Document:

Exhibit

Exhibit 10.1

SECOND AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (this “Amendment”) is dated as of March 11, 2019 between ENPRO INDUSTRIES, INC., a North Carolina corporation (the “Company”) with its principal place of business in Charlotte, North Carolina, and STEPHEN E. MACADAM (“Executive”) to amend the Executive Employment Agreement dated as of March 10, 2008 between the Company and Executive (the “Initial Agreement”), as amended by the Amendment to Executive Employment Agreement dated as of August 4, 2010 between the Company and Executive (the Initial Agreement as so amended is referred to as the “Agreement”).  Terms not otherwise defined herein have the meanings given to them in the Agreement.
RECITALS
WHEREAS, on this date hereof the Executive has communicated to the Company his final decision to retire as the Chief Executive Officer and President of the Company on July 29, 2019 and his willingness to continue to serve as an employee of the Company through February 29, 2020 to facilitate the transition of the leadership of the Company; and
WHEREAS, the Company wishes to retain the Executive’s services for those purposes from July 29, 2019 through February 29, 2020; and
WHEREAS, the Executive and the Company desire to amend the Agreement to provide for the terms of the Executive’s retirement on this basis; 
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Amendment of Employment Agreement.  The Agreement is hereby amended to provide that:
(a)    Effective as of the close of business on July 29, 2019, Executive shall retire, and therefore be deemed to have resigned from and cease to serve, as the Company’s Chief Executive Officer and President, and from that time until February 29, 2020 the Company shall employ Executive, subject to the terms and conditions of the Agreement, as Vice Chairman.  As Vice Chairman, Executive shall receive base salary at the same rate as is currently paid by the Company to Executive, and he shall report to the Board and provide such assistance to the Chief Executive Officer of the Company to facilitate the transition in leadership of the Company as the Board and the Chief Executive Officer of the Company may reasonably request.
(b)    Executive shall not be included in management’s slate for election as a member of the Board at the 2020 annual meeting of shareholders and shall not participate in the Company’s Senior Executive Annual Performance Plan and LTIP Plan with respect to awards to be made for, 

or for performance cycles beginning in, 2020 and shall not participate in awards of restricted stock units or other equity awards to be made after the date hereof under any equity compensation plan of the Company.
(c)    Executive’s retirement as an employee on February 29, 2020 shall be deemed to be a resignation of employment by the Executive on that date for the purposes of the Agreement and under all compensation and benefits awards, plans and policies of the Company, except to the extent that the Agreement and such compensation and benefits awards, plans and policies provide for differing treatment for termination of employment by retirement in which case, except as provided herein, it shall be deemed to be a qualifying retirement on that date.
(d)    The foregoing shall supersede any provision to the contrary set forth in the Agreement.
2.    Treatment of Outstanding Awards.  The Company and Executive hereby amend all agreements for outstanding awards made to Executive under the LTIP Plan, both for awards payable in cash and awards payable in shares of the Company’s common stock, to provide that in determining the amount of proration of such awards upon Executive’s retirement the effective date of such retirement shall be December 31, 2019 notwithstanding Executive’s continued employment to February 29, 2020.  For example, if Executive continues employment until the February 29, 2020 retirement date, the pro-rations in the preceding sentence shall be (i) 12/36 for purposes of the LTIP awards for the 2019 - 2021 LTIP performance cycle and (ii) 24/36 for purposes of the LTIP awards for the 2018 - 2020 LTIP performance cycle; with the LTIP awards for the 2017 – 2019 LTIP performance cycle having been fully vested.  For the sake of clarity, the Company and Executive agree that with respect to any outstanding awards of restricted stock units awarded to Executive under the Company’s Amended and Restated 2002 Equity Compensation Plan, in determining the amount of proration of such awards upon Executive’s retirement the effective date of such retirement shall be the date his employment ceases upon retirement (anticipated to be February 29, 2020).  For example, if Executive continues employment until the February 29, 2020 retirement date, the pro-rations in the preceding sentence shall be (i) 12/36 for purposes of the restricted stock units awarded on February 12, 2019 and (ii) 24/36 for purposes of the restricted stock units awarded on February 12, 2018; with all restricted stock units awarded on February 13, 2017 having been fully vested.
3.    License of Certain Works.  
(a)    The Company hereby grants to Executive and his affiliates a perpetual, nonexclusive, worldwide, non-transferable, sublicenseable right and license to reproduce, publicly perform, display, transmit and distribute written works and materials related to the field of human development and organizational design created by Executive during his employment with the Company (the “Works”), including the right to translate, alter, modify and create derivative works of such Works through all media now known or hereinafter developed.  
(b)    The Company reserves all rights not expressly granted to Executive under this paragraph 3.  No use by the Company of the Works in any medium or manner will be deemed to interfere with the permissions made to Executive and his affiliates by the Company hereunder.  

2

Except for the license in the Works expressly granted to Executive and his affiliates hereunder, Executive acknowledges that all right, title and interest in and to the Works are owned and controlled by Company.  Executive shall ensure that the use of the Works by him and/or by his affiliates is marked with appropriate copyright notices as may be specified by the Company from time to time. 
4.    Choice of Law. This Amendment is to be governed by the substantive law of the State of North Carolina without regard to the conflict-of-laws principles thereof.
5.    Remainder Unchanged. The provisions of the Agreement and any award agreements under the LTIP Plan unchanged by this Amendment shall remain in full force and effect. 
6.    Counterparts. This Amendment may be executed in separate counterparts, each of which is to be deemed to be an original and both of which taken together are to constitute one and the same agreement.  Facsimile execution and delivery of this Amendment by either party shall constitute a legal, valid and binding execution and delivery of this Amendment.

3

The parties are signing this Amendment as of the date set forth on the first page of this Amendment.
ENPRO INDUSTRIES, INC. 

	
			
	By:
	/s/ J. Milton Childress II

	 
	J. Milton Childress II

	 
	Executive Vice President and Chief

	 
	Financial Officer

	 
	 
	 

	By:
	/s/ Robert S. McLean

	 
	Robert S. McLean

	 
	Executive Vice President, General Counsel

	 
	and Secretary

	 
	 
	 

	 
	 
	 

	 
	 
	 

	/s/ Stephen E. Macadam

	STEPHEN E. MACADAM

4Exhibit 4.2

 

SYNCHRONY CARD ISSUANCE TRUST

as Issuer

 

CLASS A(2019-1) TERMS DOCUMENT

dated as of March 15, 2019

 

to

 

SYNCHRONYSERIES INDENTURE SUPPLEMENT

dated as of September 26, 2018

 

to

 

AMENDED AND RESTATED MASTER INDENTURE

dated as of May 1, 2018

 

THE BANK OF NEW YORK MELLON

as Indenture Trustee

 

     

     

    

 

Table of Contents

 

	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE I	Definitions and Other Provisions of General Application	1
	 	 	 	 	 
	 	Section 1.01	Definitions and Interpretive Matters	1
	 	 	 	 
	 	Section 1.02	Governing Law	3
	 	 	 	 
	 	Section 1.03	Counterparts	3
	 	 	 	 
	 	Section 1.04	Ratification of Indenture and Indenture Supplement	3
	 	 	 	 
	ARTICLE II        The Class A(2019-1) Notes	3
	 	 	 	 
	 	Section 2.01	Creation and Designation	3
	 	 	 	 
	 	Section 2.02	Form of Delivery of Class A(2019-1) Notes; Depository; Denominations	3
	 	 	 	 	 
	 	Section 2.03	Delivery and Payment for the Class A(2019-1) Notes	3
	 	 	 	 
	 	Section 2.04	Specification of SynchronySeries Subordinated Transferor Amount	3
	 	 	 	 
	 	Section 2.05	[Reserved.]	4
	 	 	 	 
	 	Section 2.06	Maximum Delinquency Percentage	4
	 	 	 	 	 
	ARTICLE III	Allocations, Deposits and Payments	4
	 	 	 	 	 
	 	Section 3.01	Targeted Deposits into the Class A(2019-1) Interest Funding Sub-Account	4
	 	 	 	 
	 	Section 3.02	[Reserved.]	4
	 	 	 	 
	 	Section 3.03	Withdrawals from Class A(2019-1) Interest Funding Sub-Account	4
	 	 	 	 
	 	Section 3.04	Withdrawals from Class A(2019-1) Principal Funding Sub-Account	4
	 	 	 	 
	 	Section 3.05	Payments of Interest and Principal	5
	 	 	 	 	 
	ARTICLE IV	 	Miscellaneous provisions	5
	 	 	 	 	 
	 	Section 4.01	Limitation of Liability	5

 

     

     

    

 

THIS CLASS A(2019-1)
TERMS DOCUMENT (this “Terms Document”), among the Synchrony CARD ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office
at c/o Citibank, N.A., 388 Greenwich Street, New York, New York 10013, and THE BANK OF NEW YORK MELLON, a New York state-chartered
bank, as indenture trustee (the “Indenture Trustee”), is made and entered into as of March 15, 2019.

 

Pursuant to this Terms
Document, the Issuer and the Indenture Trustee shall create a new Tranche of SynchronySeries Class A Notes and shall specify
the principal terms thereof.

 

ARTICLE
I

Definitions
and Other Provisions of General Application

 

Section 1.01         Definitions
and Interpretive Matters. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context
otherwise requires:

 

(a)          All
terms used herein and not otherwise defined herein shall have meanings ascribed to them in the Indenture or the Indenture Supplement.
This Terms Document shall be interpreted in accordance with the conventions set forth in Sections 1.01(a) through (g) of the Indenture.

 

(b)          All
terms defined in this Terms Document shall have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

 

(c)          In
the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained
in the Indenture or the Indenture Supplement, the terms and provisions of this Terms Document shall be controlling.

 

(d)          Each
capitalized term defined herein shall relate only to the Class A(2019-1) Notes and no other Tranche of SynchronySeries Notes issued
by the Issuer.

 

(e)          Whenever
used in this Terms Document, the following words and phrases shall have the following meanings, and the definitions of such terms
and phrases are applicable to the singular as well as the plural forms of such terms and to the masculine as well as the neuter
genders of such terms:

 

“Accumulation
Commencement Date” means December 1, 2021; provided, however, that if the Accumulation Period Length for the Class A(2019-1)
Notes is more or less than the Initial Accumulation Period Length for the Class A(2019-1) Notes, the Accumulation Commencement
Date for the Class A(2019-1) Notes will be the date determined pursuant to the definition of “Accumulation Commencement Date”
in the Indenture Supplement.

 

“Class A(2019-1)
Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein
as a Class A(2019-1) Note and duly executed and authenticated in accordance with the Indenture.

 

     

     

    

 

“Class A(2019-1)
Noteholder” means a Person in whose name a Class A(2019-1) Note is registered in the Note Register.

 

“Class A(2019-1)
Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar
Principal Amount of the Class A(2019-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which
the Indenture is discharged and satisfied pursuant to Article V thereof.

 

“Controlled
Accumulation Amount” means $250,000,000; provided, however, if the Accumulation Period Length is determined to be more
or less than twelve months pursuant to Section 3.11(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount
for any Transfer Date with respect to the Class A(2019-1) Notes will be the amount specified in the definition of “Controlled
Accumulation Amount” in the Indenture Supplement; provided, further, that the Controlled Accumulation Amount for any Monthly
Period shall not exceed the Outstanding Dollar Principal Amount for the Class A(2019-1) Notes minus the amount on deposit
in the Class A(2019-1) Principal Funding Sub-Account.

 

“Indenture”
means the Amended and Restated Master Indenture, dated as of May 1, 2018, as amended, between the Issuer and the Indenture Trustee.

 

“Indenture
Supplement” means the SynchronySeries Indenture Supplement, dated as of September 26, 2018, between the Issuer and the
Indenture Trustee.

 

“Initial Dollar
Principal Amount” means $750,000,000.

 

“Interest
Payment Date” means April 15, 2019 and the 15th day of each month thereafter, or if such 15th day is not a Business Day,
the next succeeding Business Day.

 

“Interest
Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment
Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest
Payment Date.

 

“Issuance
Date” means March 15, 2019.

 

“Legal Maturity
Date” means the March 2025 Interest Payment Date.

 

“Note Interest
Rate” means a rate per annum equal to 2.95%.

 

“Paying Agent”
means Indenture Trustee.

 

“Predecessor
Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as
that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06
of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated,
lost, destroyed or stolen Note.

 

“Scheduled
Principal Payment Date” means the March 2022 Interest Payment Date.

 

    	 	2	 

     

    

 

“Stated Principal
Amount” means $750,000,000.

 

Section 1.02         Governing
Law. THIS TERMS DOCUMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW
YORK (INCLUDING SECTION 5-1401(1) OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF).

 

Section 1.03         Counterparts.
This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original,
but all such counterparts will together constitute but one and the same instrument.

 

Section 1.04         Ratification
of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement
is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented by
this Terms Document shall be read, taken and construed as one and the same instrument.

 

[END OF ARTICLE I]

 

ARTICLE
II

The
Class A(2019-1) Notes

 

Section 2.01         Creation
and Designation. There is hereby created a Tranche of SynchronySeries Class A Notes to be issued pursuant to the Indenture
and the Indenture Supplement to be known as the “SynchronySeries Class A(2019-1) Notes.”

 

Section 2.02         Form
of Delivery of Class A(2019-1) Notes; Depository; Denominations.

 

(a)          The
Class A(2019-1) Notes shall be delivered in the form of a Global Note as provided in Sections 2.02 and 3.01(g) of the Indenture.

 

(b)          The
Depository for the Class A(2019-1) Notes shall be The Depository Trust Company, and the Class A(2019-1) Notes shall initially be
registered in the name of Cede & Co., its nominee.

 

(c)          The
Class A(2019-1) Notes will be issued in minimum denominations of $10,000 and integral multiples of $1,000 in excess of $10,000.

 

Section 2.03         Delivery
and Payment for the Class A(2019-1) Notes. The Issuer shall execute and deliver the Class A(2019-1) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2019-1) Notes when authenticated, each in accordance
with Section 3.03 of the Indenture.

 

Section 2.04         Specification
of SynchronySeries Subordinated Transferor Amount. As of the date of this Terms Document, after giving effect to the issuance
of the Class A(2019-1) Notes but prior to any adjustments pursuant to the terms of the Indenture Supplement, the SynchronySeries
Subordinated Transferor Amount will equal $599,864,865.

 

    	 	3	 

     

    

 

Section 2.05         [Reserved.]

 

Section 2.06         Maximum
Delinquency Percentage. The Maximum Delinquency Percentage for the Class A(2019-1) Notes is 9.00%.

 

[END OF ARTICLE II]

 

ARTICLE
III

Allocations,
Deposits and Payments

 

Section 3.01         Targeted
Deposits into the Class A(2019-1) Interest Funding Sub-Account.

 

(a)          The
amount targeted to be deposited into the Class A(2019-1) Interest Funding Sub-Account pursuant to Sections 3.02(b) and 3.03 of
the Indenture Supplement shall be the sum of the following:

 

(i)          On
the Transfer Date related to each Interest Payment Date, the amount of interest targeted to be deposited in the Class A(2019-1)
Interest Funding Sub-Account shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate, and (ii) (A)
the Outstanding Dollar Principal Amount of the Class A(2019-1) Notes determined as of the close of business on the Interest Payment
Date preceding the related Transfer Date for the Class A(2019-1) Notes plus (B) any interest due but unpaid on any prior Interest
Payment Date; provided, however, that for the first Interest Payment Date, the amount of interest due with respect
to the Class A(2019-1) Notes shall be $1,843,750. Interest on the Class A(2019-1) Notes will be calculated on the basis of a 360-day
year consisting of twelve 30-day months. Notwithstanding Section 3.03(d) of the Indenture Supplement, the interest targeted to
be deposited in the Class A(2019-1) Interest Funding Sub-Account shall not include interest accrued on any overdue interest.

 

Section 3.02         [Reserved.]

 

Section 3.03         Withdrawals
from Class A(2019-1) Interest Funding Sub-Account. On each Interest Payment Date, the interest due on the Class A(2019-1) Notes,
calculated pursuant to Section 3.01(a)(i) of this Terms Document, will be withdrawn from the Class A(2019-1) Interest Funding Sub-Account
and remitted to the Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

 

Section 3.04         Withdrawals
from Class A(2019-1) Principal Funding Sub-Account. On each Principal Payment Date, an amount up to the Nominal Liquidation
Amount of the Class A(2019-1) Notes will be withdrawn from the Class A(2019-1) Principal Funding Sub-Account and remitted to the
Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

 

    	 	4	 

     

    

 

Section 3.05         Payments
of Interest and Principal.

 

(a)          Any
installment of interest or principal payable on any Class A(2019-1) Note which is punctually paid or duly provided for by the Issuer
and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to
the Person in whose name such Class A(2019-1) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire
transfer of immediately available funds to such Person’s account as has been designated by written instructions received
by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment
or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it
appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of
the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated
by such nominee.

 

(b)          The
right of the Class A(2019-1) Noteholders to receive payments from the Issuer will terminate on the first Business Day following
the Class A(2019-1) Termination Date.

 

[END OF ARTICLE III]

 

ARTICLE
IV

Miscellaneous
provisions

 

Section 4.01         Limitation
of Liability.

 

(a)          It
is expressly understood and agreed by the parties hereto that (a) this document is executed and delivered by Citibank, N.A., not
individually or personally, but solely as Trustee of the Issuer, (b) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Citibank, N.A.
but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating
any liability on Citibank, N.A., individually or personally, to perform any covenant either expressed or implied contained herein,
all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties
hereto, (d) Citibank, N.A. has made no investigation as to the accuracy or completeness of any representations and warranties made
by the Issuer or any other party in this Agreement, and (e) under no circumstances shall Citibank, N.A. be personally liable for
the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Issuer under this document or any other related documents.

 

(b)          The
Indenture Trustee shall be entitled to the same protections and indemnities under this Terms Document that it is entitled to under
the Indenture.

 

[END OF ARTICLE IV]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Terms Document to be duly executed, all as of the day and year first above written.

 

	 	SYNCHRONY CARD ISSUANCE TRUST
	 	 
	 	By: 
	CITIBANK, N.A., not in its individual

                    capacity but solely as Trustee on behalf of the

                    Issuer

	 	 	 	 
	 	By:	     
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	as Indenture Trustee
	 	 	 	 
	 	By:	    
	 	 	Name:	 
	 	 	Title:	 

 

Synchrony Card Issuance Trust 

SynchronySeries Class A(2019-1) Terms Document

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