Document:

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                                                                   EXHIBIT 10.12

                           SUMMARY PROGRAM DESCRIPTION

                                PERFORMANCE SHARE
                          DEFERRED COMPENSATION PROGRAM

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                 THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS
               COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER
                           THE SECURITIES ACT OF 1933.

The EnPro Industries, Inc. Performance Share Deferred Compensation Program (the
"Deferral Program") provides certain employees, as designated by the
Compensation and Human Resources Committee of the Board of Directors (the
"Committee"), with the opportunity to defer receipt of certain Performance Share
awards under the Long-Term Incentive Program (the "LTIP Program").

The LTIP Program and the Deferral Program are each promulgated under the EnPro
Industries, Inc. 2002 Equity Compensation Plan (the "Equity Compensation Plan").
In the case of any conflict between the terms of the Deferral Program or the
LTIP Program and the Equity Compensation Plan or any award agreement thereunder,
the terms of the Equity Compensation Plan or any such award agreement shall
control. Capitalized terms not otherwise defined in this summary will have such
meanings as defined under the Equity Compensation Plan or the LTIP Program, as
applicable.

The benefits described in this summary have been structured to be in compliance
with current tax law. Any change in legislation or the interpretation of tax
laws which affect the tax nature of the benefits provided may necessitate
revisions in the Deferral Program.

The Company reserves the right to amend, modify, suspend or terminate the
Deferral Program at any time, provided that such action does not result in any
reduction of your vested account balance (except for future investment losses).

OVERVIEW

         -        The Deferral Program allows you to defer receipt of certain
                  Performance Shares which may be earned and payable to you
                  pursuant to the terms of the LTIP Program.

         -        Your deferrals of Performance Shares will be credited as
                  phantom shares to a bookkeeping account in your name and will
                  accumulate on a tax-deferred basis. Each phantom share will be
                  equal at all times to one share of Company common stock.

         -        The bookkeeping account will be used solely for record keeping
                  purposes. This will be an unfunded account and no assets will
                  be placed into an account in your name.

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                  You will be an unsecured general creditor of the Company with
                  respect to your Deferral Program benefits.

         -        Dividend equivalents will be accrued on all phantom shares
                  under the Deferral Program. Upon the payment date of each
                  dividend declared on the Company's common stock, that number
                  of additional phantom shares will be credited to your account
                  which is equivalent in value to the aggregate amount of
                  dividends which would be paid if the number of phantom shares
                  credited to your account were actual shares of the Company's
                  common stock.

         -        At distribution, your Deferral Program benefits will be paid
                  fifty percent (50%) in shares of Company common stock and
                  fifty percent (50%) in cash, less the amount necessary to
                  satisfy applicable withholding taxes.

         -        You may choose to receive your benefits in a lump sum, or in
                  quarterly installments paid over 5, 10 or 15 years, on
                  termination of employment on or after age 55.

         -        Upon your death, your beneficiary will receive any benefits
                  not yet paid to you in a lump sum payment.

         -        Upon a Change in Control or termination of employment prior to
                  age 55, your Deferral Program benefits will be paid to you in
                  a lump sum promptly following the Change in Control or your
                  termination, as applicable.

         -        Federal and state income taxes will not be payable until you,
                  or your beneficiary, receives benefits in the future.

         -        Performance Share deferrals are subject to FICA taxes in the
                  year when payouts from the LTIP Program otherwise would have
                  occurred, had you not elected the deferral.

PROGRAM PROVISIONS

ELIGIBILITY

You are eligible to participate in the Deferral Program if you are a participant
in the LTIP Program and:

         -        You are designated by the Committee as eligible to
                  participate.

PARTICIPATION

In order to participate in this Deferral Program, you must:

         1.       Complete enrollment forms.

         2.       Submit all forms in a timely fashion to the Company's
                  designated human resources personnel.

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DEFERRALS

You may choose to defer 0%, 25%, 50%, 75% or 100% of all Performance Shares that
maybe earned and payable to you pursuant to the terms of the LTIP Program.

You will have an opportunity prior to earning future Performance Shares to elect
to defer 25%, 50%, 75% or 100% of the final payout at completion of the future
performance period.

DEFERRAL ELECTION

Participation in the Deferral Program is voluntary. You may elect to participate
by completing a Participation and Distribution Election Form.

On the Participation and Distribution Election Form, you will indicate whether
you wish to defer 0%, 25%, 50%, 75% or 100% of all Performance Shares that may
be earned and payable to you pursuant to the terms of the LTIP Program.

PAYOUT ELECTION

You will also be asked on the Participation and Distribution Election Form to
elect how you want your benefit to be paid to you when your employment
terminates. This election will apply to Deferral of Performance Shares under the
LTIP Program, as well as to any future deferral election. You may not change
your payout election.

MINIMUM DEFERRAL AMOUNT

If you elect to defer Performance Shares under the LTIP Program, you must elect
to defer at least 25% of the final payout at completion of the performance
period.

TIMING OF DEFERRALS

Your deferrals will be credited to your Deferral Program account as of the same
date the Committee approves your payout under the LTIP Program.

ELECTIONS IRREVOCABLE

You may not change or revoke your deferral election once it is made.

FICA WITHHOLDING

Performance Share deferrals are subject to withholding for FICA taxes in the
year when payouts from the LTIP Program otherwise would have occurred had you
not elected deferral.

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BOOKKEEPING ACCOUNT

The Company will maintain an account of your benefits. The account is used
solely for record keeping purposes. To comply with tax rules, no assets will be
placed into an account in your name.

Your account or other interest under the Deferral Program may not be alienated,
assigned, transferred, pledged or hypothecated in any manner.

ACCOUNT VESTING

You are fully vested at all times in your deferrals and dividends on your
deferrals as represented by the number of phantom shares in your account.

INVESTMENT OF YOUR ACCOUNT

Your deferral of each Performance Share will be credited as one phantom share in
an account for you under the Deferral Program. Each phantom share will be equal
at all times to one share of Company common stock.

Dividend equivalents will be accrued on all phantom shares under the Deferral
Program. Upon the payment date of each dividend declared on the Company's common
stock, that number of additional phantom shares will be credited to your account
which is equivalent in value to the aggregate amount of dividends which would be
paid if the number of phantom shares credited to your account were actual shares
of the Company's common stock.

It is important to note that your deferrals may not actually be invested in
Company common stock. Each phantom share in your account will be equal at all
times to the one share of Company common stock, but no actual shares will be
placed into an account in your name. This is necessary to preserve the
tax-deferred status of your account.

Your account is subject to investment risk. If the rate of return in Company
common stock is positive, you will experience growth in the market value of your
account balance. If the rate of return is negative, you will experience a loss.

BENEFIT DISTRIBUTIONS

TERMINATION ON OR AFTER AGE 55

You are eligible for extended payment benefits under this Deferral Program when
you terminate employment on or after age 55.

Your account balance at termination of employment on or after age 55 will be
paid in quarterly installments or a lump sum. As long as you have an account
balance, dividends will continue to be credited until the distribution valuation
date.

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BENEFIT PAYOUT OPTIONS

The first time you enroll in this Deferral Program, you will indicate how you
want your vested account balance paid out when you terminate employment on or
after age 55. You may choose:

         -        A lump sum payment, or

         -        Quarterly installments over 5, 10 or 15 years.

Your election as to the form of payout will apply to your entire account
balance, including all future deferrals to your account. If you do not make an
election, your account balance will be paid in quarterly installments over 15
years.

CHANGING YOUR ELECTION

You may not change your payout election.

FORM OF BENEFIT PAYMENTS

All benefit payments, whether in a lump sum or installments, will be made fifty
percent (50%) in shares of Company common stock and fifty percent (50%) in cash.
Any fractional shares of Company common stock will also be paid in cash.

SOURCE OF SHARES

Shares of Company common stock to be paid under the Deferral Program and the
LTIP Program are issued pursuant to the provisions of the Equity Compensation
Plan.

BENEFIT COMMENCEMENT

Benefit payments will begin in the January following your termination of
employment on or after age 55.

At the time of your initial deferral election, you may choose a commencement
year for Deferral Program benefits that would be later than the year following
your date of termination of employment on or after age 55. Your benefits must
commence no later than January of the year in which you attain age 70. Once
made, this election is irrevocable.

         FOR EXAMPLE: YOU MAY ELECT TO HAVE PROGRAM BENEFITS COMMENCE IN
         JANUARY, 2010, EVEN THOUGH YOU TERMINATE EMPLOYMENT IN 2005 AT AGE 65.

SMALL ACCOUNT RULES

If the market value of your account at termination of employment on or after age
55 is less than $10,000, your benefits will be paid in a lump sum. If, at the
time benefits are to commence, your quarterly installment payment is less than
the value of 100 shares of Company common stock

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per quarter, the Company may shorten the payout period until the payments equal
or exceed the value of 100 shares of Company common stock per quarter. In either
case, payments will be made fifty percent (50%) in shares of Company common
stock and fifty percent (50%) in cash as described above.

ACCOUNT VALUATION

The value of your account balance for tax purposes and for purposes of
determining the cash portion of any payments will be calculated using the fair
market value of Company common stock as reported on the New York Stock Exchange
(NYSE) Composite Transactions (or similar) listing as follows:

         1.       For lump sum payments at termination of employment on or after
                  age 55, the value of your account will be calculated as of the
                  January 2 in the year immediately following your year of
                  termination (or, if the NYSE is closed on January 2, the first
                  business day following January 2 on which the NYSE is open).

         2.       For quarterly installment payments, the value of each
                  installment payment will be calculated as of the first
                  business day of each calendar year quarter on which the NYSE
                  is open.

         3.       For lump sum payments in the event you die, in the event of a
                  Change in Control of the Company, or in the event you
                  terminate your employment with the Company prior to age 55,
                  the value of your account will be calculated as of the first
                  business day of the month immediately following the date of
                  the event requiring the calculation.

ADJUSTMENT OF INSTALLMENT PAYMENTS

Your account will continue to be credited with dividends as described earlier
(see "Investment of Your Account") during the payment period you elect.

Installment payments will be made as of the first business day of each calendar
year quarter.

The number of phantom shares in your account as of the first day of each
calendar year quarter will be divided by the number of remaining installment
payments to determine the number of shares of Company common stock and cash that
will be distributed for such calendar year quarter.

TERMINATION BEFORE AGE 55

If your employment terminates before your age 55, your account balance will be
distributed to you in a lump sum payment, fifty percent (50%) in shares of
Company common stock and fifty percent (50%) in cash as described above.

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Your benefit will be paid to you as soon as practical after termination, and
dividends will be credited to your account up to the date on which your
termination occurs.

DISABILITY

If you are totally disabled under the Company's Long-Term Disability Plan, you
will be entitled to receive payment of your account when your Long-Term
Disability benefits begin. Your benefit payments will be calculated and paid in
the same manner as if you had terminated employment on or after age 55.

SURVIVOR BENEFITS

BEFORE COMMENCEMENT OF PROGRAM BENEFIT PAYMENTS

In the event of your death before LTIP Program benefits commence, your account
balance will be paid to your designated beneficiary in a lump sum payment, fifty
percent (50%) in shares of Company common stock and fifty percent (50%) in cash
as described above.

AFTER COMMENCEMENT OF INSTALLMENT PAYMENTS

If your quarterly installment payments have commenced at the time of your death,
your beneficiary will receive your remaining account balance in a lump sum
payment as soon as practical after your death, fifty percent (50%) in shares of
Company common stock and fifty percent (50%) in cash as described above.

CHANGE IN CONTROL

Upon a Change in Control of the Company, your account balance will be paid out
in a lump sum payment (less any applicable withholding taxes), fifty percent
(50%) in shares of Company common stock and fifty percent (50%) in cash as
described above. This will apply even though you may be receiving quarterly
installments as your payout election and even though you may not yet have
terminated employment.

OTHER PROVISIONS

ABOUT YOUR BENEFICIARY

At the time you first elect to participate in the Deferral Program, you should
designate any person(s), trust or organization as beneficiaries to receive any
Deferral Program benefits remaining unpaid upon your death. You may change your
designation at any time by completing a Designation of Beneficiary Form.

To request a form, you may contact the Director of Benefits and Compensation,
EnPro Industries, Inc., 5605 Carnegie Blvd., Charlotte, NC 28209-4674
(704.731.1516; facsimile 704.731.1513).

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In the event there is no beneficiary designation on file with the Company or all
designated beneficiaries have predeceased you, the Company will pay any
remaining value in your account to your estate.

BENEFIT STATEMENTS

You will receive a benefit statement after the end of each calendar year quarter
summarizing the activity and value of your account.

IMPORTANT INFORMATION

UNSECURED GENERAL CREDITOR

You are an unsecured general creditor of the Company with respect to your
Deferral Program benefits. Benefits are payable solely from the Company's
general assets. Your benefits are subject to the risk of corporate insolvency,
in which case they may be subject to a lien or security interest of other
creditors.

PROGRAM ADMINISTRATION

This Deferral Program is administered by the Committee. In administering the
Deferral Program, the Committee shall be empowered to interpret the provisions
of the Deferral Program and to perform and exercise all of the duties and powers
granted to it under the terms of the Deferral Program by action of a majority of
its members in office from time to time. The Committee may also adopt such rules
and regulations for the administration of the Deferral Program 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 Committee with respect to the Deferral Program shall be
conclusive and binding upon all parties having or claiming to have an interest
under the Deferral Program. Not in limitation of the foregoing, the Committee
shall have the discretion to decide any factual or interpretative issues that
may arise in connection with its administration of the Deferral Program
(including without limitation any determination as to claims for benefits
hereunder), and the Committee's exercise of such discretion shall be conclusive
and binding on all affected parties as long as it is not arbitrary or
capricious. The Committee may delegate any of its duties and powers hereunder to
the extent permitted by applicable law.

The Company reserves the right to amend, modify, suspend, or partially or
completely terminate the Deferral Program on a prospective basis only, provided
that the amendment or termination does not result in any reduction of your
vested account balance (except for future investment losses).

If the Deferral Program is completely terminated prior to a Change in Control,
all future deferrals will stop. Your account balances, including investment
gains and losses and dividend accruals, will be paid to you in a lump sum
payment.

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For more information about the Deferral Program or its administrators, or to
receive a copy of the Deferral Program, contact the Director of Benefits and
Compensation, EnPro Industries, Inc., 5605 Carnegie Blvd., Charlotte, NC
28209-4674 (704.731.1516; facsimile 704.731.1513).

ERISA

The Deferral Program is intended to be an unfunded plan maintained primarily to
provide deferred compensation benefits for "a select group of management or
highly compensated employees" within the meaning of Section 201, 301 and 401 of
ERISA and, therefore, is exempt from parts 2, 3 and 4 of Title I of ERISA.

CLAIMS REVIEW AND PROCEDURES

You should submit a written application to the Company if you believe you are
eligible to receive payments under the Deferral Program. The Company will notify
you whether you are so eligible. If the Company determines that you are not
eligible, or you believe that you are entitled to receive greater or different
payments, you may ask the Company to review your claim.

CONSTRUCTIVE RECEIPT

In the event one or more individuals is proven to be in constructive receipt for
income tax purposes, the Company will distribute that individual's (or all
participants') account in a lump sum payment (less any applicable taxes).

IRC 162(M) PAYMENT

The Company may postpone any individual's payout until the next fiscal year to
avoid loss of a tax deduction pursuant to Section 162(m) of the Internal Revenue
Code of 1986, as amended, or any similar provision.

FEDERAL SECURITIES LAWS

The Company's obligations under the Deferral Program have been registered under
the Securities Act of 1933 pursuant to a registration statement filed by the
Company with respect to the Equity Compensation Plan. This summary constitutes
part of a prospectus covering those securities. Certain documents filed by the
Company pursuant to Section 13(a), 13(c), 14 and 15(d) of the Securities
Exchange Act of 1934 are incorporated by reference in the prospectus. You may
obtain copies of these documents, and all documents which constitute part of the
prospectus, without charge, upon written or oral request to Director of Benefits
and Compensation, EnPro Industries, Inc., 5605 Carnegie Blvd., Charlotte, NC
28209-4674 (704.731.1516; facsimile 704.731.1513).

TAXATION QUESTIONS AND ANSWERS

The following is intended as general information which is based on current law
and is subject to change. It is not to be considered as tax advice. Participants
are advised to consult their tax

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advisor regarding consequences of participating in the Deferral Program. The
Deferral Program does not qualify under Section 401(a) of the Internal Revenue
Code of 1986, as amended.

         DO I PAY FEDERAL INCOME TAXES ON DEFERRALS TO THE PROGRAM OR DIVIDENDS
         WHEN CREDITED TO MY ACCOUNT?

                  No. For federal income tax purposes, subject to certain rules,
                  you will not be deemed to be in receipt of the amount deferred
                  or the earnings thereon. You will not pay federal income taxes
                  until you actually receive payouts from the Deferral Program.

         HOW DOES THIS AFFECT THE WITHHOLDING ON MY PAYCHECK?

                  Your federal and state W-2 earnings exclude Deferral Program
                  deferrals.

                  Deferrals are subject to FICA taxes in the year of deferral
                  until the annual taxable wage base for OASDI under Social
                  Security law is reached. Medicare earnings include your
                  deferrals, so there will be Medicare taxes (currently 1.45%)
                  on all these amounts.

                  Check with your tax advisor regarding the impact of tax laws
                  on your personal financial circumstances.

         WHEN PAID OUT AFTER TERMINATION OF EMPLOYMENT, HOW ARE PROGRAM BENEFITS
         TAXED TO ME?

                  Deferral Program benefits paid to you are taxed as ordinary
                  income when received but, under current law are not subject to
                  income tax withholding since you will not be employed by the
                  Company at the time of receipt of the payments. You may be
                  required to make estimated tax payments with regard to these
                  benefits. You should check with your tax advisor in this
                  regard.

         WILL I PAY SOCIAL SECURITY FICA TAXES WHEN I TAKE MY DISTRIBUTION?

                  No, because the deferrals were included in your wage base at
                  the time they were credited to your account.

         IS MY DISTRIBUTION ELIGIBLE TO BE ROLLED OVER TO AN IRA?

                  No, because this is not an IRS tax-qualified plan. When
                  electing a Deferral Program distribution, we encourage you to
                  seek professional advice to determine the best course of
                  action for your financial circumstances.

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         WILL THE PROGRAM BENEFITS PAID TO MY BENEFICIARIES BE INCLUDED IN MY
         GROSS ESTATE FOR FEDERAL ESTATE FAX PURPOSES?

                  Yes. The present value of the benefit at the time of your
                  death is included. If, however, your beneficiary is your
                  spouse and the benefit qualifies for the estate tax marital
                  deduction, there will be no federal estate tax. Check with
                  your tax advisor regarding the impact of estate tax laws on
                  your personal financial circumstances.

         WHEN PAID OUT, HOW ARE PROGRAM BENEFITS TAXED TO MY BENEFICIARIES?

                  Deferral Program benefits paid to your beneficiaries are taxed
                  as ordinary income to them in the year received.

         WHEN PAID OUT, CAN PROGRAM BENEFITS AFFECT THE TAXATION OF MY SOCIAL
         SECURITY BENEFITS?

                  Yes. Deferral Program benefit payments will be included as
                  income when calculating income tax on Social Security
                  benefits.

         WHEN PAID OUT, CAN PROGRAM BENEFITS REDUCE THE AMOUNT OF MY SOCIAL
         SECURITY INCOME?

                  No. Deferral Program benefit payments will not reduce Social
                  Security benefit payments (although your income tax may be
                  affected, as described above).

         IF I DEFER WHILE LIVING IN ONE STATE, THEN RETIRE IN A DIFFERENT STATE,
         TO WHICH STATE WILL I PAY TAXES?

                  Benefits as provided under this Deferral Program are subject
                  to income taxes only in your state of residence at the time
                  payments are received, only if you elect quarterly
                  installments to be paid over 10 or more years.

If you have additional questions, please contact the Director of Benefits and
Compensation, EnPro Industries, Inc., 5605 Carnegie Blvd., Charlotte, NC
28209-4674 (704.731.1516; facsimile 704.731.1513)

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                                                                   EXHIBIT 10.13

                ENPRO INDUSTRIES, INC. DEFERRED COMPENSATION PLAN

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                ENPRO INDUSTRIES, INC. DEFERRED COMPENSATION PLAN
                                Table of Contents

<TABLE>
<CAPTION>
                                                                                                 Page
                                                                                                 ----
<S>      <C>               <C>                                                                   <C>
ARTICLE I DEFINITIONS...............................................................................1

         Section 1.1       Definitions..............................................................1

ARTICLE II PLAN ADMINISTRATION......................................................................5

         Section 2.1       Committee................................................................5

ARTICLE III DEFERRED COMPENSATION PROVISIONS........................................................5

         Section 3.1       Eligibility..............................................................5

         Section 3.2       Deferral Elections.......................................................6

         Section 3.3       Matching Contribution Restoration Accounts...............................6

         Section 3.4       Account Adjustments......................................................7

         Section 3.5       Account Payments.........................................................8

         Section 3.6       Withdrawals on Account of an Unforeseeable Emergency.....................9

         Section 3.7       Other Contributions.....................................................10

ARTICLE IV AMENDMENT AND TERMINATION...............................................................10

         Section 4.1       Amendment and Termination...............................................10

ARTICLE V CHANGE IN CONTROL........................................................................11

         Section 5.1       Set Aside...............................................................11

         Section 5.2       Vesting.................................................................11

ARTICLE VI MISCELLANEOUS PROVISIONS................................................................11

         Section 6.1       Nature of Plan and Rights...............................................11

         Section 6.2       Termination of Employment...............................................11

         Section 6.3       Spendthrift Provision...................................................11

         Section 6.4       Employment Noncontractual...............................................12
</TABLE>

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<TABLE>
         <S>               <C>                                                                     <C>
         Section 6.5       Adoption by Other Participating Employers...............................12

         Section 6.6       Applicable Law..........................................................12
</TABLE>

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                ENPRO INDUSTRIES, INC. DEFERRED COMPENSATION PLAN

                              Statement of Purpose

         The Company sponsors the EnPro Industries, Inc. Retirement Savings Plan
for Salaried Employees (the "Savings Plan"), a tax-qualified defined
contribution plan pursuant to which eligible employees may make pre-tax employee
contributions and receive related employer matching contributions. Benefits
under the Savings Plan may be limited for certain highly compensated employees
as a result of the limitations of Sections 401(a)(17), 401(k)(3), 401(m), 402(g)
and 415(c) of the Internal Revenue Code, as well as a result of limits placed on
the contribution rates of participants in the Savings Plan (including any such
limits placed on highly compensated employees established by the administrative
committee under the Savings Plan). The Company desires to establish the EnPro
Industries, Inc. Deferred Compensation Plan as set forth herein (the "Plan") in
order to provide designated highly compensated employees with the opportunity,
on a non-qualified, unfunded basis, to defer compensation and receive employer
matching contributions that are not available under the Savings Plan due to the
limitations described above.

         NOW, THEREFORE, for the purposes aforesaid, the Company hereby
establishes the Plan effective as of the Distribution Date, as such term is
defined in the Distribution Agreement among Goodrich Corporation, EnPro
Industries, Inc. and Coltec Industries Inc (the "Effective Date") to consist of
the following Articles I through VI:

                                    ARTICLE I
                                   DEFINITIONS

         Section 1.1       Definitions. Unless the context clearly indicates
otherwise, when used in the Plan:

                  Account means, collectively, the Deferral Account and the
         Matching Contribution Restoration Account.

                  Board means the Board of Directors of the Company.

                  Change in Control means any of the following events:

                  (i)      The acquisition by any individual, entity or group
         (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
         Act), of beneficial ownership (within the meaning of Rule 13d-3
         promulgated under the Exchange Act) of 20% or more of either (A) the
         then outstanding shares of common stock of the Company (the
         "Outstanding Company Common Stock") or (B) the combined voting power of
         the then outstanding voting securities of the Company entitled to vote
         generally in the election of directors (the "Outstanding Company Voting
         Securities"); provided, however, that the following acquisitions shall
         not constitute a Change in

<PAGE>

         Control: (A) any acquisition directly from the Company (other than by
         exercise of a conversion privilege), (B) any acquisition by the Company
         or any of its subsidiaries, (C) any acquisition by any employee benefit
         plan (or related trust) sponsored or maintained by the Company or any
         of its subsidiaries or (D) any acquisition by any company with respect
         to which, following such acquisition, more than 70% of, respectively,
         the then outstanding shares of common stock of such company and the
         combined voting power of the then outstanding voting securities of such
         company entitled to vote generally in the election of directors is then
         beneficially owned, directly or indirectly, by all or substantially all
         of the individuals and entities who were the beneficial owners,
         respectively, of the Outstanding Company Common Stock and Outstanding
         Company Voting Securities immediately prior to such acquisition in
         substantially the same proportions as their ownership, solely in their
         capacity as shareholders of the Company, immediately prior to such
         acquisition, of the Outstanding Company Common Stock and Outstanding
         Company Voting Securities, as the case may be; or

                  (ii)     individuals who, as of the Effective Date, constitute
         the Board (the "Incumbent Board") cease for any reason to constitute at
         least a majority of the Board; provided, however, that any individual
         becoming a director subsequent to the Effective Date whose election, or
         nomination for election by the Company's shareholders, was approved by
         a vote of at least a majority of the directors then comprising the
         Incumbent Board shall be considered as though such individual were a
         member of the Incumbent Board, but excluding, for this purpose, any
         such individual whose initial assumption of office occurs as a result
         of either an actual or threatened election contest; or

                  (iii)    shareholder approval of a reorganization, merger or
         consolidation, in each case, with respect to which all or substantially
         all of the individuals and entities who were the beneficial owners,
         respectively, of the Outstanding Company Common Stock and Outstanding
         Company Voting Securities immediately prior to such reorganization,
         merger or consolidation, do not, following such reorganization, merger
         or consolidation, beneficially own, directly or indirectly, solely in
         their capacity as shareholders of the Company, more than 70% of,
         respectively, the then outstanding shares of common stock and the
         combined voting power of the then outstanding voting securities
         entitled to vote generally in the election of directors, as the case
         may be, of the company resulting from such reorganization, merger or
         consolidation in substantially the same proportions as their ownership,
         immediately prior to such reorganization, merger or consolidation of
         the Outstanding Company Common Stock and Outstanding Company Voting
         Securities, as the case may be; or

                  (iv)     shareholder approval of (A) a complete liquidation or
         dissolution of the Company or (B) a sale or other disposition of all or
         substantially all of the assets of the Company, other than to a
         company, with respect to which following such sale or other
         disposition, more than 70% of, respectively, the then outstanding
         shares of common stock of such company and the combined voting power of
         the then outstanding voting securities of such company entitled to vote
         generally in the

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         election of directors is then beneficially owned, directly or
         indirectly, by all or substantially all of the individuals and
         entities, solely in their capacity as shareholders of the Company, who
         were the beneficial owners, respectively, of the Outstanding Company
         Common Stock and Outstanding Company Voting Securities immediately
         prior to such sale or other disposition in substantially the same
         proportion as their ownership, immediately prior to such sale or other
         disposition, of the Outstanding Company Common Stock and Outstanding
         Company Voting Securities, as the case may be.

                  Code means the Internal Revenue Code of 1986, as amended.
         References to the Code shall include the valid and binding governmental
         regulations, court decisions and other regulatory and judicial
         authority issued or rendered thereunder.

                  Code Limitations means any one or more of the limitations and
         restrictions that Sections 401(a)(17), 401(k)(3), 401(m), 402(g) and
         415(c) of the Code place on the pre-tax employee contributions and
         matching employer contributions of a participant in the Savings Plan.
         In addition, Code Limitations also means and refers to any limits
         placed on the contribution rate of a participant in the Savings Plan,
         including any such limits placed on highly compensated employees
         established by the administrative committee under the Savings Plan.

                  Committee means the Compensation and Human Resources Committee
         of the Board.

                  Company is defined in the Statement of Purpose as EnPro
         Industries, Inc. and includes any successor thereto.

                  Covered Incentive Award means, with respect to a Participant,
         any incentive award payable to such Participant pursuant to any
         incentive compensation plan of the Company or any Participating
         Employer approved for purposes of this Plan by the Committee from time
         to time. Covered Incentive Awards may be payable annually, quarterly,
         or on such other basis as provided by the applicable plan.

                  Deferral Account means the account established and maintained
         on the books of a Participating Employer to record a Participant's
         interest under the Plan attributable to amounts credited to the
         Participant pursuant to Section 3.2.

                  Effective Date is defined in the Statement of Purpose as the
         Distribution Date, as such term is defined in the Distribution
         Agreement among Goodrich Corporation, EnPro Industries, Inc. and Coltec
         Industries Inc.

                  Eligible Employee means an Employee designated as an Eligible
         Employee in accordance with Section 3.1. Eligible Employees are
         eligible to defer compensation in accordance with Section 3.2.

                                       3
<PAGE>

                  Employee means an individual employed by a Participating
         Employer.

                  Exchange Act means the Securities Exchange Act of 1934.

                  Match Eligible Employee means an Eligible Employee designated
         as a Match Eligible Employee in accordance with Section 3.1. Match
         Eligible Employees are eligible to receive allocations of matching
         contributions in accordance with Section 3.3.

                  Plan is defined in the Statement of Purpose as this plan: the
         EnPro Industries, Inc. Deferred Compensation Plan, as the same may be
         amended from time to time.

                  Matching Contribution Restoration Account means the account
         established and maintained on the books of a Participating Employer to
         record a Participant's interest under the Plan attributable to amounts
         credited to the Participant pursuant to Section 3.3.

                  Participant means any Eligible Employee who makes an election
         to participate in accordance with Section 3.2. Participant shall also
         include any former Eligible Employee who continues to have an Account
         maintained under the Plan.

                  Participating Employer means (i) the Company, (ii) each other
         participating employer under the Savings Plan on the date hereof that
         is part of the same controlled group of corporations as the Company and
         (iii) any other incorporated or unincorporated trade or business which
         may hereafter adopt both the Savings Plan and the Plan.

                  Plan Year means the twelve-month period commencing January 1
         and ending the following December 31.

                  Potential Change in Control means any of the following events:

                  (i)      the Company entering into an agreement, the
         consummation of which would result in the occurrence of a Change in
         Control;

                  (ii)     the Company or any individual, entity, or group
         (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
         Act) publicly announcing an intention to take actions, which if
         consummated, would constitute a Change in Control; or

                  (iii)    the Board in its sole and exclusive discretion
         determining, based on facts and circumstances, that there is a possible
         Change in Control.

                                       4
<PAGE>

                  Savings Plan is defined in the Statement of Purpose as the
         EnPro Industries, Inc. Retirement Savings Plan for Salaried Employees,
         as the same may be amended from time to time.

                  Savings Plan Compensation means compensation used for purposes
         of determining the amount of pre-tax employee contributions under the
         Savings Plan.

Any capitalized terms used in the Plan that are defined in the documents
comprising the Savings Plan have the meanings assigned to them in the Savings
Plan, unless such terms are otherwise defined above in this Article or unless
the context clearly indicates otherwise.

                                   ARTICLE II
                               PLAN ADMINISTRATION

         Section 2.1       Committee. The Plan shall be administered by the
Committee. In that regard, the Committee shall be empowered to interpret the
provisions of the Plan and to perform and exercise all of the duties and powers
granted to it under the terms of the Plan by action of a majority of its members
in office from time to time. The Committee may adopt such rules and regulations
for the administration of the 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 Committee
with respect to the Plan shall be conclusive and binding upon all parties having
or claiming to have an interest under the Plan. Not in limitation of the
foregoing, the Committee shall have the discretion to decide any factual or
interpretative issues that may arise in connection with its administration of
the Plan (including without limitation any determination as to claims for
benefits hereunder), and the Committee's exercise of such discretion shall be
conclusive and binding on all affected parties as long as it is not arbitrary or
capricious. The Committee may delegate any of its duties and powers hereunder to
the extent permitted by applicable law.

                                   ARTICLE III
                        DEFERRED COMPENSATION PROVISIONS

         Section 3.1       Eligibility. The Committee shall designate which
Employees of the Company or any other Participating Employer shall be Eligible
Employees for a given Plan Year and whether a person designated as an Eligible
Employee shall be a Match Eligible Employee for the Plan Year. An Employee
designated as an Eligible Employee with respect to one Plan Year need not be
designated as an Eligible Employee for any subsequent Plan Year. Similarly, an
Eligible Employee's status as a Match Eligible Employee may be changed by the
Committee from one Plan Year to the next. The Plan is intended to limit
eligibility to a "select group of management or highly compensated employees"
within the meaning of the Employee Retirement Income Security Act of 1974, as
amended.

                                       5
<PAGE>

         Section 3.2       Deferral Elections.

         (a)      Time and Form of Elections. Elections to defer compensation
for a Plan Year under this Section 3.2 shall be made prior to January 1 of the
Plan Year, or at such other times as the Committee may determine consistent with
the intent that the Plan operate so as to defer recognition of income taxes on
amounts deferred until the date the amounts are actually paid. All elections
made under this Section 3.2 shall be made in writing on a form, or pursuant to
such other non-written procedures, as may be prescribed from time to time by the
Committee and shall be irrevocable for such Plan Year. An election by an
Eligible Employee under this Section 3.2 shall continue in effect for all
subsequent Plan Years (during which the Employee is an Eligible Employee) unless
and until changed or terminated by the Eligible Employee in accordance with
procedures established from time to time by the Committee. Any such change in,
or termination of, an election under this Section 3.2 shall be effective as of
the January 1 of the next succeeding Plan Year and shall be irrevocable for such
Plan Year.

         (b)      Deferral Elections. An Eligible Employee may elect to defer,
on a combined basis with the Savings Plan as hereinafter provided, up to
twenty-five percent (25%) of the Eligible Employee's Savings Plan Compensation
other than Covered Incentive Awards for a Plan Year and up to fifty percent
(50%) of the Eligible Employee's Covered Incentive Awards for the Plan Year.
Deferrals shall be made to the maximum extent possible, subject to the Code
Limitations, to the Savings Plan, and any such deferrals which cannot be made to
the Savings Plan solely because of the Code Limitations shall instead be made to
this Plan. The Committee, in its sole and exclusive discretion, may determine to
cause the deferral elections described above to be effected through a single
election made in coordination with the Savings Plan or through separate deferral
elections under this Plan and the Savings Plan.

         (c)      Suspension Due to Hardship Withdrawal. If an Eligible
Employee's pre-tax employee contributions to the Savings Plan are suspended
under the terms of the Savings Plan in connection with a hardship distribution,
then all deferrals under this Plan shall be suspended (to the extent such
suspension is required by Section 401(k) of the Code) for the same period that
the Participant's pre-tax employee contributions to the Savings Plan are
suspended.

         (d)      Deferral Accounts. A Participating Employer shall establish
and maintain on its books a Deferral Account for each Eligible Employee employed
by such Participating Employer who elects to defer the receipt of any amount
pursuant to this Section 3.2. Such Deferral Account shall be designated by the
name of the Eligible Employee for whom established. The amount to be deferred
under this Section 3.2 for a given period shall be credited to such Deferral
Account as of the date such amount would have otherwise been credited to the
Savings Plan but for the Code Limitations.

         Section 3.3       Matching Contribution Restoration Accounts. A
Participating Employer shall establish and maintain on its books a Matching
Contribution Restoration Account for each Match Eligible Employee employed by
such Participating Employer whose matching employer contributions under the
Savings Plan shall have been limited, directly or indirectly, by the operation
of the Code Limitations. Such Matching Contribution Restoration Account shall be
designated by the name of the Match Eligible Employee for whom established. If a
Match

                                       6
<PAGE>

Eligible Employee is eligible for an allocation of matching employer
contributions for a given period under the Savings Plan, the Eligible Employee's
Matching Contribution Restoration Account shall be credited with an amount equal
to the excess, if any, of Amount A over Amount B, where:

         Amount A is the amount of matching employer contributions the Match
         Eligible Employee would have received under the Savings Plan had the
         Code Limitations not applied to the Savings Plan, taking into account
         for such purpose all matchable pre-tax and after-tax employee
         contributions made to the Savings Plan for the applicable period plus
         all amounts credited to the Eligible Employee's Deferral Account for
         the applicable period pursuant to Section 3.2 that would have been
         matchable pre-tax employee contributions had the amounts been deferred
         under the Savings Plan; and

         Amount B is the amount of matching employer contributions the Match
         Eligible Employee actually received under the Savings Plan for the
         applicable period.

         Amounts shall be credited under this Section 3.3 at the same time the
related matching employer contributions are credited to the Savings Plan.

         Section 3.4       Account Adjustments.

         (a)      Account Adjustments for Deemed Investments. The Committee
shall from time to time designate one or more investment vehicle(s) in which the
Accounts of Participants shall be deemed to be invested. The investment
vehicle(s) may be designated by reference to the investments available under the
Savings Plan. Each Participant shall designate the investment vehicle(s) in
which his or her Account shall be deemed to be invested according to the
procedures developed by the Committee, except as otherwise required by the terms
of the Plan. No Participating Employer shall be under an obligation to acquire
or invest in any of the deemed investment vehicle(s) under this subparagraph,
and any acquisition of or investment in a deemed investment vehicle by a
Participating Employer shall be made in the name of such Participating Employer
and shall remain the sole property of such Participating Employer. As of the
Effective Date, the designated investment vehicles shall be (and shall remain
until such time as changed by the Committee in its sole discretion from time to
time according to its procedures for designating investments) the following:

         Dreyfus Cash Management Plus Fund
         Dreyfus Premier Core Bond Fund
         Dreyfus Lifetime Growth Fund
         Dreyfus Lifetime Income Fund
         Dreyfus Lifetime Growth & Income Fund
         Deutsche Asset Management Equity 500 Index Fund
         Dreyfus Appreciation Fund
         MFS Mid Cap Value Fund
         Deutsche International Equity Fund
         Dreyfus Premier Future Leaders Fund

                                       7
<PAGE>

The Committee shall also establish from time to time a default Fund into which a
Participant's Account shall be deemed to be invested if the Participant fails to
provide investment instructions pursuant to this Section 3.4. As of the
Effective Date, such default Fund shall be the Dreyfus Cash Management Plus
Fund.

         (b)      Periodic Account Adjustments. Each Account shall be adjusted
from time to time at such intervals as determined by the Committee. The
Committee may determine the frequency of Account adjustments by reference to the
frequency of Account adjustments under the Savings Plan. The amount of the
adjustment shall equal the amount that the Participant's Account would have
earned (or lost) for the period since the last adjustment had the Account
actually been invested in the deemed investment vehicle(s) designated by the
Participant for such period pursuant to this Section 3.4.

         Section 3.5       Account Payments.

         (a)      Payment Options. Each Participant shall have the opportunity
to make an election as to the method of payment of the Participant's Account
following termination of employment in accordance with, and subject to, the
terms and provisions of this Section 3.5. Generally, Accounts shall be payable
following termination of employment in a single cash payment. However, a
Participant may elect either five (5) or ten (10) annual installments in lieu of
a single cash payment, or the Participant may elect a combination of a single
cash payment and any one of the foregoing installment options, all in accordance
with the following provisions:

                  (i)      Upon becoming a Participant, the Participant shall be
         given the opportunity to elect a single cash payment, five (5) or ten
         (10) annual installment payments in lieu of the single cash payment or
         a combination of a single cash payment and any one of the foregoing
         installment options. In the event a Participant elects the combination
         payment method, the Participant must further elect the percentage of
         the balance of the Account to be paid as a single cash payment. Such
         elections shall become effective immediately and shall remain in effect
         unless and until changed as provided herein.

                  (ii)     The Participant shall also be given the opportunity
         to make or change the Participant's payment election as to a single
         cash payment, annual installments or a combination of a single cash
         payment and annual installments as provided in Section 3.5(a)(i). Such
         election shall be effective only if made at least six (6) months prior
         to the Participant's termination of employment.

                  (iii)    Any election made under this Section 3.5(a) shall be
         made on such form, at such time and pursuant to such procedures as
         determined by the Committee in its sole discretion from time to time.

                  (iv)     For a Participant who does not yet have an election
         in effect under this Section 3.5(a) or for a Participant who fails to
         elect a payment option under this Section 3.5(a), the method of payment
         shall be the single cash payment.

                                       8
<PAGE>

         (b)      Single Cash Payments. If and to the extent that a
Participant's Account is to be paid to the Participant following termination of
employment with the Participating Employers in a single cash payment in
accordance with Section 3.5(a), the applicable portion of the Account shall be
paid in a single cash payment as soon as administratively practicable (generally
within 90 days) following the date of such termination of employment.

         (c)      Annual Installments. If and to the extent that a Participant's
Account is to be paid to the Participant following termination of employment
with the Participating Employers in either five (5) or ten (10) annual
installments in accordance with Section 3.5(a), then the first installment shall
be payable as soon as administratively practicable (generally within 90 days)
following the date of such termination of employment and each subsequent
installment shall be payable on or about the anniversary of the first
installment. The amount payable for each installment shall equal the applicable
portion of the Account payable in installments as of the payment date divided by
the number of remaining installments (including the installment then payable).
During the installment payment period, the Account shall continue to be adjusted
in accordance with the provisions of Section 3.4.

         (d)      Vesting of Matching Accounts. Notwithstanding any provision of
the Plan to the contrary, if a Participant is not fully (100%) vested in the
amount credited to the Participant's matching employer contribution account
under the Savings Plan at the time of the Participant's termination of
employment with the Participating Employers, then the amount credited to the
Participant's Matching Contribution Restoration Account shall be reduced at the
time of such termination of employment to an amount equal to the product of (i)
the amount then credited to said Matching Contribution Restoration Account
multiplied by (ii) the vested percentage applicable to the Participant's
matching employer contribution account under the Savings Plan as of the date of
such termination of employment. The amount by which the Participant's Matching
Contribution Restoration Account is reduced by application of the preceding
sentence shall be forfeited at the time the Participant terminates employment.

         (e)      Other Payment Provisions. Subject to the provisions of Section
3.6, a Participant shall not be paid any portion of the Participant's Account
prior to the Participant's termination of employment with the Participating
Employers. Any deferral or payment hereunder shall be subject to applicable
payroll and withholding taxes. If a Participant dies prior to having received
the entire balance of the Participant's Accounts, the remaining vested balance
in the Accounts shall be payable to the Participant's beneficiary(ies)
determined under the Savings Plan as and when such amounts would have otherwise
been payable to the Participant. In the event any amount becomes payable under
the provisions of the Plan to a Participant, beneficiary or other person who is
a minor or an incompetent, whether or not declared incompetent by a court, such
amount may be paid directly to the minor or incompetent person or to such
person's fiduciary (or attorney-in-fact in the case of an incompetent) as the
Committee, in its sole discretion, may decide, and the Committee shall not be
liable to any person for any such decision or any payment pursuant thereto.

         Section 3.6       Withdrawals on Account of an Unforeseeable Emergency.
A Participant who is in active service of a Participating Employer may, in the
Committee's sole discretion,

                                       9
<PAGE>

receive a refund of all or any part of the amounts previously credited to the
Participant's Accounts (to the extent vested) in the case of an "unforeseeable
emergency." A Participant requesting a payment pursuant to this Section shall
have the burden of proof of establishing, to the Committee's satisfaction, the
existence of such "unforeseeable emergency," and the amount of the payment
needed to satisfy the same. In that regard, the Participant shall provide the
Committee with such financial data and information as the Committee may request.
If the Committee determines that a payment should be made to a Participant under
this Section such payment shall be made within a reasonable time after the
Committee's determination of the existence of such "unforeseeable emergency" and
the amount of payment so needed. The Committee may in its discretion establish
the order in which amounts shall be withdrawn under this Section from a
Participant's Accounts. As used herein, the term "unforeseeable emergency" means
a severe financial hardship to a Participant resulting from a sudden and
unexpected illness or accident of the Participant or of a dependent of the
Participant, loss of the Participant's property due to casualty, or other
similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant. The circumstances that shall
constitute an "unforeseeable emergency" shall depend upon the facts of each
case, but, in any case, payment may not be made to the extent that such hardship
is or may be relieved (i) through reimbursement or compensation by insurance or
otherwise, or (ii) by liquidation of the Participant's assets, to the extent the
liquidation of such assets would not itself cause severe financial hardship.
Examples of what are not considered to be "unforeseeable emergencies" include,
without limitation, the need to send a Participant's child to college or the
purchase of a home. Withdrawals of amounts because of an "unforeseeable
emergency" shall not exceed an amount reasonably needed to satisfy the emergency
need.

         Section 3.7       Other Contributions. The Participating Employers may

rom time to time, in their sole and exclusive discretion, elect to credit a
Participant's Account with additional amounts not otherwise contemplated by this
Article.

                                   ARTICLE IV
                            AMENDMENT AND TERMINATION

         Section 4.1       Amendment and Termination. The Company shall have the
right and power at any time and from time to time to amend the Plan in whole or
in part, on behalf of all Participating Employers, and at any time to terminate
the Plan or any Participating Employer's participation hereunder; provided,
however, that no such amendment or termination shall reduce the amount actually
credited to the Account(s) of any current or former Participant (or beneficiary
of a deceased Participant) on the date of such amendment or termination, or
further defer the due dates for the payment of such amounts, without the consent
of the affected person. Notwithstanding any provision of the Plan to the
contrary, in connection with any termination of the Plan the Committee shall
have the authority to cause the Accounts of all Participants (and beneficiaries
of any deceased Participants) to be paid in a single sum payment as of a date
determined by the Committee or to otherwise accelerate the payment of all
Accounts in such manner as the Committee shall determine in its discretion.

                                       10
<PAGE>

                                    ARTICLE V
                                CHANGE IN CONTROL

         Section 5.1       Set Aside. Upon or following the occurrence of a
Potential Change in Control, if so directed by the Board in its sole and
exclusive discretion, the Company shall set aside in a grantor trust, either
existing or to be established, such amount as may be determined by the Board not
to exceed the projected benefit obligations under the Plan as of the anticipated
date of the possible Change in Control, less any amounts previously set aside in
a grantor trust to provide benefits under the Plan.

         If a Change in Control does not occur within a reasonable time from the
date such funds are set aside, the funds, adjusted for any gains or losses,
shall revert to the Company.

         Section 5.2       Vesting. Upon the occurrence of a Change in Control,
each Participant shall become fully vested in his entire Account under the Plan
as of the date of the Change in Control. Such vested Account shall be paid at
the time and in the manner provided in Section 3.5.

                                   ARTICLE VI
                            MISCELLANEOUS PROVISIONS

         Section 6.1       Nature of Plan and Rights. The Plan is unfunded and
intended to constitute an incentive and deferred compensation plan for a select
group of officers and key management employees of the Participating Employers.
If necessary to preserve the above intended plan status, the Committee, in its
sole discretion, reserves the right to limit or reduce the number of actual
participants and otherwise to take any remedial or curative action that the
Committee deems necessary or advisable. The Accounts established and maintained
under the Plan by a Participating Employer are for accounting purposes only and
shall not be deemed or construed to create a trust fund of any kind or to grant
a property interest of any kind to any Participant, designated beneficiary or
estate. The amounts credited by a Participating Employer to such Accounts are
and for all purposes shall continue to be a part of the general assets of such
Participating Employer, and to the extent that a Participant, beneficiary or
estate acquires a right to receive payments from such Participating Employer
pursuant to the Plan, such right shall be no greater than the right of any
unsecured general creditor of such Participating Employer.

         Section 6.2       Termination of Employment. For the purposes of the
Plan, an Employee's employment with a Participating Employer shall not be
considered to have terminated so long as the Employee is in the employ of any
Participating Employer or other affiliated company.

         Section 6.3       Spendthrift Provision. No Account balance or other
right or interest under the Plan of a Participant, beneficiary or estate may be
assigned, transferred or alienated, in whole or in part, either directly or by
operation of law, and no such balance, right or interest shall be liable for or
subject to any debt, obligation or liability of the Employee, designated
beneficiary or estate.

                                       11
<PAGE>

         Section 6.4       Employment Noncontractual. The establishment of the
Plan shall not enlarge or otherwise affect the terms of any Employee's
employment with his Participating Employer, and such Participating Employer may
terminate the employment of the Employee as freely and with the same effect as
if the Plan had not been established.

         Section 6.5       Adoption by Other Participating Employers. The Plan
may be adopted by any Participating Employer participating under the Savings
Plan, such adoption to be effective as of the date specified by such
Participating Employer at the time of adoption.

         Section 6.6       Applicable Law. The Plan shall be governed and
construed in accordance with the laws of the State of North Carolina, except to
the extent such laws are preempted by the laws of the United States of America.

                            [Signature on next page]

                                       12
<PAGE>

         IN WITNESS WHEREOF, this instrument has been executed by the Company
on                , 2002.
   ---------------

                                    ENPRO INDUSTRIES, INC.

                                    By:
                                       -----------------------------------------
                                         Name:
                                               ---------------------------------
                                         Title:
                                               ---------------------------------

                                       13

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