Document:

exv10w34

Exhibit 10.34

EnPro Industries, Inc.

Senior Officer Severance Plan

(Effective as of August 4, 2010)

Purpose:

It is the Company’s policy to provide competitive severance benefits to its Senior Officers if the
Company terminates their employment without Cause.1

ARTICLE I

Definitions

“Administrator” means the Compensation and Human Resources Committee of the Board, unless the
Company designates another committee or an individual to serve as Administrator.

“Adverse Benefit Determination” means any of the following: a denial, reduction, or termination
of, or a failure to provide or make payment (in whole or in part) for, a benefit under this Plan,
including any such denial, reduction, termination, or failure to provide or make payment that is
based on a determination of a Senior Officer’s eligibility to participate in the Plan.

“Annual Incentive Amount” means the amount that would have been payable to the Senior Officer under
the EnPro Industries, Inc. Senior Executive Annual Performance Plan or Management Annual
Performance Plan, as applicable, at the conclusion of the year in which the Qualifying Termination
occurs had the Senior Officer remained employed through the end of such year, based upon the
Company’s actual financial results for such year, not to exceed the amount that would have been
paid had Target Performance Levels been achieved for such year.

“Base Salary” means the regular salary paid to the Senior Officer immediately prior to the Senior
Officer’s date of termination, as reflected in the Company’s payroll records. Base Salary shall
not include commissions, bonuses, overtime pay, incentive compensation, benefits paid under any
qualified or nonqualified plan, any group medical, dental or other welfare benefit plan, noncash
compensation or any other additional compensation or benefits.

“Benefit Continuation” means the continuation of benefits set forth in Article III.B of this Plan
during the Senior Officer’s Benefit Continuation Period.

 

			
	1	 	Capitalized terms and phrases used in
this Plan shall have the meanings set forth in Article I.

 

 

“Benefit Continuation Period” means the period the Senior Officer is entitled to receive Benefit
Continuation as specified in the Benefits Schedule set forth in Article III below.

“Board” means the board of directors of the Company from time to time.

“Cause” means (i) a Senior Officer’s commission of an act of fraud, dishonesty or moral turpitude
in the course of the Senior Officer’s employment or that has an adverse effect on the Company, its
business, reputation or interest; (ii) a Senior Officer’s commission of, indictment for or pleading
guilty or nolo contendere to a felony; (iii) the willful and continued failure of a Senior Officer
to perform any of his or her material duties with the Company (other than for any such failure
resulting from the Senior Officer’s incapacity due to physical or mental illness), after written
notice of such failure has been provided to the Senior Officer and a reasonable opportunity to cure
the failure has been provided to the Senior Officer; (iv) a Senior Officer’s material violation of
the Company’s code of conduct, code of ethics or other written policy of the Company or a material
breach by the Senior Officer of a fiduciary duty or responsibility to the Company; (v) a Senior
Officer’s unauthorized use or disclosure of any confidential or proprietary information of the
Company; (vi) the willful misconduct or gross negligence of a Senior Officer with regard to the
Company or in the performance of a Senior Officer’s duties that is materially injurious to the
Company; (vii) the refusal of a Senior Officer to follow the lawful directives of the Board or a
more senior officer within five days of the provision of written notice thereof to the Senior
Officer; or (viii) the willful failure of a Senior Officer to cooperate in a Company investigation.

“Change in Control” means “Change in Control” as defined in the EnPro Industries, Inc. 2002 Equity
Compensation Plan, as amended and restated from time to time, or in any comparable equity award
plan of the Company.

“Claimant” means a Senior Officer who claims a benefit under this Plan.

“COBRA” means the Consolidated Budget Omnibus Reconciliation Act of 1985, as amended.

“Compensation Committee” means the Compensation and Human Resources Committee of the Board of
Directors of the Company.

“Company” means EnPro Industries, Inc., its affiliates and any successors thereto.

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“Disability” means the physical or mental impairment of a Senior Officer that would qualify as a
disability under the Company’s long-term disability plan without regard to any waiting periods set
forth in such plan.

“Interim LTIP Payment” has the meaning provided in the LTIP Plan.

“LTIP Amount” means the amount that would have been payable to the Senior Officer under the LTIP
Plan at the conclusion of the Performance Period had the Senior Officer remained employed through
the end of the Performance Period, based upon the Company’s actual financial results for the
Performance Period, not to exceed the amount that would have been payable had Target Performance
Levels been achieved for such period.

“The LTIP Plan” means the EnPro Industries, Inc. Long-Term Incentive Plan as amended from time to
time.

“Months of Service” means, with respect to a given Performance Period, each completed month of
employment service by a Senior Officer following the grant date of an award under the LTIP Plan.

“Offer of Comparable Employment” means an offer of employment that has each of the following
features:

	 	1.	 	Base Salary. The Base Salary for the position is not less than the
Base Salary in effect for the Senior Officer on the day before the Senior Officer’s
employment with the Company was terminated;
	 
	 	2.	 	Annual Performance Award. If the Senior Officer is a participant in
the Company’s Senior Executive Annual Performance Plan or Management Annual
Performance Plan, as applicable, the Senior Officer has the opportunity to earn an
annual performance award that is comparable to the opportunity afforded the Senior
Officer under the applicable Annual Performance Plan in effect on the day before the
Senior Officer’s employment with the Company was terminated; and
	 
	 	3.	 	Employment Location. The position does not require the Senior
Officer to transfer to another employment location that is more than 50 miles farther
from the Senior Officer’s residence than the Senior Officer’s previous employment
location (except for travel reasonably required in performance of the Senior Officer’s
responsibilities).

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“Performance Period” means each multi-year performance cycle applicable to an award under the LTIP
Plan.

“Plan” means the EnPro Industries, Inc. Senior Officer Severance Plan.

“Prior Health Costs” means the average monthly amount previously expended by the Company for the
continued participation by the President and Chief Executive Officer of the Company in the
Company’s medical and dental plans.

“Qualifying Termination” means the termination of a Senior Officer’s employment by the Company
without Cause. A “Qualifying Termination” does not include (i) a termination of employment by the
Senior Officer; (ii) a termination of the Senior Officer’s employment by the Company with Cause;
(iii) a termination of a Senior Officer’s employment on account of the Senior Officer’s retirement,
death or Disability; (iv) the “termination” by the Company of a Senior Officer’s employment with
an affiliate of the Company, if the Senior Officer continues employment with another affiliate of
the Company; or (v) a termination of employment by the Company following or in connection with the
Sale of a Business Unit in which the Senior Officer receives an Offer of Comparable Employment.

“Sale of a Business Unit” means the sale of one of the Company’s business units (whether a
subsidiary or unincorporated division) accomplished through a stock sale, asset sale, outsourcing
transaction, joint venture transaction or other business transaction or combination.

“Senior Officer” means the President and Chief Executive Officer, a Senior Vice President, a
Corporate Vice President or a Division President of the Company. A Senior Officer does not include
contract employees or consultants.

“Target Performance Levels” means, for a Senior Officer, the financial or other goals established
as the “target” performance goals for a given performance period under (i) the Company’s Senior
Executive Annual Performance Plan or Management Annual Performance Plan, as applicable and (ii) the
LTIP Plan.

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ARTICLE II

Eligibility

A Senior Officer is eligible to receive severance benefits under this Plan if the Senior Officer
experiences a Qualifying Termination and signs and does not revoke a release and waiver of all
claims and a non-competition and non-solicitation agreement in form and substance reasonably
acceptable to the Company for a term that expires at the end of the applicable severance period.
If the Senior Officer is covered by a management continuity agreement or a change-of-control
agreement and becomes entitled to payments or benefits thereunder, no benefits shall be payable
under this Plan.

ARTICLE III

Severance Benefits Provided By The Plan

An eligible Senior Officer shall be afforded Base Salary, Benefit Continuation and a pro-rata bonus
payment as set forth below.

	 	 	 

	Benefits Schedule
	 	 
	Job Title

	 	Base Salary and
Benefit Continuation Period
	President & Chief Executive Officer

	 	24 months of Base Salary and
Benefit Continuation
	Chief Operating Officer, Executive Vice
Presidents, Senior Vice Presidents,
Corporate Vice Presidents and Division
Presidents

	 	12 months of Base Salary and
Benefit Continuation

A. Base Salary.

A Senior Officer who experiences a Qualifying Termination shall be entitled to receive his or her
Base Salary during the period set forth above. The Administrator has the sole and exclusive
discretion to pay this amount: (i) in the form of salary continuation payments distributed on
normal payroll dates in accordance with the Company’s regular payroll practices for the Benefit
Continuation Period or (ii) in a lump sum, which lump sum shall be payable no later than March 15
of the year following termination of the Senior Officer’s employment.

Provided, further, that if the total severance benefits payable hereunder to the Senior Officer
exceed two (2) times the maximum amount that may be taken into account under a qualified plan
pursuant to I.R.C. § 401(a)(17), as provided in 26

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C.F.R. § 1.409A-1(b)(9)(iii)(A)(2), such benefits shall be payable in a lump sum no later
than March 15 of the year following termination of the Senior Officer’s employment.

B. Benefit Continuation.

A Senior Officer who experiences a Qualifying Termination shall be entitled to receive medical and
dental coverage, an extended stock option exercise period and outplacement services according to
the terms set forth below. In order to be eligible to receive continued medical and dental
coverage, the Senior Officer must have been the recipient of such benefits immediately prior to the
Senior Officer’s Qualifying Termination. The components of Benefit Continuation are as follows:

	 	1.	 	Medical and Dental Coverage. Subject to (i) the Senior Officer’s timely
election of continuation coverage under COBRA; and (ii) the Senior Officer’s continued
co-payment of premiums at the same level and cost to the Senior Officer as if the
Senior Officer were an employee of the Company (excluding, for purposes of calculating
cost, an employee’s ability to pay premiums with pre-tax dollars), the Company shall
pay the applicable COBRA continuation coverage premiums under the Company’s health and
dental plans applicable to the Senior Officer. These payments shall continue until
the sooner of: (a) the end of the Benefit Continuation Period; (b) the date the Senior
Officer ceases to be eligible for COBRA or (c) the date the Senior Officer commences
other employment that offers a health care program. If a Senior Officer or any of his
or her dependents cease to be eligible for COBRA, the Company’s obligation to pay any
premium for such person shall cease, but the Company’s obligation to pay the premium
for the Senior Officer or any dependent who is still eligible for COBRA shall
continue. The Senior Officer shall promptly notify the Company if he or she commences
other employment that offers a health care program.
	 
	 	 	 	With respect to the President and Chief Executive Officer, and provided there has
been a timely election of COBRA and payment of premiums as provided above, the
Company shall pay for comparable medical and dental coverage from the end of the
COBRA continuation period until the earlier of: (i) 24 months after the President
and Chief Executive Officer’s termination date; (ii) the date on which the
President and Chief Executive Officer obtains employment that offers a health care
program or (iii) the date on which the President and Chief Executive Officer
becomes eligible for Medicare. During such period, the President and Chief

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	 	 	 	Executive Officer shall continue to be responsible for payment of premiums at the
same level and cost that he or she would have paid for health and dental coverage
had he or she remained an active employee of the Company. Provided, however, that
if the monthly cost of the comparable medical and dental coverage for such period
exceeds the Prior Health Costs, the Company — in lieu of such payment — shall be
permitted to pay directly to the President and Chief Executive Officer, on a
monthly basis, an amount equal to the Prior Health Costs for such period.
	 
	 	2.	 	Stock Option Exercisability. Notwithstanding any provision of the Company’s
2002 Equity Compensation Plan (or any comparable equity award plan of the Company) or
any applicable award agreement thereunder to the contrary, the Senior Officer may
exercise any of the Senior Officer’s stock options that are vested as of the date of
the Senior Officer’s Qualifying Termination at any time during the Benefit
Continuation Period (but not exceeding the original expiration date of the options).
	 
	 	3.	 	Outplacement Services. The Company shall provide the Senior Officer with
outplacement services during the Benefit Continuation Period in a form, manner and
with a scope and level of benefits determined in the Administrator’s discretion.

C. Pro-rata Bonus.

A Senior Officer who experiences a Qualifying Termination shall be entitled to receive a pro-rata
portion of the Senior Officer’s Annual Incentive Amount (based upon the period of time from the
beginning of the applicable performance period through the Senior Officer’s termination date) in a
lump sum cash payment made no later than March 15 of the year following termination of the Senior
Officer’s employment.

D. Pro-rata LTIP Award.

A Senior Officer who experiences a Qualifying Termination shall be entitled to receive a pro-rata
portion of the award amount that would have been paid to the Senior Officer under the LTIP Plan.
This amount shall equal the product of (i) the Months of Service divided by the total number of
months in the given Performance Period and (ii) the LTIP Amount, less (iii) any Interim
LTIP Payment paid or payable to the Senior Officer. This pro-rata portion shall be paid not later
than March 15 of the year following the end of the applicable Performance Period, but no earlier
than six months following the Senior Officer’s

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termination if the Senior Officer is a “specified employee” as defined in I.R.C. § 409A.

E. Conditions.

	 	1.	 	Releases and Waivers of Claims. Any amounts payable under, or benefits
provided pursuant to, this Plan shall be payable or provided only if the Senior
Officer delivers to the Company and does not revoke a general release of all claims of
any kind whatsoever that the Senior Officer has or may have against the Company and
its officers, directors and employees, whether known or unknown, as of the date of the
Senior Officer’s termination of employment, in such form as reasonably requested by
the Company.
	 
	 	2.	 	Cooperation. As a condition to the receipt of any severance benefits
hereunder, the Senior Officer shall be deemed to have agreed to the provisions of this
Article III.E(2). Upon the receipt of reasonable notice from the Company (including
its outside counsel), the Senior Officer agrees that during the Benefit Continuation
Period, the Senior Officer will respond and provide information with regard to matters
concerning which the Senior Officer has knowledge as a result of the Senior Officer’s
employment with the Company, and will provide reasonable assistance to the Company and
its respective representatives in defense of any claims that may be made against the
Company to the extent that such claims may relate to the period of the Senior
Officer’s employment. The Senior Officer also agrees to inform the Company promptly
(to the extent the Senior Officer is legally permitted to do so) if the Senior Officer
is asked to assist in any investigation of or claim asserted against the Company.
Upon presentation of appropriate documentation, the Company shall pay or reimburse the
Senior Officer for all reasonable out-of-pocket travel, duplicating or telephonic
expenses incurred by the Senior Officer in complying with this section.
	 
	 	3.	 	Re-employment. If during the Senior Officer’s Benefit Continuation Period,
the Senior Officer becomes re-employed with the Company, all benefits provided to the
Senior Officer hereunder shall terminate. Upon such termination, the Senior Officer
shall be permitted to retain any lump sum amounts paid to him or her hereunder before
becoming reemployed.
	 
	 	4.	 	Confidentiality and Noncompetition Compliance. The Senior Officer signs a
non-competition and non-solicitation agreement in form and

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	 	 	 	substance reasonably acceptable to the Company for a term that expires at the end
of the applicable severance period. It is intended that the Base Salary paid to
the Senior Officer shall be deemed adequate consideration for the non-competition
and non-solicitation agreement. If the Administrator determines that the Senior
Officer has breached any duty of confidentiality, non-solicitation or
non-competition the Senior Officer owes to the Company, the Senior Officer shall
forfeit all further benefits payable to the Senior Officer under this Plan and
shall, at the Administrator’s direction, be required to repay to the Company any
benefits the Senior Officer received from the Company under this Plan. In such
case, the Administrator may offset any such repayment against any other amounts
that the Company owes to the Senior Officer.

ARTICLE IV

Plan Administration

This Plan shall be administered by the Administrator on behalf of the Company (as plan
administrator under Section 3(16)(A) of ERISA). In that regard, the Administrator shall be
empowered and shall have full discretion to interpret all provisions of this Plan, make all
eligibility decisions and to perform all of the duties and powers granted to it under the terms of
this Plan. The Administrator may adopt such rules and regulations for the administration of this
Plan as are consistent with the terms hereof and shall keep adequate records of its proceedings and
acts. All interpretations and decisions made (both as to law and fact) and other action taken by
the Administrator with respect to this Plan shall be conclusive and binding upon all parties having
or claiming to have an interest under this Plan. Not in limitation of the foregoing, the
Administrator shall have full discretionary authority to decide any factual or interpretative
issues that may arise in connection with its administration of this Plan (including without
limitation any determination as to eligibility and the amount of benefits payable under this Plan),
and the Administrator’s exercise of such discretionary authority shall be conclusive and binding on
all affected parties as long as it is not determined by a court of law to be arbitrary and
capricious. The Administrator may delegate any of the Administrator’s duties and powers hereunder
to the extent permitted by applicable law.

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ARTICLE V

Claims And Appeals Procedure

A. A Claimant shall have the right to submit a claim for benefits under the Plan and to appeal any
denial of a claim for benefits. Any request for a Plan benefit or to clarify the Claimant’s rights
to future benefits under the terms of the Plan shall be considered to be a claim. (However, this
claims procedure does not govern casual inquiries about benefits or the circumstances under which
benefits might be paid under the terms of the Plan, nor does it govern a request for a
determination regarding eligibility for coverage except such a determination as is requested or
necessary in connection with a claim for benefits.) An authorized representative of the Claimant
may act on behalf of the Claimant in pursuing a benefit claim or appeal of an Adverse Benefit
Determination. The individual or individuals responsible for deciding the benefit claim or appeal,
as applicable, may require the representative to provide reasonable written proof that the
representative has in fact been authorized to act on behalf of the Claimant. The Plan requires no
fee or other cost for the making of a claim or appealing an Adverse Benefit Determination.

B. A claim for benefits will be considered as having been made when submitted in writing by the
Claimant to the Administrator, in care of:

EnPro Industries, Inc.

Attn: Senior Vice President — Human Resources (Severance Claim)

5605 Carnegie Blvd., Suite 500

Charlotte, NC 28209

     Any claim should include the following:

	 	Claimant’s name, address, telephone number, and social security number.
	 
	 	Claimant’s dates of employment with the Company.
	 
	 	Claimant’s job title and position with Company.
	 
	 	The reasons for Claimant’s termination of employment; and
	 
	 	A statement of the reasons why Claimant is entitled to severance benefits under the
Plan.

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C. The Administrator will determine whether, or to what extent, the claim may be allowed or denied
under the terms of the Plan. If the claim is wholly or partially denied, the Administrator shall
notify the Claimant of the Plan’s Adverse Benefit Determination within a reasonable period of time,
but not later than 90 days after the Administrator receives the claim, unless the Administrator
determines that special circumstances require an extension of time for processing the claim.

     If such an extension of time for processing is required, written notice of the extension shall
be furnished to the Claimant prior to the termination of the initial 90-day period. Such extension
may not exceed an additional 90 days from the end of the initial 90-day period. The extension
notice shall indicate the special circumstances requiring an extension of time and the date by
which the Administrator expects to render the final decision.

     For the purposes of this Article V.C, the period of time within which a benefit determination
is required to be made shall begin at the time a claim is filed in accordance with the Plan’s
filing requirements, without regard to whether all the information necessary to make a benefit
determination accompanies the filing.

D. The Administrator shall provide the Claimant with written or electronic notification of any
Adverse Benefit Determination. Any electronic notification shall comply with the standards imposed
by 29 CFR § 2520.104b-1(c)(i), (iii) and (iv). The notification shall set forth, in a manner
calculated to be understood by the Claimant:

	 	1.	 	The specific reason(s) for the Adverse Benefit Determination;
	 
	 	2.	 	Reference to the specific Plan provisions on which the determination is
based;
	 
	 	3.	 	A description of any additional material or information necessary for the
Claimant to perfect the claim and an explanation of why such material or information
is necessary; and
	 
	 	4.	 	A description of the Plan’s appeal (review) procedures and the time limits
applicable to such procedures, including a statement of the Claimant’s right to bring
a civil action under ERISA § 502(a) following an Adverse Benefit Determination on
appeal.

E. The Claimant may appeal an Adverse Benefit Determination to the Administrator. The
Administrator shall conduct a full and fair review of each appealed claim and its denial. The
Claimant shall have at least 60 days following

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receipt of a notification of an Adverse Benefit Determination within which to appeal the
determination.

F. The appeal of an Adverse Benefit Determination must be made in writing. In connection with
making such request, the Claimant may submit written comments, documents, records, and other
information relating to the claim for benefits. Upon written request, the Claimant shall be
provided, free of charge, reasonable access to, and copies of, all documents, records and other
information relevant (as defined in Article V.J below) to the Claimant’s claim for benefits. In
considering the appeal the Administrator shall take into account all comments, documents, records,
and other information submitted by the Claimant relating to the claim, without regard to whether
such information was submitted or considered in connection with the initial benefit determination.

	 	1.	 	General procedure. The Administrator shall notify a Claimant of the
Administrator’s benefit determination upon appeal within a reasonable period of time,
but not later than 60 days after receipt of the Claimant’s appeal. However, the
Administrator may determine that special circumstances (such as the need to hold a
hearing) require an extension of time for processing the claim. If the Administrator
determines that an extension of time, not to exceed 60 days, for processing is
required, written notice of the extension shall be furnished to the Claimant prior to
the termination of the initial 60-day period. The extension notice shall indicate the
special circumstances requiring an extension of time and the date by which the
Administrator expects to render the determination on appeal.
	 
	 	2.	 	Calculating time periods. For the purposes of this Article V.F, the period
of time within which a benefit determination on appeal is required to be made shall
begin at the time an appeal is filed in accordance with the Plan’s appeal filing
requirements, without regard to whether all the information necessary to make a
benefit determination on appeal accompanies the filing. In the event that a period of
time is extended as provided above for the determination of a claim on appeal due to a
Claimant’s failure to submit information necessary to decide an appeal of an Adverse
Benefit Determination, the period for making the benefit determination on appeal shall
be tolled from the date on which the notification of the extension is sent to the
Claimant until the date on which the Claimant responds to the request for additional
information.
	 
	 	3.	 	Furnishing documents. In the case of an Adverse Benefit Determination on
appeal, the Administrator shall provide such

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	 	 	 	access to, and copies of, documents, records, and other information described in
subsections G(3) and (4) below as is appropriate.

G. The Administrator shall provide a Claimant with written or electronic notification of the
benefit determination on appeal. Any electronic notification shall comply with the standards
imposed by 29 CFR § 2520.104b-1(c)(i), (iii) and (iv). In the case of an Adverse Benefit
Determination on appeal, the notification shall set forth, in a manner calculated to be understood
by the Claimant:

	 	1.	 	The specific reason(s) for the Adverse Benefit Determination;
	 
	 	2.	 	Reference to the specific Plan provisions on which the benefit determination
is based;
	 
	 	3.	 	A statement that the Claimant is entitled to receive, upon request and free
of charge, reasonable access to, and copies of, all documents, records, and other
information relevant (as defined in Article V.J below) to the Claimant’s claim for
benefits; and
	 
	 	4.	 	A statement of the Claimant’s right to bring a civil action under ERISA §
502(a).

H. A Claimant must exhaust his or her rights to file a claim and to appeal an Adverse Benefit
Determination before bringing any civil action to recover benefits due to him under the terms of
the Plan, to enforce his or her rights under the terms of the Plan, or to clarify his or her rights
to future benefits under the terms of the Plan.

I. Benefit claim determinations and decisions on appeals shall be made in accordance with governing
Plan documents. The Plan’s provisions shall be applied consistently with respect to similarly
situated claimants. The Administrator shall maintain complete records of its proceedings in
deciding claims and appeals. The Administrator shall maintain its records in a manner that permits
it to refer, and it shall so refer, to prior decisions to ensure that the Plan’s provisions are
applied consistently with respect to similarly situated claimants.

J. For the purposes of this Claims and Appeal Procedure, a document, record, or other information
shall be considered “relevant” to a Claimant’s claim if such document, record, or other information
(i) was relied upon in making the benefit determination; (ii) was submitted, considered, or
generated in the course of making the benefit determination, without regard to whether such
document, record, or other information was relied upon in making the benefit determination;

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or (iii) demonstrates compliance with the administrative processes and safeguards required pursuant
to Article V.I above in making the benefit determination.

ARTICLE VI

Miscellaneous

A. Benefits Unfunded.

This Plan shall at all times be entirely unfunded and no provision shall at any time be made with
respect to segregating assets, accounts or funds of the Company for payment of any benefits under
this Plan. No Senior Officer shall have any interest in any particular asset, account or fund of
the Company by reason of the right to receive benefits under this Plan and any such Senior Officer
shall have only the rights of a general unsecured creditor of the Company with respect to any
rights under this Plan. This Plan constitutes an unfunded compensation arrangement for members of
a select group of the Company’s management, and any exemptions under ERISA, as applicable to such
arrangement, shall be applicable to the Plan.

B. Exclusion of Payments from Plan Compensation.

No payments or benefits provided under this Plan shall be considered compensation or earnings under
any pension, savings or retirement plan sponsored by the Company, and shall not be eligible for any
matching contribution, deferral or the like provided by any benefit plan sponsored by the Company.

C. Non-Exclusivity of Rights.

This Plan shall not prevent or limit the right of a Senior Officer to receive any base salary,
pension or welfare benefit, bonus or other payment provided by the Company to the Senior Officer,
except for such rights as the Senior Officer may have specifically waived in writing or as
otherwise expressly set forth in this Plan. Amounts that are vested benefits or which the Senior
Officer is otherwise entitled to receive under any other employee benefit plan or program provided
by the Company shall be payable in accordance with the terms of such plan or program. Any award
that becomes vested in connection with a Change in Control that occurs prior to a Qualifying
Termination shall be payable in accordance with the written agreement pursuant to which such award
was granted.

D. Taxation.

All benefits provided under this Plan shall be subject to applicable federal, state and local
payroll and withholding taxes. The Company shall have the right to make such provisions as it
deems necessary or appropriate to satisfy any obligations it may have

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to withhold federal, state or local income or other taxes incurred by reason of payments pursuant
to this Plan.

E. Non-Alienation.

No interest of the Senior Officer, or right to receive any payment under this Plan, shall be
subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other
alienation or encumbrance of any kind, nor may such interest or right be taken, voluntarily or
involuntarily, for the satisfaction of the obligations or debts of, or other claims against, the
Senior Officer or the Senior Officer’s spouse or beneficiary, including claims for alimony,
support, separate maintenance, and claims in bankruptcy proceedings.

F. No Employment Contract.

Nothing contained in this Plan shall confer upon any Senior Officer the right to be retained in the
service of the Company nor limit the right of the Company to discharge or otherwise discipline any
Senior Officer or modify the terms and conditions of his or her employment.

G. Successors.

For purposes of this Plan, the “Company” shall include any and all successors and assignees,
whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all of the business or assets of the Company and such successors and assignees shall
perform the Company’s obligations under this Plan, in the same manner and to the same extent that
the Company would be required to perform if no such succession or assignment had taken place.

H. Severability.

In the event any provision of this Plan is held illegal or invalid, the remaining provisions of
this Plan shall not be affected thereby, unless such determination shall render impossible or
impracticable the functioning of this Plan and in such case, an appropriate provision or provisions
shall be adopted, in the discretion of the Administrator, so that this Plan may continue to
function properly.

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I. Modification or Rescission of Plan.

The Company reserves the right to amend or terminate, in whole or in part, any or all of the
provisions of the Plan at any time. Any such amendment shall be effective only if contained in a
written instrument adopted by resolution of the Administrator or the Board. Notwithstanding
anything in this Plan to the contrary, if the Company becomes obligated to make any payment to any
Senior Officer hereunder, then this Plan shall remain in effect for such purposes until all of the
Company’s obligations to such Senior Officer hereunder shall be fulfilled.

Notwithstanding anything in this Plan to the contrary, if there is a Change in Control, then for a
period of two (2) years following the Change in Control, this Plan may not be modified or rescinded
in any way that adversely affects the rights of persons who are eligible Senior Officers on the day
before the Change in Control.

J. Entire Agreement.

Except as specified herein, and in any management continuity agreement or change-in-control
agreement, this Plan sets forth the entire obligations of the Company with respect to the subject
matter hereof and supersedes all existing severance plans, agreements and understandings (whether
oral or written) between the Company and Senior Officers with respect to the subject matter herein.

K. Applicable Law.

This Plan shall be governed by, and construed and enforced in accordance with, the Employee
Retirement Income Security Act of 1974 or, if not preempted, the substantive laws of the State of
North Carolina (without giving effect to choice-of-law provisions).

16exv10w37

Exhibit 10.37

Summary of Director and Executive Officer Compensation Arrangements

     In addition to the compensation arrangements filed as other exhibits to this annual report,
EnPro Industries, Inc. (the “Company”) has the following compensation arrangements with its
directors and named executive officers.

Compensation Arrangements for Directors

     The Company has an arrangement to pay non-employee members of the Company’s board of directors
compensation for their service on the board. Effective for 2011, each non-employee member of the
Company’s board of directors receives an annual retainer of $150,000, $75,000 of which is paid in
cash and $75,000 of which is paid in phantom shares of our common stock upon the director’s
termination of service as a director. The non-executive chairman of the board receives an
additional monthly fee of $15,000, the chairman of the Audit and Risk Management Committee receives
an additional annual fee of $8,000, and the chairmen of the Compensation and Human Resources
Committee and the Nominating and Corporate Governance Committee each receive an annual fee of
$6,000. Non-employee directors also receive an initial grant of phantom shares of our common
stock, upon initial election or appointment to the board in an amount determined by the Nominating
and Corporate Governance Committee.

Compensation Arrangements for Named Executive Officers

     The Company’s chief executive officer and its four other most highly compensated executive
officers based on 2010 base salaries and bonuses (such five individuals, the “named executive
officers”), are all “at-will” employees who serve at the pleasure of the board of directors. The
board of directors sets the annual base salary for each of the named executive officers and has the
discretion to change the salary of any of the officers at any time. Effective for 2011, the annual
base salaries for the named executive officers are as follows:

	 	 	 	 	 
	Named Executive Officer	 	Base Salary	 
	Stephen E. Macadam
	 	$	825,000	 
	William Dries
	 	$	371,000	 
	Richard L. Magee
	 	$	323,000	 
	J. Milton Childress II
	 	$	260,000	 
	Robert P. McKinney
	 	$	225,000

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