Document:

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                                                                   Exhibit 10.33
                                                                   -------------

                             ENPRO INDUSTRIES, INC.
                            DEATH BENEFITS AGREEMENT

         THIS DEATH BENEFITS AGREEMENT (the "Agreement") is made and entered
into as of December 12, 2002, by and between ENPRO INDUSTRIES, INC., a North
Carolina corporation (the "Company"), and Richard L. Magee ("Executive").

                              Statement of Purpose

         Executive is a key employee of the Company, has contributed materially
to the successful operation of the Company's business and has rendered valuable
services to the Company. It is contemplated that Executive will continue to
render such valuable services to the Company. As part of Executive's total
compensation package with the Company, the parties desire to enter into this
Agreement in order to provide Executive's designated beneficiary with certain
death benefits in the event of Executive's death while in service with the
Company.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
set forth herein, the parties hereto mutually agree as follows:

         1. Death Benefits. In the event that Executive dies prior to the date
of Executive's termination of employment with the Company, the Company shall pay
to Executive's beneficiary a lump sum cash payment equal to Four Million Dollars
($4,000,000). This lump sum amount, less any applicable payroll or withholding
taxes, shall be paid to the beneficiary within sixty (60) days following the
date of death.

         2. Beneficiary. Executive may designate a beneficiary for purposes of
receiving benefits under this Agreement in accordance with such procedures as
the Company may establish from time to time. In the event Executive fails to
designate a beneficiary, or if Executive's designated beneficiary fails to
survive Executive, then the beneficiary for purposes of this Agreement shall be
(i) Executive's spouse or (ii) if there is no surviving spouse, Executive's
estate.

         3. Replacement of Death Benefits Under SERP and Restoration Plan. The
death benefits provided under this Agreement shall be in lieu of any death
benefits otherwise payable by reason of Executive's participation in the EnPro
Industries, Inc. Supplemental Executive Retirement Plan (the "SERP") or the
EnPro Industries, Inc. Defined Benefit Restoration Plan (the "Restoration
Plan"). Accordingly, subject to the payment of the death benefits hereunder,
Executive, on behalf of himself and his beneficiaries, heirs, personal
representatives and any other persons or entities claiming by or through
Executive, hereby waives any claim to any death benefits under the SERP or the
Restoration Plan.

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         4. Claims Procedures.

         (a) General. In the event that Executive's beneficiary has a Claim
under this Agreement, such Claim shall be made by the beneficiary's filing a
notice thereof with the Company's Benefits Committee (the "Committee") within
ninety (90) days after the beneficiary first has knowledge of such Claim. Once
the beneficiary has submitted a Claim to the Committee, the beneficiary shall be
afforded a reasonable opportunity to state the beneficiary's position and to
present evidence and other material relevant to the Claim to the Committee for
its consideration in rendering its decision with respect thereto. The Committee
shall render its decision in writing within ninety (90) days after the Claim is
referred to it, unless special circumstances require an extension of such time
within which to render such decision, in which event such decision shall be
rendered no later than one hundred eighty (180) days after the Claim is referred
to it. A copy of such written decision shall be furnished to the beneficiary.

         (b) Notice of Decision of Committee. If the beneficiary's Claim is
denied by the Committee, the beneficiary shall be provided with written notice
thereof, which notice shall set forth:

                  (i) the specific reason(s) for the denial;

                  (ii) specific reference to pertinent provision(s) of this
         Agreement upon which such denial is based;

                  (iii) a description of any additional material or information
         necessary for the beneficiary to perfect such Claim and an explanation
         of why such material or information is necessary; and

                  (iv) an explanation of the procedure hereunder for review of
         such Claim;

all in a manner calculated to be understood by the beneficiary.

         (c) Review of Decision of Committee. The beneficiary shall be afforded
a reasonable opportunity for a full and fair review of the decision of the
Committee denying the Claim. Such review shall be by the Committee. Such appeal
shall be made within ninety (90) days after the beneficiary received the written
decision of the Committee and shall be made by the written request of the
beneficiary or the beneficiary's duly authorized representative of the
Committee. In the event of appeal, the beneficiary or the beneficiary's duly
authorized representative may review pertinent documents and submit issues and
comments in writing to the Committee. The Committee shall review the following:

                  (i) the initial proceedings of the Committee with respect to
         such Claim;

                  (ii) such issues and comments as were submitted in writing by
         the beneficiary or the beneficiary's duly authorized representative;
         and

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                  (iii) such other material and information as the Committee, in
         its sole discretion, deems advisable for a full and fair review of the
         decision of the Committee.

The Committee may approve, disapprove or modify the decision of the Committee,
in whole or in part, or may take such other action with respect to such appeal
as it deems appropriate. The decision of the Committee with respect to such
appeal shall be made promptly, and in no event later than sixty (60) days after
receipt of such appeal, unless special circumstances require an extension of
such time within which to render such decision, in which event such decision
shall be rendered as soon as possible and in no event later than one hundred
twenty (120) days following receipt of such appeal. The decision of the
Committee shall be in writing and in a manner calculated to be understood by the
beneficiary and shall include specific reasons for such decision and set forth
specific references to the pertinent provisions of this Agreement upon which
such decision is based. The beneficiary shall be furnished a copy of the written
decision of the Committee. Such decision shall be final and conclusive upon all
persons interested therein, except to the extent otherwise provided by
applicable law.

         5. Unfunded Arrangement. This Agreement shall be an unsecured, unfunded
arrangement. To the extent Executive's beneficiary acquires a right to receive
payments from the Company under this Agreement, such right shall be no greater
than the right of any unsecured general creditor of the Company. Nothing
contained herein shall be deemed to create a trust of any kind or any fiduciary
relationship between the Company and Executive or Executive's beneficiary.
Should the Company elect to finance this Agreement, in whole or in part, through
the purchase of life insurance, the Company reserves the absolute right, in its
sole discretion, to terminate such financing at any time, in whole or in part.
At no time shall Executive be deemed to have any lien nor any right, title or
interest in or to any life insurance policy or to any other assets of the
Company. If the Company elects to finance its obligations under the Agreement in
whole or in part through the purchase of life insurance on the life of
Executive, then Executive shall assist the Company by freely submitting to a
physical exam and supplying such additional information necessary to obtain such
insurance.

         6. Assignment of This Agreement or Benefits Hereunder.

         (a) Assignment by Company. The rights, obligations and liabilities of
the Company under this Agreement shall inure to and be binding upon any
successors in interest or transferees of the business or assets of the Company.

         (b) Assignment by Executive. Neither Executive, his beneficiary, his
heirs, his estate, his executors, his administrators, other personal
representatives, nor any other person claiming by, through or under him, shall
have any right to commute, encumber, mortgage, hypothecate, pledge, assign, give
or dispose of the right to receive any payment hereunder, which payment and the
right thereto is expressly declared to be nonassignable.

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         7. Effect and Construction of This Agreement.

         (a) Entire Agreement. This Agreement represents the entire
understanding and agreement between the Company and Executive with regard to the
subject matter contained herein and supersedes any and all prior or
contemporaneous oral or written agreements or understandings with respect to the
subject matter herein and any amendment, change or modification in any provision
of this Agreement must be in writing and signed by the parties hereto.

         (b) Applicable Law. This Agreement shall be deemed to have been made
and entered into in the State of North Carolina and the construction, validity
and enforceability of this Agreement shall be governed by the internal laws of
the State of North Carolina, without regard to conflict of laws principals.

         8. Execution. This Agreement may be executed in two or more
counterparts, which when so executed shall constitute one and the same agreement
or direction.

         IN WITNESS WHEREOF, the Company has caused this Agreement to be signed
by its duly authorized officer, and Executive has hereunto set his hand, all as
of the day and year first above written.

                                    ENPRO INDUSTRIES, INC.

                                    By:      /s/ Ernest F. Schaub
                                       -----------------------------------------
                                         Name:   Ernest F. Schaub
                                         Title:  President and CEO

                                    "Company"

                                             /s/ Richard L. Magee
                                    --------------------------------------------
                                    Print Name:  Richard L. Magee

                                    "Executive"

                                       4Confirmation Regarding Split Dollar Insurance Arr.

 

EXHIBIT 10.1

Confirmation Regarding Split Dollar Insurance Arrangement

     This Confirmation Regarding Split Dollar Insurance Arrangement (this
“Confirmation”) is dated March 17, 2003.

Statement of Purpose

     As part of the benefits provided to its former President, Branson J.
McRae, McRae Industries, Inc., a North Carolina corporation (the “Company”),
entered into a split dollar insurance arrangement (the “Arrangement”) with Mr.
McRae pursuant to which the Company agreed to pay the annual premiums on each
of the life insurance policies listed on Exhibit A, each of which covers the
lives of Mr. McRae and his wife, Mrs. Lorraine H. McRae (the “Policies”). Under
the terms of the Arrangement, Mr. McRae was entitled to name the owners of the
Policies and (1) upon the death of both of Mr. and Mrs. McRae the Company is
entitled to a portion of the death benefits payable under the Policies equal to
the then outstanding balance of its cumulative premiums paid on the Policies
and (2) upon the termination of the Arrangement prior to the death of both Mr.
and Mrs. McRae the owners of the Policies are required to repay to the Company
the then outstanding balance of its cumulative premiums paid, or if less, the
net cash surrender value of the Policies. Mr. McRae died in February 1997.
Mr. and Mrs. McRae’s four children, D. Gary McRae, James W. McRae, Gail McRae
Hutchinson and Sandra McRae Harris (the “McRae Children”), were named the
initial owners and beneficiaries of the Policies. In November 1998 ownership
of each of the Policies was transferred to a partnership of which each of the
McRae Children is a partner, and such partnership was named the beneficiary of
each of the Policies. Attached as Exhibit B is a copy of a Split Dollar
Insurance Agreement dated June 2, 1994 (the “Split Dollar Agreement”)
evidencing the Arrangement with respect to Hartford Life Insurance Company
policy No. LL1723787-13 ($2,000,000 face amount). The Company is not in
possession of any other written agreements evidencing the Arrangement. The
purpose of this Confirmation is to acknowledge and confirm in writing that the
terms of the Arrangement as it applies to each of the Policies are and have
been identical to the terms set forth in the Split Dollar Agreement.

Acknowledgement and Confirmation

     NOW, THEREFORE, the undersigned hereby acknowledge and confirm that the
terms of the Arrangement as it applies to each of the Policies are and have
been identical to the terms set forth in the Split Dollar Agreement.

[Signature Page Follows]

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

	 	 	 	 
	 	 	
McRAE INDUSTRIES, INC.
	 
	 	 	By:
	
/s/ D. Gary McRae

	 	 	 
	

	 	 	Name:

	
 D. Gary McRae

	 	 	Title:
	
President

	 
	 	 	
McRAE SIBLINGS PARTENERSHIP
	 
	 	 	By:	
/s/ James W. McRae

	 	 	Name:
	
 James W. McRae

	 	 	Title:
	
Co-Managing Partner

	 
	 	 	
/s/ Lorraine Hamilton McRae

Lorraine Hamilton McRae
	 
	 	 	
/s/ Gail McRae Hutchinson

Gail McRae Hutchinson
	 
	 	 	
/s/ Sandra McRae Harris

Sandra McRae Harris
	 
	 	 	
/s/ Daniel Gary McRae

Daniel Gary McRae
	 
	 	 	
/s/ James William McRae

James William McRae

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Exhibit A

Policies

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	INSURER	 	INSURED	 	POLICY NUMBER	 	COVERAGE AMOUNT
	
	 	
	 	
	 	

	Prudential
Insurance Company
of America
	 	Lorraine H. McRae	 	 	79 766 180	 	 	$	1,000,000	 
	Prudential
Insurance Company
of America
	 	Lorraine H. McRae	 	 	79 691 098	 	 	$	1,000,000	 
	Prudential
Insurance Company
of America
	 	Lorraine H. McRae	 	 	79 656 139	 	 	$	1,000,000	 
	Hartford Life
	 	Lorraine H. McRae	 	 	LL1723787	 	 	$	2,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	
	 
	 	Total:
	 	 	 	 	 	 	 	 	 	$	5,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	
	 

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Exhibit B

Split Dollar Agreement

SPLIT DOLLAR INSURANCE AGREEMENT

(COLLATERAL ASSIGNMENT METHOD)

THIS AGREEMENT is entered into this
2nd day of June 1994, by and between McRae
Industries, Inc., a North Carolina corporation (hereinafter called “Employer”),
and Gail McRae Hutchinson, Sandra McRae Harris, Daniel Gary McRae, and James
William McRae (hereinafter called “Owner”).

WHEREAS, Branson Jackson McRae is a valued Employee of the Employer, and
Employer wishes to provide additional inducement for Employee’s continued
employment, and as additional compensation, Employer wishes to assist Employee
with a personal life insurance program by entering into a Split Dollar
Insurance Agreement.

NOW, THEREFORE, Employer and Owner agree as follows:

	1.	 	The life insurance policy with which this Agreement deals is Policy
Number LL1723788 (hereinafter called “Policy”), issued by Hartford Life
(hereinafter called “Insurer”) on the life of Branson Jackson McRae, and
Lorraine Hamilton McRae in the face amount of $2,000,000.
	 
	2.	 	Gail McRae Hutchinson, Sandra McRae Harris, Daniel Gary McRae, and James
William McRae shall be the Owner of the policy, and may exercise all
ownership rights granted to the Owner by the terms of the Policy. It is
the express intention of the parties to reserve to the Owner all rights in
the policy granted by the terms of the Policy, including, but not limited
to, the right to borrow against the policy, the right to assign the
Owner’s interest in the Policy, the right to change the beneficiary of the
Policy, the right to exercise settlement options, and the right to
surrender or cancel the Policy (in whole or in part). The Employer shall
not have nor exercise any right in and to the Policy, which could, in any
way, endanger, defeat or impair any of the rights of the Owner in the
Policy. The only rights in and to the Policy granted to the Employer
shall be its security interest in the cash value of the policy, as
defined, and its right to receive a portion of the death benefit of the
Policy, as provided in this Agreement. The Employer shall not assign any
of its rights in the Policy to anyone other than the Owner (or the owner’s
transferee, if the Owner has transferred his/her rights in the Policy).
	 
	3.	 	Premiums on the Policy shall be paid by the Employer and shall be repaid
to the Employer as provided in this Agreement.
	 
	4.	 	The Owner has, contemporaneously with the adoption of this agreement,
assigned the Policy to the Employer as collateral, under a form of
Collateral Assignment. The Employer’s interest in the Policy shall be
specifically limited to the following rights in the cash value and to a
portion of the death benefit:
	 
	(a)	 	The right to be repaid its cumulative premiums paid or, if less, the net
cash surrender value of the Policy, in the event the Policy is totally
surrendered or cancelled by the Owner, or the right to receive the
surrender proceeds, to the extent of its cumulative premiums paid, in the
event the Policy is partially surrendered or cancelled by the Owner, as
provided in Paragraph 5 below.

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	(b)	 	The right to be repaid its cumulative premiums paid upon the death of the
Employee, as provided in Paragraph 6 below.
	 
	(c)	 	The right to be repaid its cumulative premiums paid or, if less, the net
cash surrender value of the Policy, or to receive ownership of the Policy,
in the event of the termination of this Agreement, as provided in
Paragraphs 8 and 9 below.
	 
	(d)	 	The right to be repaid a portion of its cumulative premiums paid if a
Policy loan or partial surrender made by the Owner in any year causes the
net cash surrender value of the Policy to be a sum less than the
Employer’s cumulative premiums paid. In such case, the Owner will use a
portion of any Policy loan proceeds or partial withdrawal to reduce the
cumulative premiums paid by the Employer so as to cause the net cash
surrender value to be equal to or greater than the Employer’s cumulative
premiums paid. As used in this agreement, the term “net cash surrender
value” means the cash surrender value of the Policy, less the amount of
any then existing loans or withdrawals against the Policy obtained by the
Owner pursuant to this paragraph.
	 
	5.	 	The Owner shall have the sole right to surrender or cancel the Policy (in
whole or in part). In the event of a total surrender or cancellation by
the Owner, the Employer shall be entitled to receive the then outstanding
balance of its cumulative premiums paid, or, if less, the net cash
surrender value of the Policy.
	 
	6.	 	Upon the death of the Employee, the Employer shall be entitled to receive
a portion of the death benefit provided under the Policy equal to the then
outstanding balance of its cumulative premiums paid. The balance of the
death benefit provided under the Policy, if designated by the Owner, in
the manner and in the amounts provided by the beneficiary designation of
the Policy.
	 
	7.	 	This Agreement may be terminated, subject to the provisions of Paragraphs
8 and 9 below, by either party, with or without consent of the other
party, by giving notice in writing to the other party.
	 
	8.	 	In the event of termination of this Agreement as provided in Paragraph 7
above, the Owner shall repay to the Employer, within sixty (60 days) of
the date of termination, the then outstanding balance of its cumulative
premiums paid, or if less, the net cash surrender value of the Policy.
Upon receipt of this amount, the Employer shall execute an appropriate
release of its Collateral Assignment of the Policy.
	 
	9.	 	If the Owner fails to repay the Employer the amount specified in
Paragraph 8 above within sixty (60) days of the date of termination of the
Agreement, the Owner shall execute any and all instruments that may be
required to vest ownership of the Policy in the Employer. Thereafter,
Owner shall have no further interest in the Policy or in this Agreement.
	 
	10.	 	The Owner shall have the sole right to borrow against the Policy, and the
Employer shall have no right to obtain loans against the Policy, directly
or indirectly, from the insurer or any other person, or pledge or assign
the Policy as security for any loan.
	 
	11.	 	In the event the Owner shall transfer all interest in the Policy to a
transferee, then all of the Owner’s interest in the Policy and in this
Agreement shall be vested in the transferee, who shall become a
substituted party, and the Owner shall have no further interest in the
Policy or in this Agreement.

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	12.	 	The Insurer shall in no way be bound by, or be deemed to have notice of,
the provisions of this Agreement.
	 
	13.	 	This Split Dollar Agreement may not be amended, altered or modified,
except by a written instrument signed by each of the parties.
	 
	14.	 	Any notice, consent or demand required or permitted to be given under the
provisions of this Split Dollar Agreement by one party to another shall be
in writing, shall be signed by the party, and shall be given either by
delivery to the other party personally, or by mailing, by United States
Certified mail, postage prepaid, to the other party, addressed to the
Party’s last known address as shown on the records of the Employer. The
date of mailing shall be deemed the date of such mailed notice, consent or
demand.
	 
	15.	 	This Agreement shall bind the Employer, the Owner and the Owner’s heirs,
personal representatives, successors, and transferees, and any Policy
beneficiary.
	 
	16.	 	This plan is intended to qualify as a life insurance employee benefit
plan as described in Revenue Ruling 64-328.
	 
	17.	 	This Split Dollar Agreement, and the rights of the parties hereunder,
shall be governed by and construed pursuant to the laws of the State of
North Carolina.

IN WITNESS WHEREOF, the parties have executed this Agreement effective the day
and year first above written.

	 	 	 
	OWNER:	 	 
	 
	/s/ Gail McRae Hutchinson

Gail McRae Hutchinson	 	
/s/ Sandra McRae Harris

Sandra McRae Harris
	 
	/s/ Daniel Gary McRae

Daniel Gary McRae	 	
/s/ James William McRae

James William McRae

	 	 	 
	
EMPLOYER:
	 
	
McRAE INDUSTRIES, INC.
	 
	BY:	 	
/s/ James W. McRae

James W. McRae

Secretary

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