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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">As filed with the Securities and Exchange Commission on February&nbsp;28, 2007.</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Registration Statement Under<BR>
the Securities Act of 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>USG CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>36-3329400</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of <BR>
Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>125 South Franklin Street</B><BR>
<U><B>Chicago, Illinois 60606</B></U><BR>
(Address of Principal Executive Offices, Including Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>USG CORPORATION<BR>
DEFERRED COMPENSATION PLAN</B></DIV>

<DIV align="center" style="font-size: 10pt">(Full Title of the Plan)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Ellis A. Regenbogen</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(312)&nbsp;606-4000</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Corporate Secretary and
Associate General Counsel <BR>
USG Corporation</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Telephone number,<BR>
including area code,</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>125 South Franklin Street</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">of agent for service)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Chicago, Illinois 60606</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Name and Address of Agent for Service)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="34%">&nbsp;</TD>
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    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
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    <TD width="4%">&nbsp;</TD>
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    <TD width="20%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="CENTER">Title of Securities</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Offering Price Per</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Aggregate Offering</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">to be Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registered (1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Share</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Price (2)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registration Fee</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Deferred
Compensation
Obligations (1)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$30,000,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">100%</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$30,000,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$921</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Deferred Compensation Obligations are unsecured obligations of USG Corporation to pay deferred
compensation in the future in accordance with the terms of the USG Corporation Deferred Compensation Plan, as it
may hereafter be amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purposes of determining the amount of the registration fee.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>









<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">










<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
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	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II<BR> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. <U>Incorporation of Documents by Reference</U>.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. <U>Description of Securities</U>.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. <U>Interest of Named Experts and Counsel</U>.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. <U>Indemnification of Directors and Officers</U>.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. <U>Exemption from Registration Claimed</U>.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. <U>Exhibits</U>.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. <U>Undertakings</U>.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="c12784exv5w1.htm">Opinion of Ellis A.Regenbogen</A></TD></TR>
<TR><TD colspan="9"><A HREF="c12784exv5w2.htm">Opinion of McDermott Will & Emery LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="c12784exv23.htm">Consent of Deloitte & Touche LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="c12784exv24.htm">Power of Attorney</A></TD></TR>
</TABLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>






<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in Part&nbsp;I of Form S-8 will be sent or given
to participating employees as specified by Rule&nbsp;428(b)(1) under the Securities Act of 1933, as
amended (the &#147;1933 Act&#148;). These documents and the documents incorporated by reference in this
Registration Statement pursuant to Item&nbsp;3 of Part&nbsp;II, taken together, constitute a prospectus that
meets the requirements of Section 10(a) of the 1933 Act.
</DIV>
<!-- link1 "PART II<BR> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3. <U>Incorporation of Documents by Reference</U>." -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. </B><U><B>Incorporation of Documents by Reference</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents are incorporated by reference into this Registration Statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The Annual Report of USG Corporation (the &#147;Registrant&#148;) on Form 10-K for the fiscal year
ended December&nbsp;31, 2006 (the &#147;10-K&#148;), filed by the Registrant with the Securities and Exchange
Commission (the &#147;Commission&#148;) pursuant to the Securities Exchange Act of 1934, as amended (the
&#147;1934 Act&#148;); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;The Registrant&#146;s Current Reports on Form 8-K dated January&nbsp;29, 2007, February&nbsp;20, 2007 and
February&nbsp;27, 2007, filed by the Registrant with the Commission pursuant to the 1934 Act; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the 1934
Act since December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d) of the
1934 Act subsequent to the date of this Registration Statement and prior to the filing of a
post-effective amendment that indicates that all securities offered have been sold or which
de-registers all securities then remaining unsold shall be deemed to be incorporated by reference
into this Registration Statement and to be a part hereof from the date of filing of such documents
(such documents, and the documents identified above, being hereinafter referred to as &#147;Incorporated
Documents&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement or information contained in an Incorporated Document shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
or information contained herein or in any other subsequently filed Incorporated Document modifies
or supersedes such statement or information. Any such statement or information so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.
</DIV>
<!-- link2 "Item&nbsp;4. <U>Description of Securities</U>." -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. </B><U><B>Description of Securities</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The securities covered by this Registration Statement represent obligations (&#147;Obligations&#148;) of
the Registrant to pay deferred compensation in the future in accordance with the terms of the USG
Corporation Deferred Compensation Plan (the &#147;Plan&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Obligations are general unsecured obligations of the Registrant to pay deferred
compensation in the future according to the terms of the Plan from a &#145;rabbi trust&#148; established for
that purpose by the Registrant, and rank equally with other unsecured and unsubordinated
indebtedness of the Registrant from time to time outstanding subject to the claims of its general
creditors.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary. Eligible employees of the Registrant are entitled to
defer receipt of certain compensation into the Plan. The amount of compensation to be deferred by
each participating eligible employee (individually, a &#147;Participant&#148; and collectively, the
&#147;Participants&#148;) is determined in accordance with the Plan based on elections by each Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations in an amount equal to each Participant&#146;s Deferral Account (as defined in the Plan)
consisting of deferred compensation and any earnings or losses in value thereon will be payable
either on the withdrawal date elected by the Participant or upon the occurrence of certain events
as provided under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Plan, Obligations increase or decrease in value based on the investment performance
of one or more of the various investment alternatives offered under the Plan and selected by the
Participants. Subject to the Registrant&#146;s discretionary right to change the investment
alternatives in the future, the investment alternatives will be the same as the alternatives in the
USG Corporation Investment Plan and will include an investment alternative that mirrors the
performance of the Registrant&#146;s common stock. However, the Registrant is not obligated to invest
in such investment alternatives. The investment alternatives are used only for purposes of
crediting or debiting the Participants&#146; Deferral Accounts with deemed earnings or losses.
Participants have no actual investment in these investment alternatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Obligations are not convertible into another security of the Registrant. The Obligations
will not have the benefit of any negative pledge or any other affirmative or negative covenant on
the part of the Registrant. Neither will the Obligations have the benefit of any lien on any
property of the Registrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Participant may designate one or more beneficiaries to receive any portion of the
Obligations payable in the event of death. Participants or beneficiaries may not anticipate,
alienate, sell, transfer, assign or otherwise dispose of any right or interest in the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant reserves the right to amend or terminate the Plan at any time, except that no
such amendment or termination shall adversely affect a Participant&#146;s right to Obligations in the
amount of the Participant&#146;s Deferral Accounts as of the date of such amendment or termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing description of the Obligations is qualified by reference to the text of the
Plan, which has been filed as an exhibit to this Registration Statement, as it may hereafter be
amended.
</DIV>
<!-- link2 "Item&nbsp;5. <U>Interest of Named Experts and Counsel</U>." -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. </B><U><B>Interest of Named Experts and Counsel</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The legality of the Obligations covered by this Registration Statement has been passed upon
for the Registrant by Ellis A. Regenbogen, Corporate Secretary and Associate General Counsel of the
Registrant. Mr.&nbsp;Regenbogen currently holds 200 shares of the Registrant&#146;s common stock. He holds
options to acquire 6,400 shares of the Registrant&#146;s common stock and restricted stock units with
respect to 3,500 shares of the Registrant&#146;s common stock. Mr.&nbsp;Regenbogen is eligible to
participate in the Plan.
</DIV>
<!-- link2 "Item&nbsp;6. <U>Indemnification of Directors and Officers</U>." -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. </B><U><B>Indemnification of Directors and Officers</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is a Delaware corporation. Section&nbsp;145 of the Delaware General Corporation Law
(the &#147;DGCL&#148;) provides that, in certain circumstances, a corporation may indemnify its directors and
officers against expenses (including attorneys&#146; fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred as a result of any actual or threatened action, suit or
proceeding against such directors or officers, or by or in the right of any other enterprise which
such directors and officers served in any capacity at the request of the corporation, by reason of
the fact that such person acted in any of the capacities set forth above, if such director or
officer (i)&nbsp;acted in good faith and in a manner which he or she reasonably believed to be in or not
opposed to the best interests of the corporation, and (ii)&nbsp;in criminal actions or proceedings, had
no reasonable cause to believe that his or her conduct was unlawful.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A corporation is required to indemnify against reasonable expenses (including attorneys&#146; fees)
incurred by any director or officer who successfully defends any such action. The DGCL also
provides for indemnification of officers and directors in actions by or in the right of the
corporation, subject to certain exceptions. Indemnification provided by these provisions of the
DGCL is not exclusive of any other rights to which a director or officer may be entitled. The
foregoing statements are subject to the detailed provisions of the DGCL. The Registrant has
entered into an indemnification agreement with each of its directors and executive officers that
provides for indemnification as required by the Registrant&#146;s By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;VII of the Registrant&#146;s By-laws provides that the Registrant shall indemnify any
officer or director of the Registrant to the extent, in the manner, and subject to compliance with
the applicable standards of conduct, provided by Section&nbsp;145 of the DGCL. It also provides that the
Registrant shall indemnify and advance expenses to the directors and officers of the Registrant to
the fullest extent permitted by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant maintains directors&#146; and officers&#146; liability insurance covering all directors
and officers of the Registrant against claims arising out of the performance of their duties.
</DIV>
<!-- link2 "Item&nbsp;7. <U>Exemption from Registration Claimed</U>." -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. </B><U><B>Exemption from Registration Claimed</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable
</DIV>

<!-- link2 "Item&nbsp;8. <U>Exhibits</U>." -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. </B><U><B>Exhibits</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Exhibit&nbsp;Index on page 9 of this Registration Statement, which Exhibit
Index is incorporated herein by reference.
</DIV>
<!-- link2 "Item&nbsp;9. <U>Undertakings</U>." -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. </B><U><B>Undertakings</B></U><B>.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant hereby undertakes:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to include any prospectus required by Section&nbsp;10(a)(3) of the 1933 Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate,
represents a fundamental change in the information set forth in the registration statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to include any material information with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the registration statement;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided, however, that paragraphs A(1)(i) and A(1)(ii) do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or 15(d) of the 1934 Act that are
incorporated by reference in the registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)&nbsp;That, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">thereof.</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the
offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(4)&nbsp;That, for the purpose of determining liability under the 1933 Act to any purchaser:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Registrant is relying on Rule&nbsp;430B:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each prospectus filed by the Registrant
pursuant to Rule&nbsp;424(b)(3) shall be
deemed to be part of the registration
statement as of the date the filed
prospectus was deemed part of and
included in the registration statement;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each prospectus required to be filed
pursuant to Rule&nbsp;424(b)(2), (b)(5), or
(b)(7) as part of the registration
statement in reliance on Rule&nbsp;430B
relating to an offering made pursuant to
Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;for the
purpose of providing the information
required by section 10(a) of the 1933 Act
shall be deemed to be part of and
included in the registration statement as
of the earlier of the date such form of
prospectus is first used after
effectiveness or the date of the first
contract sale of securities in the
offering described in the prospectus. As
provided in Rule&nbsp;430B, for liability
purposes of the issuer and any person
that is at that date an underwriter, such
date shall be deemed to be a new
effective date of the registration
statement relating to the securities in
the registration statement to which that
prospectus relates, and the offering of
such securities at that time shall be
deemed to be the initial <I>bona fide</I>
offering thereof; provided, however, that
no statement made in a registration
statement or prospectus that is that is a
part of the registration statement or
made in a document incorporated by
reference or deemed incorporate by
reference into the registration statement
or prospectus that is part of the
registration statement will, as to a
purchaser with a time of contract of sale
prior to such effective date, supersede
or modify any statement that was made in
the registration statement or prospectus
that was part of the registration
statement or made in any such document
immediately prior to such effective date,
or;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Registrant is subject to Rule
430C, each prospectus filed pursuant to
Rule 424(b) as part of a registration
statement relating to an offering, other
than registration statements relying on
Rule&nbsp;430B or other than prospectuses
filed in reliance on Rule&nbsp;430A, shall be
deemed to be part of and included in the
registration statement as of the date it
is first used after effectiveness;
provided, however, that no statement made
in the registration statement or
prospectus that is part of the
registration statement or made in a
document incorporated or deemed
incorporated by reference into the
registration statement will, as to the
purchaser with a time of contract of sale
prior to such first use, supersede or
modify any statement that was made in the
registration statement or prospectus that
was part of the registration statement or
made in any such document immediately
prior to such date of first use.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(5)&nbsp;That, for the purpose of determining liability of the Registrant under the 1933 Act to
any purchaser in the initial distribution of the securities:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be
considered to offer or sell such securities to such purchaser:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(i)&nbsp;any preliminary prospectus or prospectus of the undersigned Registrant
relating to the offering required to be filed pursuant to Rule&nbsp;424;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ii)&nbsp;any free writing prospectus relating to the offering prepared by or on
behalf of the undersigned Registrant or used or referred to by the
undersigned Registrant;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(iii)&nbsp;the portion of any other free writing prospectus relating to the
offering containing material information about the undersigned Registrant
or its securities provided by or on behalf of the undersigned Registrant;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(iv)&nbsp;any other communication that is an offer in the offering made by the
undersigned Registrant to the purchaser.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the 1933 Act, each filing of the
registrant&#146;s annual report pursuant to Section 13(a) or 15(d) of the 1934
Act (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to Section 15(d) of the 1934 Act) that is
incorporated by reference in the registration statement shall be deemed to
be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the
initial <I>bona fide </I>offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the 1933 Act may
be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of
the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection
with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against policy as expressed in the
Act and will be governed by the final adjudication of such issue.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-6-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois, on the 28th
day of February, 2007.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">USG CORPORATION</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Richard H. Fleming</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Richard H. Fleming</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed by the following persons in the capacities indicated on the 28th day of
February, 2007.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William C. Foote
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William C. Foote,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">W. Douglas Ford,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chairman and Chief Executive Officer and
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Principal Executive Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard H. Fleming
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard H. Fleming,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David W. Fox,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Executive Vice President and
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Principal Financial Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ D. Rick Lowes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D. Rick Lowes,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Valerie B. Jarrett,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vice President and Controller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Principal Accounting Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jose Armario,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Steven F. Leer,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert L. Barnett,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marvin E. Lesser,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Keith A. Brown,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John B. Schwemm,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James C. Cotting,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Judith A. Sprieser,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-7-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lawrence M. Crutcher,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Richard H. Fleming
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Richard H. Fleming,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-8-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Ellis A. Regenbogen, Corporate Secretary and
Associate General Counsel, USG Corporation (including
consent)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of McDermott Will &#038; Emery LLP (including consent)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">USG Corporation Deferred Compensation Plan (incorporated by
reference to Exhibit&nbsp;10.31 to the Registrant&#146;s Annual
Report on Form&nbsp;10-K for its fiscal year ended December&nbsp;31,
2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

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<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on February 28, 2007.
Registration No.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM S-8
Registration Statement Under
the Securities Act of 1933
USG CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware
36-3329400
(State or Other Jurisdiction of
Incorporation or Organization)
(IRS Employer
Identification No.)
125 South Franklin Street
Chicago, Illinois 60606
(Address of Principal Executive Offices, Including Zip Code)
USG CORPORATION
DEFERRED COMPENSATION PLAN
(Full Title of the Plan)
Ellis A. Regenbogen
(312) 606-4000
Corporate Secretary and
Associate General Counsel
USG Corporation
(Telephone number,
including area code,
125 South Franklin Street
of agent for service)
Chicago, Illinois 60606
(Name and Address of Agent for Service)
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Securities
Amount to be
Offering Price Per
Aggregate Offering
Amount of
to be Registered
Registered (1)
Share
Price (2)
Registration Fee
Deferred
Compensation
Obligations (1)
$30,000,000
100%
$30,000,000
$921
(1)
The Deferred Compensation Obligations are unsecured obligations of USG Corporation to pay deferred
compensation in the future in accordance with the terms of the USG Corporation Deferred Compensation Plan, as it
may hereafter be amended.
(2)
Estimated solely for the purposes of determining the amount of the registration fee.
TABLE OF CONTENTS
PART I
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
.
Item 4.
Description of Securities
.
Item 5.
Interest of Named Experts and Counsel
.
Item 6.
Indemnification of Directors and Officers
.
Item 7.
Exemption from Registration Claimed
.
Item 8.
Exhibits
.
Item 9.
Undertakings
.
SIGNATURES
EXHIBIT INDEX
Opinion of Ellis A.Regenbogen
Opinion of McDermott Will & Emery LLP
Consent of Deloitte & Touche LLP
Power of Attorney
Table of Contents
PART I
The documents containing the information specified in Part I of Form S-8 will be sent or given
to participating employees as specified by Rule 428(b)(1) under the Securities Act of 1933, as
amended (the "1933 Act"). These documents and the documents incorporated by reference in this
Registration Statement pursuant to Item 3 of Part II, taken together, constitute a prospectus that
meets the requirements of Section 10(a) of the 1933 Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
.
The following documents are incorporated by reference into this Registration Statement:
(1) The Annual Report of USG Corporation (the "Registrant") on Form 10-K for the fiscal year
ended December 31, 2006 (the "10-K"), filed by the Registrant with the Securities and Exchange
Commission (the "Commission") pursuant to the Securities Exchange Act of 1934, as amended (the
"1934 Act"); and
(2) The Registrant's Current Reports on Form 8-K dated January 29, 2007, February 20, 2007 and
February 27, 2007, filed by the Registrant with the Commission pursuant to the 1934 Act; and
(3) All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the 1934
Act since December 31, 2006.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
1934 Act subsequent to the date of this Registration Statement and prior to the filing of a
post-effective amendment that indicates that all securities offered have been sold or which
de-registers all securities then remaining unsold shall be deemed to be incorporated by reference
into this Registration Statement and to be a part hereof from the date of filing of such documents
(such documents, and the documents identified above, being hereinafter referred to as "Incorporated
Documents").
Any statement or information contained in an Incorporated Document shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
or information contained herein or in any other subsequently filed Incorporated Document modifies
or supersedes such statement or information. Any such statement or information so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.
Item 4.
Description of Securities
.
The securities covered by this Registration Statement represent obligations ("Obligations") of
the Registrant to pay deferred compensation in the future in accordance with the terms of the USG
Corporation Deferred Compensation Plan (the "Plan").
The Obligations are general unsecured obligations of the Registrant to pay deferred
compensation in the future according to the terms of the Plan from a 'rabbi trust" established for
that purpose by the Registrant, and rank equally with other unsecured and unsubordinated
indebtedness of the Registrant from time to time outstanding subject to the claims of its general
creditors.
-2-
Table of Contents
Participation in the Plan is voluntary. Eligible employees of the Registrant are entitled to
defer receipt of certain compensation into the Plan. The amount of compensation to be deferred by
each participating eligible employee (individually, a "Participant" and collectively, the
"Participants") is determined in accordance with the Plan based on elections by each Participant.
Obligations in an amount equal to each Participant's Deferral Account (as defined in the Plan)
consisting of deferred compensation and any earnings or losses in value thereon will be payable
either on the withdrawal date elected by the Participant or upon the occurrence of certain events
as provided under the Plan.
Under the Plan, Obligations increase or decrease in value based on the investment performance
of one or more of the various investment alternatives offered under the Plan and selected by the
Participants. Subject to the Registrant's discretionary right to change the investment
alternatives in the future, the investment alternatives will be the same as the alternatives in the
USG Corporation Investment Plan and will include an investment alternative that mirrors the
performance of the Registrant's common stock. However, the Registrant is not obligated to invest
in such investment alternatives. The investment alternatives are used only for purposes of
crediting or debiting the Participants' Deferral Accounts with deemed earnings or losses.
Participants have no actual investment in these investment alternatives.
The Obligations are not convertible into another security of the Registrant. The Obligations
will not have the benefit of any negative pledge or any other affirmative or negative covenant on
the part of the Registrant. Neither will the Obligations have the benefit of any lien on any
property of the Registrant.
A Participant may designate one or more beneficiaries to receive any portion of the
Obligations payable in the event of death. Participants or beneficiaries may not anticipate,
alienate, sell, transfer, assign or otherwise dispose of any right or interest in the Plan.
The Registrant reserves the right to amend or terminate the Plan at any time, except that no
such amendment or termination shall adversely affect a Participant's right to Obligations in the
amount of the Participant's Deferral Accounts as of the date of such amendment or termination.
The foregoing description of the Obligations is qualified by reference to the text of the
Plan, which has been filed as an exhibit to this Registration Statement, as it may hereafter be
amended.
Item 5.
Interest of Named Experts and Counsel
.
The legality of the Obligations covered by this Registration Statement has been passed upon
for the Registrant by Ellis A. Regenbogen, Corporate Secretary and Associate General Counsel of the
Registrant. Mr. Regenbogen currently holds 200 shares of the Registrant's common stock. He holds
options to acquire 6,400 shares of the Registrant's common stock and restricted stock units with
respect to 3,500 shares of the Registrant's common stock. Mr. Regenbogen is eligible to
participate in the Plan.
Item 6.
Indemnification of Directors and Officers
.
The Registrant is a Delaware corporation. Section 145 of the Delaware General Corporation Law
(the "DGCL") provides that, in certain circumstances, a corporation may indemnify its directors and
officers against expenses (including attorneys' fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred as a result of any actual or threatened action, suit or
proceeding against such directors or officers, or by or in the right of any other enterprise which
such directors and officers served in any capacity at the request of the corporation, by reason of
the fact that such person acted in any of the capacities set forth above, if such director or
officer (i) acted in good faith and in a manner which he or she reasonably believed to be in or not
opposed to the best interests of the corporation, and (ii) in criminal actions or proceedings, had
no reasonable cause to believe that his or her conduct was unlawful.
-3-
Table of Contents
A corporation is required to indemnify against reasonable expenses (including attorneys' fees)
incurred by any director or officer who successfully defends any such action. The DGCL also
provides for indemnification of officers and directors in actions by or in the right of the
corporation, subject to certain exceptions. Indemnification provided by these provisions of the
DGCL is not exclusive of any other rights to which a director or officer may be entitled. The
foregoing statements are subject to the detailed provisions of the DGCL. The Registrant has
entered into an indemnification agreement with each of its directors and executive officers that
provides for indemnification as required by the Registrant's By-laws.
Article VII of the Registrant's By-laws provides that the Registrant shall indemnify any
officer or director of the Registrant to the extent, in the manner, and subject to compliance with
the applicable standards of conduct, provided by Section 145 of the DGCL. It also provides that the
Registrant shall indemnify and advance expenses to the directors and officers of the Registrant to
the fullest extent permitted by law.
The Registrant maintains directors' and officers' liability insurance covering all directors
and officers of the Registrant against claims arising out of the performance of their duties.
Item 7.
Exemption from Registration Claimed
.
Not applicable
Item 8.
Exhibits
.
Reference is made to the Exhibit Index on page 9 of this Registration Statement, which Exhibit
Index is incorporated herein by reference.
Item 9.
Undertakings
.
A.
The Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement:
(i)
to include any prospectus required by Section 10(a)(3) of the 1933 Act;
(ii)
to reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate,
represents a fundamental change in the information set forth in the registration statement; and
(iii)
to include any material information with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the registration statement;
provided, however, that paragraphs A(1)(i) and A(1)(ii) do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the 1934 Act that are
incorporated by reference in the registration statement.
(2) That, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering
-4-
Table of Contents
thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the
offering.
(4) That, for the purpose of determining liability under the 1933 Act to any purchaser:
(i)
if the Registrant is relying on Rule 430B:
(A)
each prospectus filed by the Registrant
pursuant to Rule 424(b)(3) shall be
deemed to be part of the registration
statement as of the date the filed
prospectus was deemed part of and
included in the registration statement;
and
(B)
each prospectus required to be filed
pursuant to Rule 424(b)(2), (b)(5), or
(b)(7) as part of the registration
statement in reliance on Rule 430B
relating to an offering made pursuant to
Rule 415(a)(1)(i), (vii), or (x) for the
purpose of providing the information
required by section 10(a) of the 1933 Act
shall be deemed to be part of and
included in the registration statement as
of the earlier of the date such form of
prospectus is first used after
effectiveness or the date of the first
contract sale of securities in the
offering described in the prospectus. As
provided in Rule 430B, for liability
purposes of the issuer and any person
that is at that date an underwriter, such
date shall be deemed to be a new
effective date of the registration
statement relating to the securities in
the registration statement to which that
prospectus relates, and the offering of
such securities at that time shall be
deemed to be the initial
bona fide
offering thereof; provided, however, that
no statement made in a registration
statement or prospectus that is that is a
part of the registration statement or
made in a document incorporated by
reference or deemed incorporate by
reference into the registration statement
or prospectus that is part of the
registration statement will, as to a
purchaser with a time of contract of sale
prior to such effective date, supersede
or modify any statement that was made in
the registration statement or prospectus
that was part of the registration
statement or made in any such document
immediately prior to such effective date,
or;
(ii)
if the Registrant is subject to Rule
430C, each prospectus filed pursuant to
Rule 424(b) as part of a registration
statement relating to an offering, other
than registration statements relying on
Rule 430B or other than prospectuses
filed in reliance on Rule 430A, shall be
deemed to be part of and included in the
registration statement as of the date it
is first used after effectiveness;
provided, however, that no statement made
in the registration statement or
prospectus that is part of the
registration statement or made in a
document incorporated or deemed
incorporated by reference into the
registration statement will, as to the
purchaser with a time of contract of sale
prior to such first use, supersede or
modify any statement that was made in the
registration statement or prospectus that
was part of the registration statement or
made in any such document immediately
prior to such date of first use.
(5) That, for the purpose of determining liability of the Registrant under the 1933 Act to
any purchaser in the initial distribution of the securities:
The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be
considered to offer or sell such securities to such purchaser:
(i) any preliminary prospectus or prospectus of the undersigned Registrant
relating to the offering required to be filed pursuant to Rule 424;
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(ii) any free writing prospectus relating to the offering prepared by or on
behalf of the undersigned Registrant or used or referred to by the
undersigned Registrant;
(iii) the portion of any other free writing prospectus relating to the
offering containing material information about the undersigned Registrant
or its securities provided by or on behalf of the undersigned Registrant;
and
(iv) any other communication that is an offer in the offering made by the
undersigned Registrant to the purchaser.
(B)
The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the 1933 Act, each filing of the
registrant's annual report pursuant to Section 13(a) or 15(d) of the 1934
Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the 1934 Act) that is
incorporated by reference in the registration statement shall be deemed to
be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the
initial
bona fide
offering thereof.
(C)
Insofar as indemnification for liabilities arising under the 1933 Act may
be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of
the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection
with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against policy as expressed in the
Act and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois, on the 28th
day of February, 2007.
USG CORPORATION
By:
/s/ Richard H. Fleming
Richard H. Fleming
Executive Vice President and
Chief Financial Officer
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed by the following persons in the capacities indicated on the 28th day of
February, 2007.
/s/ William C. Foote
*
William C. Foote,
W. Douglas Ford,
Chairman and Chief Executive Officer and
Director
Director
(Principal Executive Officer)
/s/ Richard H. Fleming
*
Richard H. Fleming,
David W. Fox,
Executive Vice President and
Director
Chief Financial Officer
(Principal Financial Officer)
/s/ D. Rick Lowes
*
D. Rick Lowes,
Valerie B. Jarrett,
Vice President and Controller
Director
(Principal Accounting Officer)
*
*
Jose Armario,
Steven F. Leer,
Director
Director
*
*
Robert L. Barnett,
Marvin E. Lesser,
Director
Director
*
*
Keith A. Brown,
John B. Schwemm,
Director
Director
*
*
James C. Cotting,
Judith A. Sprieser,
Director
Director
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*
Lawrence M. Crutcher,
Director
*By:
/s/ Richard H. Fleming
Richard H. Fleming,
Attorney-in-Fact
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EXHIBIT INDEX
Exhibit Number
Description
5.1*
Opinion of Ellis A. Regenbogen, Corporate Secretary and
Associate General Counsel, USG Corporation (including
consent)
5.2*
Opinion of McDermott Will & Emery LLP (including consent)
10
USG Corporation Deferred Compensation Plan (incorporated by
reference to Exhibit 10.31 to the Registrant's Annual
Report on Form 10-K for its fiscal year ended December 31,
2006).
23*
Consent of Deloitte & Touche LLP
24*
Power of Attorney
*
Filed herewith