’s predecessors, commencing on the Start Date. 

NOW THEREFORE, in consideration of the promises and mutual covenants set forth herein, and other consideration, the receipt of which is
hereby acknowledged, the Corporation, the Company and Executive hereby agree as follows: 
 1. Preamble. The preamble of this Agreement
forms an integral part of this Agreement as if it was recited at length herein. 
 2. Employment. Executive hereby accepts continued
employment with the Corporation, the Company and, as applicable, the Company’s affiliates (collectively, the “Dialogic Group”) on the terms and conditions as set forth in this Agreement, effective as of Effective Date and
continuing until the amendment or termination of this Agreement or the termination of Executive’s employment with the Dialogic Group (the “Employment Period”). 
 3. Position and Duties. 
  

	 	(a)	During the Employment Period, Executive will serve as the Executive Vice President, Corporate Affairs, General Counsel and Corporate Secretary of the Company and will
have the normal duties, responsibilities and authority of an individual holding such position, subject to the power of the Board of Directors of the Company, or its successor company, if applicable, (in either case, the “Board”) to
reasonably expand or limit such duties, responsibilities and authority within the confines of the customary duties, responsibilities and authority commensurate with Executive’s position. Executive will also hold such other positions with the
Dialogic Group as reasonably requested by the Company and agreed to by Executive in writing from time to time. 

  

					
	  

 
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	 	(b)	Executive will report to the President and Chief Executive Officer of the Company and/or such other individuals as the Board may designate. Executive will devote his
best efforts and his full business time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of the business of Dialogic Group. Executive will perform his duties and
responsibilities to the best of his abilities in a diligent, trustworthy, businesslike and efficient manner. 

  

	 	(c)	Notwithstanding the foregoing, during the Employment Period, it will not be a violation of this Agreement for Executive to (i) run for and hold public office;
(ii) serve on industry trade, civic or charitable boards or committees; (iii) deliver lectures or fulfill speaking engagements; or (iv) manage personal investments, as long as such activities in (i) through (iv) do not
negatively impact in a material way the performance of the Executive’s duties and responsibilities to the Dialogic Group. During the Employment Period, the Executive will be permitted to serve on for-profit corporate boards of directors and
advisory committees if approved in advance by the Board, which approval will not unreasonably be withheld or delayed unless the company concerned is a direct or indirect competitor of the Dialogic Group, in which case the Board may withhold approval
at its entire discretion. 

  

	 	(d)	The Company acknowledges that Executive may be required by virtue of his position to serve as an officer and/or director of one or more of the companies in the Dialogic
Group. The Company agrees to maintain or cause another member of the Dialogic Group to maintain directors and officers insurance that will cover Executive in the performance of his functions as a director and officer of such company in the Dialogic
Group consistent with coverage maintained for similarly situated officers and directors within the Dialogic Group and applicable law. The Company and Executive have executed an indemnity agreement dated August 9, 2012 (“Indemnity
Agreement”) and agree that the Indemnity Agreement supersedes any previous indemnity agreements executed by one or more members of the Dialogic Group and Executive. This Indemnity Agreement remains in effect during and after the Employment
Period. 

 4. Base Salary, Bonus and Benefits. 

 

	 	(a)	Base Salary. During the Employment Period, Executive’s base salary will be as set from time to time by the Board or a Committee of the Board
(“Compensation Committee”), but under no circumstances will be less than CAD $260,000 per annum (“Base Salary”), unless a reduction in pay is mutually agreed to by the parties. The Base Salary will be payable in
regular installments in accordance with general payroll practices and will be subject to customary withholding taxes and standard payroll deductions. 

  

	 	(b)	 Bonus. Executive will be eligible to continue to earn an annual incentive bonus that, at target levels, equals thirty-five percent (35%) of
Executive’s base salary earned in the applicable performance period. Whether Executive receives such a bonus, and the amount of any such bonus, will be determined by the Board in its sole and reasonable discretion, and will be based on
achievement of performance objectives to be established by the Board (or duly authorized committee thereof) and the Chief Executive Officer. Any earned bonus will be paid prior to
March 15th of the year following the year in which
the bonus was earned. Except as set out in Section 6(b) (ii), Executive must be employed on the day that the bonus (if any) is paid in order to earn the bonus. 

 

	 	(c)	Benefits. During the Employment Period, Executive will be eligible to participate in all of the employee benefit programs for which senior executive employees of
the Dialogic Group are generally eligible (collectively, the “Benefits”). 

  

					
	  

 
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	 	(d)	Paid Time Off. During the Employment Period, Executive will be eligible to accrue and use paid time off in accordance with the applicable policy in effect from
time to time. Notwithstanding anything to the contrary contained in the paid time off policies then in effect, Executive has been permitted to carry over unused vacation days from previous years, such that Executive is, as of the date of this
Agreement, credited with 53 days of such carried over vacation (“Vacation Carry-Over Days”), which exceeds the vacation accrual amounts Executive would otherwise be entitled to carry over. Executive agrees that he will make
reasonable efforts to use a minimum of five (5) such Vacation Carry-Over Days per year, in addition to any new annual accruals, provided that it is scheduled and taken in accordance with the applicable policy for paid time off as in effect from
time to time. Executive understands and agrees that all paid time off (other than the Vacation Carry-Over Days described above) will accrue and must be taken in accordance with the standard policies for employees in Canada. 

 

	 	(e)	Expenses. Executive acknowledges that his position requires extensive travel to perform his job responsibilities. The Dialogic Group will reimburse Executive for
all ordinary, necessary and reasonable expenses incurred by him in the course of performing his duties under this Agreement which are consistent with the policies in effect from time to time with respect to travel, entertainment and other business
expenses, subject to Executive’s compliance with the requirements with respect to reporting and documentation of such expenses. 

  

	 	(f)	RRSP Contribution. Executive will continue to receive an RRSP contribution in the amount of CAD $5400 on an annual basis which will be directly deposited in
January of each calendar year into the account designated by Executive. 

  

	 	(g)	Bar Fees and Insurance. The Dialogic Group will reimburse Executive for all ordinary course fees and expenses associated with his remaining a licensed attorney
and member in good standing of the bar. This includes annual bar membership fees and associated professional insurance. 

 5.
Equity Compensation. Executive will be eligible to receive new compensatory equity awards from time to time as determined by the Board in its sole discretion. 
 6. Termination of Employment. Executive’s employment may be terminated by either party, at any time, with or without notice and with or without cause. On any termination of Executive’s
employment, the Executive will be paid any accrued but unpaid base salary, and any accrued but unused vacation time, including the Vacation Carry-Over Days. On any termination of Executive’s employment, Executive agrees to promptly resign from
all positions he then holds with the Dialogic Group, unless otherwise expressly agreed to in writing by Executive and the Board. 
  

	 	(a)	Resignation without Good Reason; Termination for Cause; Termination Due to Death or Disability. If, at any time, Executive resigns his employment without Good
Reason (as defined herein), or if the Dialogic Group terminates Executive’s employment for Cause (as defined herein), or if either party terminates Executive’s employment as a result of Executive’s death or disability, Executive will
not be entitled to any other form of compensation from the Dialogic Group, including any severance benefits. 

  

					
	  

 
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	 	(b)	Termination without Cause; Resignation for Good Reason. If, at any time, either (x) the Dialogic Group terminates Executive’s employment without Cause,
or (y) Executive resigns for Good Reason( a “Separation from Service, then subject to Executive’s obligations set forth in this Agreement), Executive will be entitled to receive (collectively, the “Severance
Benefits”): 

  

	 	(i)	Salary Continuation. Fifteen (15) months of his then current Base Salary, ignoring any decrease in Base Salary that forms the basis for Good Reason, less
all applicable withholdings and deductions (the “Salary Continuation”), paid in equal installments on the normal payroll schedule for the first fifteen (15) months following the Separation from Service.

  

	 	(ii)	Annual Bonus. A lump sum payment equal to the Annual Bonus that Executive would have earned, had Executive remained employed through the payment date, based on
the actual achievement of the performance goals, as determined by the Board, but pro-rated based on the number of days Executive served as an active employee in the year of termination, paid in a lump sum on the date that annual bonuses are paid to
active employees for that year, but in all cases not later than March 15 of the year following the year of termination. 

  

	 	(iii)	Payments for Continued Health Insurance. The Dialogic Group will continue to make the Dialogic Group’s contributions to Executive’s medical and dental
benefits under the Dialogic Group plans in effect and will keep Executive registered under such plans from the date of his Separation from Service, until the earliest of (A) the close of the fifteen (15) month period immediately following
his Separation from Service, or (B) the date when he becomes eligible for substantially equivalent health insurance coverage in connection with new employment (such period from the termination date through the earliest of (A) or (B), the
“Insurance Payment Period”). The Dialogic Group will make these payments, subject to applicable tax deductions, during each month in which he receives the coverage. If Executive becomes eligible for coverage under another new
employer’s group health plan or otherwise ceases to be eligible for continued coverage during the period provided in this clause, Executive must immediately notify the Dialogic Group of such event, and all payments and obligations under this
clause will cease. 

  

	 	(iv)	RRSP Contribution. The Dialogic Group will make an RRSP contribution equal to the RRSP contribution that the Dialogic Group would normally have made during the
first fifteen (15) months following the Separation from Service, at such time and in accordance with the practices and policies then in effect. 

  

	 	(v)	Electronic Equipment. Executive will be allowed to purchase his laptop computer for book value from the Dialogic Group and will be able to retain his cell phone
or blackberry at his request, with all service, connection and other fees and costs incurred solely at the Executive’s expense. Executive must provide the laptop, cell phone and blackberry to the Dialogic Group’s information technology
department promptly following the date of the Separation from Service to ensure compliance with Section 8 of this Agreement and any other contractual or statutory obligation to return the confidential and proprietary electronic information of
the Dialogic Group. 

  

					
	  

 
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 The Severance Benefits are conditional upon (a) Executive continuing to comply with
Executive’s obligations under Executive’s Confidentiality Agreement, Executive’s Invention and Secrecy Agreement, and this Agreement; (b) Executive delivering to the Dialogic Group an effective, general release of claims in favor
of the Dialogic Group in a form acceptable to the Dialogic Group within 60 days following Executive’s Separation from Service with the exception of such Dialogic Group obligations designed to survive this Agreement including without limitation
the obligations under Section 6(b) and 2(d); and (c) Executive delivering to the Dialogic Group a letter resigning from any office which Executive hold within the Dialogic Group at that time and any board position which Executive holds at
that time with the Dialogic Group effective no later than Executive’s termination date (or such other earlier date as requested by the Board). 
 (c) Termination without Cause; Resignation for Good Reason – Change of Control. If on or within twelve (12) months following the closing of a future Change of Control, either (x) the
Company or a successor corporation terminates Executive’s employment without Cause and other than as a result of Executive’s death or disability, or (y) Executive resigns for Good Reason, and provided such termination constitutes a
Separation from Service, then, in addition to receiving the Severance Benefits, Executive will also receive (subject to satisfaction of the conditions to receiving the Severance Benefits) the acceleration of the vesting of all of Executive’s
then-outstanding compensatory stock grants as of the date of termination. 
 (d) Executive, the Company and the Corporation agree that the
notice and payments set out in this Section 6 include all notice and payments to which Executive is or may be entitled by law in the Province of Quebec. Executive agrees that the notice and payments specified above are in full satisfaction of
any amounts to which Executive might be entitled under this Agreement as well as any applicable law, including under the Act respecting labour standards and the Civil Code of Quebec. 

(e) For purposes of this Agreement, the following definitions will apply: 
 (i) Change of Control. “Change of Control” will mean the consummation of any one of the following events, but only if such event also constitutes a “change in the
ownership or effective control of the corporation or in the ownership of a substantial portion of the assets of the corporation” as defined under Treasury Regulation Section 1.409A- 3: (a) a sale, lease or other disposition of all or
substantially all of the assets of the Company; (b) a consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the shareholders of the Company
immediately prior to such consolidation, merger or reorganization, own less than 50% of the Company’s outstanding voting power of the surviving entity (or its parent) following the consolidation, merger or reorganization or (c) any
transaction (or series of related transactions involving a person or entity, or a group of affiliated persons or entities) in which in excess of fifty percent (50%) of the Company’s outstanding voting power is transferred (excluding
(i) any consolidation or merger effected exclusively to change the domicile of the Company, or (ii) any transaction or series of transactions with any then-existing shareholder of the Company or their affiliates or any holder of the
Company’s debt principally for bona fide equity financing purposes in which cash is received by the Company or any successor or indebtedness of the Company is cancelled or converted or a combination thereof). 

(ii) “Cause” will mean one or more of the following: (1) Executive’s conviction of a felony;
(2) Executive’s commission of any act of fraud with respect to the Company; (3) any intentional misconduct by Executive that has a material adverse effect upon the business of the Dialogic Group that is not cured by Executive within
thirty 

  

					
	  

 
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(30) days after written notice is given to Executive by the Dialogic Group identifying such misconduct; (4) Executive’s breach of any fiduciary or contractual obligation that Executive
owes to the Dialogic Group that has a material adverse effect upon the business of the Dialogic Group and is not cured by Executive within thirty (30) days after written notice is given to Executive by the Company identifying such breach;
(5) willful misconduct or gross negligence in the performance of Executive’s duties hereunder, including (without limitation) Executive’s refusal to comply in any material respect with the legal directives of the Board or the CEO, so
long as such directives are not inconsistent with Executive’s position and duties, that are not cured by Executive within thirty (30) days after written notice is given to Executive by the Dialogic Group identifying such misconduct or
negligence. 
 (iii) “Good Reason” will mean Executive’s resignation in writing from all positions
Executive then holds with the Dialogic Group as a result of any one of the following events which occurs without Executive’s consent and provided Executive notifies the Board in writing, within thirty (30) days after the occurrence of one
of the following actions, that Executive intends to terminate his employment no earlier than thirty (30) days after providing such notice, and the Company fails to cure such actions within thirty (30) days after receipt of such notice, and
such resignation is effective not later than sixty (60) days (or shorter timeframe if mutually agreed to in writing by Executive and the Board) after the expiration of the applicable thirty (30) day cure period: (1) a material
reduction of Executive’s then current Base Salary, which is a reduction by 10% or more; (2) any material diminution of Executive’s duties, responsibilities, or authority to a level below that of an officer of the Company or the
Corporation, excluding for this purpose (A) an isolated or inadvertent action not taken in bad faith that is remedied after notice thereof is given by Executive, (B) any change in Executive’s title, duties, responsibilities or
authority if Executive is given or Executive retains other officer level duties within the Company and/or the Corporation and (C) a reduction in duties, position or responsibilities solely by virtue of the Company or the Corporation being
acquired and made part of a larger entity, whether or not public provided Executive retains duties, position or responsibilities consistent with that of a senior executive of the Company, the Corporation or the larger entity (for example, there will
not be Good Reason if Executive is not made the General Counsel of the acquiring corporation, but instead retains duties, position or responsibilities consistent with that of a senior executive of the Company ); or (3) any requirement that
Executive relocate to a work site that results in a material adverse change in the geographic location at which Executive provides services, which the parties agrees is an increase in Executive’s one-way commute by more than fifty
(50) miles. 
 (iv) “Code” means the United States Internal Revenue Code of 1988, as amended.

 7. Agreement to Withhold Amounts Owed to Dialogic: Should it be reasonably determined that Executive owes the Dialogic Group money for
any reason, either during Executive’s employment or upon or following termination of Executive’s employment, Executive agrees that the Dialogic Group may withhold such amounts owed from any amounts payable to Executive under this
Agreement. 
 8. Confidential Information. Executive acknowledges that he has executed the Non-Disclosure, Confidentiality and
Non-Solicitation Agreement (“Confidentiality Agreement”), which forms a separate and standalone agreement between the parties which survives any termination of this Agreement and which is not modified in any way by this Agreement. Upon
termination of his employment for whatever reason, should the Dialogic Group so request Executive will immediately deliver to the Dialogic Group, or at any other time the Dialogic Group may request, all information (as defined in the Confidentiality
Agreement) relating to the business or affairs of any Dialogic Group company which he 

  

					
	  

 
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may then possess or have under his control. Alternatively the Dialogic Group may permit the Executive to retain the confidential information pursuant to Executive’s obligations should
Executive so accept, in order to be able to ask Executive questions related to such information following the Termination Date. Executive will be permitted to retain his rolodex, PDA and similar address and personal telephone directories.

 9. Inventions and Patents. Executive acknowledges that he has executed the Inventions and Secrecy Agreement and which forms a separate
and standalone agreement between the parties which survives any termination of this Agreement and which is not modified in any way by this Agreement. 
 10. Non-Solicitation: Non-Competition. 
  

	 	(a)	In farther consideration of the compensation to be paid to Executive hereunder, Executive acknowledges that in the course of his employment he has and will continue to
become familiar with the Dialogic Group’s trade secrets and with other confidential information concerning the Dialogic Group and that his services will be of special, unique and extraordinary value to the Dialogic Group. Therefore, Executive
agrees that, during the Employment Period and for twelve (12) months thereafter: 

  

	 	(i)	Executive will not directly or indirectly solicit any business involving or similar to any existing or planned products or services marketed by any member of the
Dialogic Group from any person or organization which was, to Executive’s knowledge, within two (2) years prior to his termination, a customer or a bona fide prospective customer of any Dialogic Group company; 

 

	 	(ii)	Executive will not request or advise any customer, bona fide prospective customer, supplier, licensee, licensor, landlord or other business relation of any Dialogic
Group company to withdraw, curtail or cancel its business dealings with such Dialogic Group company; 

  

	 	(iii)	Executive will not directly or indirectly recruit, or solicit any employee of any Dialogic Group company or encourage any employee of any Dialogic Group company to
leave such Dialogic Group company’s employ; and 

  

	 	(b)	Each party hereto agrees not to make, or cause or assist any other person to make, any statement or communication (other than for the purpose of enforcing this
Agreement) to any third party which impugns or attacks, or is otherwise critical of, the reputation, business or character of, or is an untrue statement regarding Executive or any member of the Dialogic Group. 

 

	 	(c)	In the event of the breach by Executive of any of the provisions of this Section 10, the Dialogic Group will be entitled, in addition to all other available rights
and remedies, to withhold any or all of the amounts agreed to be paid to the Executive hereunder until such breach is cured. If, at the time of enforcement of this Section 10, a court will hold that the duration or scope restrictions stated
herein are unreasonable under circumstances then existing, the parties agree that the maximum duration or scope reasonable under such circumstances will be substituted for the stated duration or scope and that the court will be allowed to revise the
restrictions contained herein to cover the maximum period and scope permitted by law. 

  

					
	  

 
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 11. Remedies. In addition and supplementary to other rights and remedies existing in its favor,
either party may apply to the court of law or equity of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any violations of the provisions hereof, including Sections 7, 8 or 9 hereof.

 12. Law Applicable and Legal Counsel: All terms of this Agreement will be interpreted under the laws of the Province of Quebec and the
laws of Canada applicable therein. Both parties acknowledge that they have retained legal counsel or have been given the opportunity to retain legal counsel to advise them as relates to the terms of this Agreement and that the Agreement was jointly
drafted by both parties hereto. 
 13. Arbitration. To ensure the rapid and economical resolution of disputes that may arise in
connection with Executive’s employment with the Dialogic Group, Executive, the Corporation and the Company agree that any and all disputes, claims, or causes of action, in law or equity, arising from or relating to the enforcement, breach,
performance, or interpretation of this Agreement, Executive’s employment, or the termination of employment, will be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration in Montreal, Quebec by the
Canadian Commercial Arbitration Centre (“CCAC”) or its successor, under CCAC’s then applicable rules and procedures The arbitration shall take place in the English language. Executive acknowledges that by agreeing to this
arbitration procedure, Executive and the Dialogic Group waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. Executive will have the right to be represented by legal counsel at any
arbitration proceeding. The arbitrator will: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written statement signed by
the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. The arbitrator will be
authorized to award all relief that Executive or the Dialogic Group would be entitled to seek in a court of law. The Dialogic Group will pay all CCAC arbitration fees in excess of the administrative fees that Executive would be required to pay if
the dispute were decided in a court of law. Nothing in this Agreement is intended to prevent either Executive or the Dialogic Group from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration.

 14. Severability: If, for any reason, any provision of this Agreement is held invalid, the other provisions will remain in effect
insofar as is consistent with law. 
 15. Language: This Agreement has been drafted in English at the express wish of the parties. Ce
contrat a été rédigé en anglais à la demande expresse des parties. 
 16. Entire Agreement: This
Agreement expresses the entire agreement between Executive, the Company and the Corporation with respect to Executive’s employment and it may not be amended except in writing. This Agreement will bind the heirs, personal representatives,
successors and assigns of Executive, the Company and the Corporation, and will inure to the benefit of Executive, the Company and the Corporation. 

  

					
	  

 
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 17. By signing this Agreement, Executive expressly acknowledges that he has had an adequate opportunity
to review and consider the Agreement before signing it, including an opportunity to consult with legal counsel of his choosing should he so wish, and that he is signing this Agreement voluntarily and with the intent to be bound by its terms.

  

	
	DIALOGIC CORPORATION AND DIALOGIC INC.
	
	 /s/ Kevin Cook

	 Kevin Cook, President and CEO

 Please indicate your acceptance of these terms and conditions by signing where indicated below and faxing a copy of this
Agreement (including any Annexes) to the attention of Rosanne Sargent, SVP Human Resources, to her fax number at 973- 967-6030 or by sending a PDF copy to her via email at rosanne.sargent@dialogic.com and then sending the executed originals
to her attention at 1515 Route Ten East, Parsippany, NJ, 07054, with a signed copy to Beverly Draper, for your personnel file which is maintained in Montreal, Quebec, Canada. 

 

					
	 /s/ Anthony Housefather
	  	 December 19, 2012
	 	
	Anthony Housefather	  	Date	 	

  

					
	  

 
	  	Dialogic Corporation 9800 Cavendish Blvd 5th Floor Montreal Quebec Canada H4M 2V9
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 Exhibit 4.1 
 AMENDMENT NO. 2 TO RIGHTS AGREEMENT 
 Amendment No. 2, dated as of
March 22, 2013 (this “Amendment”), to the Rights Agreement, dated as of December 21, 2006, as amended (the “Rights Agreement”), by and between USG Corporation, a Delaware corporation (the
“Company”), and Computershare Trust Company, N.A., as rights agent (successor rights agent to Computershare Investor Services, LLC, hereinafter, the “Rights Agent”). 

RECITALS 

WHEREAS, the Board of Directors of the Company has determined that it is in the best interests of the Company and its stockholders to
amend the Rights Agreement as set forth in this Amendment; 
 WHEREAS, pursuant to Section 27 of the Rights Agreement,
prior to the time at which the Rights cease to be redeemable, and subject to the penultimate sentence of Section 27 of the Rights Agreement, the Company may in its sole and absolute discretion, and the Rights Agent will if the Company so
directs, supplement or amend any provision of the Rights Agreement in any respect in accordance with the provisions of such Section; and 
 WHEREAS, pursuant to the terms of the Rights Agreement and in accordance with Section 27 thereof, the Company has directed that the Rights Agreement be amended as set forth in this Amendment, and by
its execution and delivery hereof, directs the Rights Agent to execute this Amendment. 
 NOW THEREFORE, in consideration of the
foregoing and the mutual agreements set forth in the Rights Agreement and in this Amendment, the parties hereto hereby amend the Rights Agreement as follows: 
 1. Section 1(a) of the Rights Agreement is hereby amended and restated in its entirety as follows: 
 “(a) “Acquiring Person” means any Person (other than the Company, any Related Person, any Restricted Person or any Exempt Person) who or which, together with all Affiliates
and Associates of such Person, is the Beneficial Owner of the Trigger Amount, or more, of the then-outstanding Common Shares; provided, however, that (i) any Person who or which would otherwise be an Acquiring Person as of 4:00
p.m., New York City time, on March 22, 2013 (the “Effective Time”) will not be deemed to be an Acquiring Person for any purpose of this Agreement prior to or after the Effective Time unless and until such time as
(A) such Person or any Affiliate or Associate of such Person thereafter becomes the Beneficial Owner of any additional Common Shares, other than (1) pursuant to any agreement or regular-way purchase order for Common Shares that is in
effect on or prior to the Effective Time and consummated in accordance with its terms after the Effective Time, (2) as a result of a stock dividend, rights dividend, stock split or similar transaction effected by the Company in which all
holders of Common Shares are treated equally, or (3) during the Special Period, as a result of the conversion by an initial purchaser or a direct or indirect subsidiary of such initial purchaser in which such initial purchaser Beneficially Owns
more than 50% of the equity interests (measured by both voting rights and value) (a “Controlled Affiliate”) of the 10% Contingent Convertible Senior Notes due 2018 of the Company (the “10% Notes”) into
Common Stock issued by the Company to such initial purchaser or a Controlled Affiliate of such initial purchaser, or (B) any other Person who is the Beneficial Owner of Common Shares becomes an Affiliate or Associate of such Person,
provided that the foregoing exclusion in this clause (i) shall cease to apply with respect to any Person at such time as such Person, together 

 
with all Affiliates and Associates of such Person, Beneficially Owns less than the Trigger Amount of the then-outstanding Common Shares, (ii) a Person will not be deemed to have become an
Acquiring Person solely as a result of a reduction in the number of Common Shares outstanding unless and until such time as (A) such Person or any Affiliate or Associate of such Person thereafter becomes the Beneficial Owner of any additional
Common Shares, other than as a result of a stock dividend, stock split or similar transaction effected by the Company in which all holders of Common Shares are treated equally, or (B) any other Person who is the Beneficial Owner of Common
Shares thereafter becomes an Affiliate or Associate of such Person and, in either such case, such Person, together with all Affiliates and Associates of such Person, shall thereafter be the Beneficial Owner of the Trigger Amount, or more, of the
then-outstanding Common Shares, and (iii) a Person will not be deemed to have become an Acquiring Person solely as a result of an Exempt Transaction unless and until such time as (A) such Person or any Affiliate or Associate of such Person
thereafter becomes the Beneficial Owner of any additional Common Shares, other than as a result of a stock dividend, rights dividend, stock split or similar transaction effected by the Company in which all holders of Common Shares are treated
equally, or (B) any other Person who is the Beneficial Owner of Common Shares thereafter becomes an Affiliate or Associate of such Person and, in either such case, such Person, together with all Affiliates and Associates of such Person, shall
thereafter be the Beneficial Owner of the Trigger Amount, or more, of the then-outstanding Common Shares. Notwithstanding the foregoing, if (1) the Board of Directors of the Company determines that a Person who would otherwise be an
“Acquiring Person” as defined pursuant to the foregoing provisions of this Section 1(a) has become such inadvertently and (2) such Person divests as promptly as practicable or agrees in writing with the Company to divest a
sufficient number of Common Shares so that such Person would no longer be an “Acquiring Person” as defined pursuant to the foregoing provisions of this Section 1(a), then such Person shall not be deemed to be an “Acquiring
Person” for any purposes of this Agreement, provided, however, that during the Special Period, the actions contemplated by this clause (2) need be taken only if and to the extent the Board of Directors may determine in its
sole discretion.” 
 2. Section 1(b) of the Rights Agreement is hereby amended and restated in its entirety as
follows: 
 “(b) “Affiliate” and “Associate”
(i) after the end of the Special Period, will have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement, provided,
however, that a Person will not be deemed to be the Affiliate or Associate of another Person solely because either or both Persons are or were Directors of the Company and (ii) during the Special Period, with respect to any Person, will
mean any other Person (other than the Company, a Related Person, a Restricted Person or an Exempt Person) whose Common Shares would be deemed constructively owned by such first Person pursuant to the provisions of Section 382 of the Internal
Revenue Code of 1986, as amended (the “Code”), or any successor provision or replacement provision.”  
 3. The last sentence of Section 1(c) of the Rights Agreement is hereby amended and restated in its entirety as follows: 
 “Notwithstanding anything in this Agreement to the contrary, (1) to the extent not within the foregoing provisions of this Section 1(c), a Person shall be deemed the “Beneficial
Owner” of, and shall be deemed to “beneficially own” or have “beneficial ownership” of, 

  
 -2-

 
any securities which such Person would be deemed to constructively own pursuant to Section 382 of the Code, or any successor provision or replacement provision, and (2) during the
Special Period, a Person shall not be deemed to be the “Beneficial Owner” of, or to “beneficially own” or have “beneficial ownership” of, any Common Shares into which 10% Notes are convertible unless and until, and only
to the extent that, such Person acquires Beneficial Ownership of Common Shares upon conversion of 10% Notes.” 
 4.
Section 1(ee) of the Rights Agreement is hereby amended and restated in its entirety as follows: 

“(ee) “Special Period” means the period beginning at the Effective Time and ending at the
earliest of (i) the Close of Business on March 22, 2016, (ii) the Close of Business on the date of a determination by the Board of Directors of the Company that this Agreement is no longer necessary for the preservation of Tax
Benefits because of the repeal of Section 382 or any successor statute, (iii) the Close of Business on the first day of a taxable year of the Company to which the Board of Directors of the Company determines that no Tax Benefits may be
carried forward, and (iv) the Close of Business on such date as the Board of Directors of the Company determines that this Agreement is no longer necessary for the preservation of Tax Benefits.” 

5. Section 1(ff) of the Rights Agreement is hereby amended and restated in its entirety as follows: 

“(ff) “Trigger Amount” means (i) 4.9% during the Special Period and (ii) 15% after
the end of the Special Period.” 
 6. Section 1 of the Rights Agreement is hereby further amended by adding the
following subsections at the end thereof: 
 “(gg) “Exempt Transaction” means any
transaction that the Board of Directors of the Company determines, in its sole discretion, is exempt for purposes of this Agreement. 
 (hh) “Tax Benefits” means the net operating loss carry-overs, capital loss carry-overs, general business credit carry-overs, alternative minimum tax credit carry-overs and foreign
tax credit carry-overs, as well as any “net unrealized built-in loss” within the meaning of Section 382 of the Code or any successor provision or replacement provision, of the Company or any direct or indirect subsidiary thereof.

 (ii) “Treasury Regulations” means final, temporary and proposed income tax regulations
promulgated under the Code, including any amendments thereto.” 
 7. Exhibit B to the Rights Agreement is hereby amended
and restated in its entirety in the form attached as Exhibit B to this Amendment. 
 8. Capitalized terms used without other
definition in this Amendment will be used as defined in the Rights Agreement. 

  
 -3-

 9. This Amendment will be deemed to be a contract made under the internal substantive laws
of the State of Delaware and for all purposes will be governed by and construed in accordance with the internal substantive laws of such State applicable to contracts to be made and performed entirely within such State. 

10. The Rights Agreement will not otherwise be supplemented or amended by virtue of this Amendment, but will remain in full force and
effect. 
 11. This Amendment may be executed in any number of counterparts and each of such counterparts will for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Amendment transmitted electronically shall have the same authority, effect, and enforceability as an original
signature. 
 12. The undersigned officer of the Company, being duly authorized on behalf of the Company, hereby certifies in
his or her capacity as an officer on behalf of the Company to the Rights Agent that this Amendment is in compliance with the terms of Section 27 of the Rights Agreement. 
 13. By its execution and delivery hereof, the Company directs the Rights Agent to execute this Amendment. 
 [Signatures on following page.] 

  
 -4-

 IN WITNESS WHEREOF, this Amendment has been duly executed by the Company and the Rights
Agent as of the Effective Time. 
  

					
	USG CORPORATION
		
	By:	 	 /s/ Stanley L. Ferguson

		 	Name:	 	Stanley L. Ferguson
		 	Title:	 	Executive Vice President, General
		 		 	Counsel and Secretary
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 /s/ Dennis Moccia

		 	Name:	 	Dennis Moccia
		 	Title:	 	Manager, Contract Renewal

  
 -S-1-

 EXHIBIT B 
 SUMMARY OF RIGHTS TO PURCHASE PREFERRED STOCK 
 On December 21, 2006,
the Board of Directors of USG Corporation adopted a rights plan and declared a dividend of one preferred share purchase right for each outstanding USG common share. The dividend was payable on January 2, 2007 to our stockholders of record on
that date. The terms of the rights and the rights plan are set forth in a Rights Agreement, dated as of December 21, 2006, as amended, by and between USG and Computershare Trust Company, N.A., as rights agent (successor rights agent to
Computershare Investor Services, LLC). 
 This summary of rights provides a general description of the rights plan, as amended
to date. Because it is only a summary, this description should be read together with the entire rights plan, as amended, which we incorporate in this summary by reference. We have filed the rights plan and its amendments with the Securities and
Exchange Commission as exhibits to our registration statement on Form 8-A. Upon written request, we will provide a copy of the rights plan and its amendments free of charge to any stockholder. 

Our Board adopted the rights plan to protect our stockholders from coercive takeover practices or takeover bids that are inconsistent
with their best interests. In general terms, the rights plan imposes a significant penalty upon any person or group that acquires 15% or more of our outstanding common shares without the prior approval of our Board. On March 22, 2013, the
rights plan was amended to provide additional protection to certain of the Company’s deferred tax assets for a specified period. Specifically, the rights plan was amended to provide that during the Special Period, the triggering threshold to
become an “acquiring person” would be 4.9% or more of our outstanding common shares. The “Special Period” is defined to mean the period beginning at 4:00 p.m., New York City time, on March 22, 2013, and ending at the
earliest of (i) March 22, 2016, (ii) the date of the Board’s determination that the rights plan amendment is no longer necessary for the preservation of the deferred tax assets because of the repeal of Section 382 or any
successor statute, (iii) the first day of a taxable year of USG to which the Board determines that no tax assets may be carried forward, and (iv) such date as the Board determines that the rights plan amendment is no longer necessary for
the preservation of the tax assets. A person or group that acquires a percentage of our common stock in excess of the applicable triggering threshold is called an “acquiring person.” Any rights held by an acquiring person are void and may
not be exercised. 
 Based on an earlier agreement with USG, through August 1, 2013 Berkshire Hathaway Inc. is allowed to
acquire 40% of our common stock, calculated on a fully diluted basis, without becoming an acquiring person. Thereafter, Berkshire Hathaway may acquire 50% of our fully diluted common stock without becoming an acquiring person or such greater
percentage of our common stock that Berkshire Hathaway acquires through an offer to purchase all of our common stock that remains open for at least 60 days. 
 The Rights. If the rights become exercisable, each right would allow its holder to purchase from us one one-hundredth of a share of our Junior Participating Preferred Stock, Series D, for a
purchase price of $200.00. Each fractional share of preferred stock would give the stockholder approximately the same dividend, voting and liquidation rights as does one share of our common stock. Prior to exercise, however, a right does not give
its holder any dividend, voting or liquidation rights. 

  
 B-1

 Exercisability. The rights will not be exercisable until the earlier of:

  

	 	•	 	 10 days after a public announcement by USG that a person or group has become an acquiring person; and 

 

	 	•	 	 10 business days (or a later date determined by our Board) after a person or group (other than USG, certain related persons and certain restricted or
exempt persons) begins a tender or exchange offer that, if completed, would result in that person or group becoming an acquiring person. 

 We refer to the date that the rights become exercisable as the “distribution date.” Until the distribution date, our common stock certificates will also evidence the rights and
will contain a notation to that effect. Any transfer of shares of common stock prior to the distribution date will constitute a transfer of the associated rights. After the distribution date, the rights will separate from the common stock and be
evidenced by rights certificates, which we will mail to all holders of rights that have not become void. 
 Flip-in
Event. After the distribution date, if a person or group is or becomes an acquiring person, all holders of rights, except the acquiring person, may exercise their rights upon payment of the purchase price to purchase shares of our common
stock (or other securities or assets as determined by the Board) with a market value of two times the purchase price. 

Flip-over Event. After the distribution date, if a flip-in event has already occurred and USG is acquired in a merger or
similar transaction, all holders of rights except the acquiring person may exercise their rights upon payment of the purchase price to purchase shares of the acquiring corporation with a market value of two times the purchase price of the rights.

 Rights may be exercised to purchase our preferred shares only after the distribution date occurs and prior to the occurrence
of a flip-in event as described above. A distribution date resulting from the commencement of a tender offer or exchange offer described in the second bullet point above could precede the occurrence of a flip-in event, in which case the rights could
be exercised to purchase our preferred shares. A distribution date resulting from any occurrence described in the first bullet point above would necessarily follow the occurrence of a flip-in event, in which case the rights could be exercised to
purchase shares of common stock or other securities as described above. 
 Expiration. The rights will expire on
January 2, 2017, unless earlier redeemed or exchanged. 
 Redemption. Our Board may redeem all (but not less
than all) of the then-outstanding rights for a redemption price of $0.001 per right at any time before the later of the distribution date and the date of the first public announcement or disclosure by USG that a person or group has become an
acquiring person. Once the rights are redeemed, the right to exercise rights will terminate, and the only right of the holders of rights will be to receive the redemption price. 

Exchange. After the later of the date of the first public announcement by USG that a person or group has become an
acquiring person and the distribution date, but before an acquiring person owns 50% or more of our outstanding common stock, our Board may exchange each right (other than rights that have become void) for one share of common stock or an equivalent
security. 
 Anti-Dilution Provisions. Our Board may adjust the purchase price of the preferred shares, the number
of preferred shares issuable and the number of outstanding rights to prevent dilution that may occur as a result of certain events, including among others, a stock dividend, a stock split or a reclassification of the preferred shares or our common
stock. No adjustments to the purchase price of less than 1% will be made. 

  
 B-2

 TIDE Policy. Our Board also adopted a Three-Year Independent Director
Evaluation (“TIDE”) policy with respect to the rights plan. The TIDE policy requires a Board committee comprised solely of independent directors to review the rights plan at least once every three years to determine whether to modify the
rights plan in light of all relevant factors. 
 Amendments. Before the time the rights cease to be redeemable,
our Board may amend or supplement the rights plan without the consent of the holders of the rights, except that no amendment may decrease the redemption price below $0.001 per right. At any time thereafter, our Board may amend or supplement the
rights plan only to cure an ambiguity, to alter time period provisions, to correct inconsistent provisions or to make any additional changes to the rights plan, but only to the extent that those changes do not impair or adversely affect any rights
holder and do not result in the rights again becoming redeemable. The limitations on our Board’s ability to amend the rights plan does not affect our Board’s power or ability to take any other action that is consistent with its fiduciary
duties, including without limitation accelerating or extending the expiration date of the rights, making any amendment to the rights plan that is permitted by the rights plan or adopting a new rights plan with such terms as our Board determines in
its sole discretion to be appropriate. 

*        *        * 

  
 B-3

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