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NPO > SEC Filings for NPO > Form 8-K on 23-Dec-2013All Recent SEC Filings

Show all filings for ENPRO INDUSTRIES, INC



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers: Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 20, 2013, Richard L. Magee provided EnPro Industries, Inc. (the "Company") formal notice of his intention to retire as Senior Vice President of the Company effective as of the close of business on January 6, 2014. The following arrangement will be entered into and become effective upon Mr. Magee's retirement:

Mr. Magee will serve as a consultant to support the Company and its subsidiaries, including Garlock Sealing Technologies, LLC ("GST") and Garrison Litigation Management Group, Ltd. ("Garrison"), in connection with the asbestos claims resolution process that includes the Chapter 11 bankruptcy case filed in 2010 by GST, Garrison and the Company's The Anchor Packing Company subsidiary, in a manner consistent with past practice, including related negotiations and proceedings, as well as other on other mutually-agreed-upon assignments as may be requested by the Company's Chief Executive Officer or General Counsel.

In connection with such consulting arrangement, Mr. Magee will be entitled to a retainer of $30,000 per month in exchange for being available for not less than 80 hours per month, an hourly rate of $425 for time in excess of the minimum monthly availability, and reimbursement of service-related out-of-pocket expenses, with the monthly retainer and minimum monthly availability reducing to $15,000 and 40 hours beginning on July 1, 2014.

Pursuant to the terms of the Company's plans, Mr. Magee will receive the full amount of the annual performance plan award for 2013 and long-term incentive plan award for the 2011-2013 performance cycle, and pro rata portions of the long-term incentive plan award for the 2012-2014 and 2013-2015 performance cycle, as and when performance for the relevant period is certified by the Compensation and Human Resources Committee of the Company's Board of Directors, and, given his continued consulting arrangement, Mr. Magee's restricted stock unit awards will continue to vest through February 10, 2014.

In full satisfaction of the Company's obligations under the Company's Supplemental Retirement and Death Benefits Agreement, Mr. Magee will receive the final lump sum payment thereunder, determined as of the retirement date, based on actuarial assumptions that would apply under the Company's tax-qualified pension plan had it continued in effect through the retirement date, as such amount is determined by the Company's actuary.

The Company will pay Mr. Magee a lump sum in lieu of 18 months of Company-funded COBRA coverage.

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