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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): February&nbsp;14, 2019 (February 14, 2019) </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>USG Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in its charter) </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: <FONT STYLE="white-space:nowrap">1-8864</FONT> </B></P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">36-3329400</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>550 West Adams Street, Chicago, Illinois</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>60661-3676</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(312) <FONT STYLE="white-space:nowrap">436-4000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code </B></P>
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<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT>
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;&nbsp;230.405 of this
chapter) or Rule 12b&#150; 2 of the Securities Exchange Act of 1934 (&#167; 240.12b&#150;2 of this chapter). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2 &#150; Financial Information </B></P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.02</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Results of Operations and Financial Condition. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;14, 2019, USG Corporation (the &#147;Company&#148;) issued a press release containing earnings information for the quarter and
fiscal year ended December&nbsp;31, 2018. A copy of the press release is furnished as Exhibit 99.1 hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information contained in
this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed to be filed for purposes of the Securities Exchange Act of 1934, as amended, and it shall not be deemed to be incorporated by reference in any filing under the Securities Act of
1933, as amended, except as expressly set forth by specific reference in such filing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5 &#150; Corporate Governance and Management
</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.04</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Temporary Suspension of Trading Under Registrant&#146;s Employee Benefit Plans. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;14, 2019, the Company received a notice required by Section&nbsp;101(i)(2)(E) of the Employee Retirement Income Security Act
of 1974, as amended, regarding a blackout period under the USG Corporation Investment Plan (the &#147;Plan&#148;). The blackout period for the Plan would be implemented in connection with the anticipated closing of the previously-announced merger
with Gebr. Knauf KG, a limited partnership (<I>Kommanditgesellschaft</I>) organized under the laws of Germany (&#147;Knauf&#148;), in accordance with the Agreement and Plan of Merger, dated as of June&nbsp;10, 2018 (the &#147;merger
agreement&#148;), by and among the Company, Knauf and World Cup Acquisition Corporation, a Delaware corporation and an indirect wholly owned subsidiary of Knauf. The blackout period is required to facilitate the elimination of the USG Corporation
Stock Fund (the &#147;Company Stock Fund&#148;) as an investment option under the Plan, and the liquidation of shares of Company common stock currently held in the Company Stock Fund. The Company currently expects the merger will close in early 2019
(the actual date of the closing of the merger, hereafter referred to as the &#147;closing date&#148;), subject to the receipt of certain regulatory approvals and other customary closing conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also on February&nbsp;14, 2019, in accordance with Section&nbsp;306 of the Sarbanes-Oxley Act of 2002 and Rule 104 under Securities and
Exchange Commission Regulation BTR, the Company sent a separate notice (the &#147;Insider Notice&#148;) to its directors and executive officers notifying them of the blackout period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Plan participants have been advised that, if the merger is completed as expected, there likely will be a blackout period under the Plan that
will last for approximately five business days. The blackout period is currently expected to begin as of 4:00 p.m. (Eastern Time) two business days prior to the closing date and to end within three business days following the closing date. It is
currently expected that the blackout period could begin as early as the calendar week beginning Sunday, March&nbsp;17, 2019, and could end as late as the calendar week beginning Sunday, April&nbsp;21, 2019. Because the actual closing date is not
certain at this time, the Company is unable to determine the exact dates for the blackout period. During the blackout period, participants in the Plan will be unable to direct or diversify investments in the Company Stock Fund and/or take certain
withdrawals, loans or distributions from the participant&#146;s entire account in the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described in the Insider Notice, during
the blackout period, the Company&#146;s directors and executive officers will be prohibited from, directly or indirectly, purchasing, selling or otherwise acquiring or transferring any equity security of the Company acquired in connection with their
service or employment as a director or executive officer, subject to limited exceptions. The term equity security includes, without limitation, Company common stock, options and other derivatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the blackout period and for a period of two years after the date thereof, a security holder or other interested person may obtain,
without charge, information regarding the blackout period, including the actual beginning and end dates of the blackout period. This information is available by contacting the Corporate Secretary at c/o USG Corporation, 550&nbsp;West Adams Street,
Chicago, Illinois, 60661. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the Insider Notice sent to the Company&#146;s directors and executive officers is attached hereto as
Exhibit&nbsp;99.2 and is incorporated herein by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 related to
management&#146;s expectations about future conditions, including but not limited to, statements regarding the merger, including expected timing and completion of the merger. Actual business, market or other conditions may differ materially from
management&#146;s expectations and, accordingly, may affect the Company&#146;s sales and profitability, liquidity and future value. Any forward-looking statements represent the Company&#146;s views only as of today and should not be relied upon as
representing the Company&#146;s views as of any subsequent date, and the Company undertakes no obligation to update any forward-looking statement. Among the risks, contingencies and uncertainties that could cause actual results to differ from those
described in the forward-looking statements or could result in the failure of the merger to be completed are the following: the failure to obtain necessary regulatory or other </P>
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governmental approvals for the merger, or if obtained, the possibility of being subjected to conditions that could result in a material delay in, or the abandonment of, the merger or otherwise
have an adverse effect on the Company; continued availability of financing or alternatives for the financing provided in the Knauf debt commitment letter; the failure to satisfy required closing conditions; the potential impact on the USG Boral
joint venture in the event the merger is not completed, including that, in connection with the execution of the merger agreement, Boral Limited delivered a default notice under the USG Boral Shareholders Agreement to commence the process to
establish the fair market value of the Company&#146;s 50% interest in USG Boral, which could lead to Boral exercising its right to purchase the Company&#146;s 50% interest in USG Boral; the risk that the merger may not be completed in the expected
timeframe, or at all; the effect of restrictions placed on the Company and its subsidiaries&#146; ability to operate their businesses under the merger agreement, including the Company&#146;s ability to pursue alternatives to the merger; the risk of
disruption resulting from the merger, including the diversion of the Company&#146;s resources and management&#146;s attention from ongoing business operations; the effect of the announcement of the merger on the Company&#146;s ability to retain and
hire key employees; the effect of the announcement of the merger on the Company&#146;s business relationships, results of operations, financial condition, the market price of the Company&#146;s common stock and businesses generally; the risk of
negative reactions from investors, employees, suppliers and customers; the outcome of legal proceedings that have been instituted against the Company related to the merger and any additional proceedings that may be instituted in the future; the
amount of the costs, fees, expenses and charges related to the merger; and the occurrence of any event giving rise to the right of a party to terminate the merger agreement. Information describing other risks and uncertainties affecting the Company
that could cause actual results to differ materially from those in forward-looking statements may be found in the Company&#146;s filings with the SEC, including, but not limited to, the &#147;Risk Factors&#148; in the Company&#146;s most recent
Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> and most recent Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9 &#150; Financial Statements and Exhibits </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>(d)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exhibits </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B><A HREF="d704372dex991.htm">Exhibit 99.1 &#150; USG Corporation press release dated February&nbsp;14, 2019</A> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B><A HREF="d704372dex992.htm">Exhibit 99.2 &#150; Blackout Notice to USG Corporation Directors and Executive Officers </A> </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">USG CORPORATION</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Registrant</TD></TR>
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<TD VALIGN="top">Date: February&nbsp;14, 2019</TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Matthew F. Hilzinger</TD></TR>
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<TD VALIGN="top">Matthew F. Hilzinger,</TD></TR>
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<TD VALIGN="top">Executive Vice President,</TD></TR>
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<TD VALIGN="bottom">Chief Financial Officer and Treasurer</TD></TR>
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8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 14, 2019 (February 14, 2019)
USG Corporation
(Exact
name of registrant as specified in its charter)
Commission File Number:
1-8864
Delaware
36-3329400
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
550 West Adams Street, Chicago, Illinois
60661-3676
(Address of principal executive offices)
(Zip Code)
(312)
436-4000
Registrant's telephone number, including area code
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17
CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this
chapter) or Rule 12b– 2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Section 2 – Financial Information
Item 2.02
Results of Operations and Financial Condition.
On February 14, 2019, USG Corporation (the "Company") issued a press release containing earnings information for the quarter and
fiscal year ended December 31, 2018. A copy of the press release is furnished as Exhibit 99.1 hereto.
The information contained in
this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed to be filed for purposes of the Securities Exchange Act of 1934, as amended, and it shall not be deemed to be incorporated by reference in any filing under the Securities Act of
1933, as amended, except as expressly set forth by specific reference in such filing.
Section 5 – Corporate Governance and Management
Item 5.04
Temporary Suspension of Trading Under Registrant's Employee Benefit Plans.
On February 14, 2019, the Company received a notice required by Section 101(i)(2)(E) of the Employee Retirement Income Security Act
of 1974, as amended, regarding a blackout period under the USG Corporation Investment Plan (the "Plan"). The blackout period for the Plan would be implemented in connection with the anticipated closing of the previously-announced merger
with Gebr. Knauf KG, a limited partnership (
Kommanditgesellschaft
) organized under the laws of Germany ("Knauf"), in accordance with the Agreement and Plan of Merger, dated as of June 10, 2018 (the "merger
agreement"), by and among the Company, Knauf and World Cup Acquisition Corporation, a Delaware corporation and an indirect wholly owned subsidiary of Knauf. The blackout period is required to facilitate the elimination of the USG Corporation
Stock Fund (the "Company Stock Fund") as an investment option under the Plan, and the liquidation of shares of Company common stock currently held in the Company Stock Fund. The Company currently expects the merger will close in early 2019
(the actual date of the closing of the merger, hereafter referred to as the "closing date"), subject to the receipt of certain regulatory approvals and other customary closing conditions.
Also on February 14, 2019, in accordance with Section 306 of the Sarbanes-Oxley Act of 2002 and Rule 104 under Securities and
Exchange Commission Regulation BTR, the Company sent a separate notice (the "Insider Notice") to its directors and executive officers notifying them of the blackout period.
Plan participants have been advised that, if the merger is completed as expected, there likely will be a blackout period under the Plan that
will last for approximately five business days. The blackout period is currently expected to begin as of 4:00 p.m. (Eastern Time) two business days prior to the closing date and to end within three business days following the closing date. It is
currently expected that the blackout period could begin as early as the calendar week beginning Sunday, March 17, 2019, and could end as late as the calendar week beginning Sunday, April 21, 2019. Because the actual closing date is not
certain at this time, the Company is unable to determine the exact dates for the blackout period. During the blackout period, participants in the Plan will be unable to direct or diversify investments in the Company Stock Fund and/or take certain
withdrawals, loans or distributions from the participant's entire account in the Plan.
As described in the Insider Notice, during
the blackout period, the Company's directors and executive officers will be prohibited from, directly or indirectly, purchasing, selling or otherwise acquiring or transferring any equity security of the Company acquired in connection with their
service or employment as a director or executive officer, subject to limited exceptions. The term equity security includes, without limitation, Company common stock, options and other derivatives.
During the blackout period and for a period of two years after the date thereof, a security holder or other interested person may obtain,
without charge, information regarding the blackout period, including the actual beginning and end dates of the blackout period. This information is available by contacting the Corporate Secretary at c/o USG Corporation, 550 West Adams Street,
Chicago, Illinois, 60661.
A copy of the Insider Notice sent to the Company's directors and executive officers is attached hereto as
Exhibit 99.2 and is incorporated herein by reference.
Cautionary Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 related to
management's expectations about future conditions, including but not limited to, statements regarding the merger, including expected timing and completion of the merger. Actual business, market or other conditions may differ materially from
management's expectations and, accordingly, may affect the Company's sales and profitability, liquidity and future value. Any forward-looking statements represent the Company's views only as of today and should not be relied upon as
representing the Company's views as of any subsequent date, and the Company undertakes no obligation to update any forward-looking statement. Among the risks, contingencies and uncertainties that could cause actual results to differ from those
described in the forward-looking statements or could result in the failure of the merger to be completed are the following: the failure to obtain necessary regulatory or other
governmental approvals for the merger, or if obtained, the possibility of being subjected to conditions that could result in a material delay in, or the abandonment of, the merger or otherwise
have an adverse effect on the Company; continued availability of financing or alternatives for the financing provided in the Knauf debt commitment letter; the failure to satisfy required closing conditions; the potential impact on the USG Boral
joint venture in the event the merger is not completed, including that, in connection with the execution of the merger agreement, Boral Limited delivered a default notice under the USG Boral Shareholders Agreement to commence the process to
establish the fair market value of the Company's 50% interest in USG Boral, which could lead to Boral exercising its right to purchase the Company's 50% interest in USG Boral; the risk that the merger may not be completed in the expected
timeframe, or at all; the effect of restrictions placed on the Company and its subsidiaries' ability to operate their businesses under the merger agreement, including the Company's ability to pursue alternatives to the merger; the risk of
disruption resulting from the merger, including the diversion of the Company's resources and management's attention from ongoing business operations; the effect of the announcement of the merger on the Company's ability to retain and
hire key employees; the effect of the announcement of the merger on the Company's business relationships, results of operations, financial condition, the market price of the Company's common stock and businesses generally; the risk of
negative reactions from investors, employees, suppliers and customers; the outcome of legal proceedings that have been instituted against the Company related to the merger and any additional proceedings that may be instituted in the future; the
amount of the costs, fees, expenses and charges related to the merger; and the occurrence of any event giving rise to the right of a party to terminate the merger agreement. Information describing other risks and uncertainties affecting the Company
that could cause actual results to differ materially from those in forward-looking statements may be found in the Company's filings with the SEC, including, but not limited to, the "Risk Factors" in the Company's most recent
Annual Report on
Form 10-K
and most recent Quarterly Report on
Form 10-Q.
Section 9 – Financial Statements and Exhibits
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
Exhibit 99.1 – USG Corporation press release dated February 14, 2019
Exhibit 99.2 – Blackout Notice to USG Corporation Directors and Executive Officers
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
USG CORPORATION
Registrant
Date: February 14, 2019
By:
/s/ Matthew F. Hilzinger
Matthew F. Hilzinger,
Executive Vice President,
Chief Financial Officer and Treasurer