Document:

<PAGE>

                                                                   EXHIBIT 10.34

       SUMMARY OF DIRECTOR AND EXECUTIVE OFFICER COMPENSATION ARRANGEMENTS

Compensation Arrangements for Directors

      EnPro Industries, Inc. (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 January 1, 2005, each non-employee member of the
Company's board of directors receives an annual retainer of $63,000, $38,000 of
which is paid in cash and $25,000 of which is paid in phantom shares of our
common stock for the first 10 years of a director's service on the board. In
addition, each non-employee director receives $1,000 per meeting for each board
and committee meeting attended (including telephonic meetings). Meeting fees are
paid to any non-employee director who attends a committee meeting, even if the
director does not serve on the committee. Each non-employee director who serves
as a committee chairman also receives an additional $4,000 annually, and the
non-executive chairman of the board receives an additional monthly fee of
$15,000.

      At the Company's 2005 annual meeting, its shareholders will consider
certain amendments to the Company's Amended and Restated 2002 Equity
Compensation Plan, including an amendment to allow phantom shares to be issued
under the plan to non-employee directors. If the shareholders approve these
amendments, then the phantom shares awarded to directors as part of their annual
retainers will be awarded under that plan beginning in 2005. When a director
retires from the board, phantom shares awarded under the Amended and Restated
2002 Equity Compensation Plan, as so amended, will be paid out in the form of
one share of the Company's common stock for each phantom share, with the value
of any fractional phantom shares paid in cash. If the shareholders do not
approve the amendments to the Amended and Restated 2002 Equity Compensation
Plan, the phantom shares awarded to directors as part of their annual retainers
will continue to be awarded under the Company's Outside Directors' Phantom Share
Plan, which is filed as Exhibit 10.12 to this Annual Report on Form 10-K.

      Non-employee directors may also participate in the Company's Deferred
Compensation Plan for Non-Employee Directors, which is filed as Exhibit 10.11 to
this Annual Report on Form 10-K.

Compensation Arrangements for Named Executive Officers

      The Company has certain compensation arrangements, as described below,
with its chief executive officer and its four other most highly compensated
executive officers, based on 2004 base salaries and bonuses (such five officers,
the "named executive officers"). Compensation information for each of these
individuals will be disclosed in the Company's proxy statement for its 2005
annual meeting. Each of these officers is an "at-will" employee who serves at
the pleasure of the board of directors.

<PAGE>

      Base Salary

      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. For 2005, the annual base salaries for the named executive
officers are as follows:

<TABLE>
<CAPTION>
NAMED EXECUTIVE OFFICER                 BASE SALARY
-----------------------                 -----------
<S>                                     <C>
Ernest F. Schaub                        $600,000
William Dries                           $310,000
Richard L. Magee                        $280,000
Richard C. Driscoll                     $270,000
Robert D. Rehley                        $153,000
</TABLE>

      Perquisites and Tax Gross-Up Payments

      The named executive officers receive certain perquisites, any of which the
board of directors could determine at any time to discontinue. These perquisites
consist of payments for an automobile allowance, financial counseling and excess
liability insurance for each officer, for social club expenses for Messrs.
Schaub, Dries, Magee and Driscoll, and for Mr. Schaub personal use of
Company-provided aircraft. The named executive officers also receive tax
gross-up payments to compensate them for income taxes incurred as a result of
certain of these perquisites. The board could determine at any time to
discontinue the practice of providing tax gross-up payments.

      Retirement Plan

      The Company maintains a non-qualified Supplemental Executive Retirement
Plan (the "SERP") in which each of the named executive officers except Mr.
Rehley currently participates. Each participant under the SERP earns an
additional benefit, payable at retirement, equal to the combined benefit for the
participant's first 15 years of service with the Company under the Retirement
Program for EnPro Industries, Inc. and Affiliated Companies, a tax-qualified
defined benefit pension plan for salaried employees that is described in the
proxy statement for the Company's 2004 annual shareholders' meeting, and the
EnPro Industries, Inc. Defined Benefit Restoration Plan, which is filed as
Exhibit 10.33 to this Annual Report on Form 10-K. The SERP takes into account
service only for periods beginning on or after June 1, 2002 for this purpose.
Benefits under the SERP are payable in a single cash payment as soon as
administratively practicable after the participant's termination of employment.Ex-10.27

 

Exhibit 10.27 — CONSULTING AGREEMENT

THIS AGREEMENT is made as of the 9th day of December 2004 by and between TRIAD GUARANTY INC., a
Delaware corporation (“TGI”), TRIAD GUARANTY INSURANCE CORPORATION, an Illinois corporation
(“TGIC”), TRIAD GUARANTY ASSURANCE COMPANY, an Illinois corporation (“TGAC”) and COLLATERAL
MORTGAGE, LTD., an Alabama Limited Partnership (“CML”). TGI, TGIC and TGAC may be referred to
individually as “Company” or collectively as “Companies”.

     WHEREAS, TGI, TGIC and CML entered into an Investment Advisory Agreement on or about February
1, 1998; and

     WHEREAS, TGI, TGIC and CML have agreed to terminate said Investment Advisory Agreement and
have done so by letter dated December 9, 2004; and

     WHEREAS, TGI, TGIC, TGAC and CML desire to enter into this Consulting Agreement (“Agreement”)
to memorialize the terms of their agreement.

     NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

	 	1.  	TGI, TGIC and TGAC have entered into an Asset Management Agreement with
Conning Asset Management Company (“Conning”) on or about December 9, 2004.
	 
	 	2.  	As a result of the above referenced Asset Management Agreement, the Companies
desire that CML become an advisor to management of the Companies and an advisor to the
Investment Committee and Board of Directors of TGI with respect to the newly formed
relationship with Conning.
	 
	 	3.  	CML will monitor and provide advice and counsel regarding the investment
strategy and tactics of Conning.
	 
	 	4.  	CML will participate in the strategy that Companies and Conning desire to
initiate in their business dealings, including, but not limited to, changes in
liquidity, changes in term, and strategic and tactical changes in portfolio management
during the onset of the Companies’ and Conning’s relationship.

 

 

	 	5.  	CML will review Conning’s actual results compared to predetermined
benchmarks.
	 
	 	6.  	CML will participate in monthly conference calls with Conning and Companies.
	 
	 	7.  	Companies will pay CML a total of One Hundred Thousand Dollars ($100,000) in
equal quarterly installments of Twenty-Five Thousand Dollars ($25,000).
	 
	 	8.  	This Agreement will be for a term of twelve (12) months beginning on or about
January 1, 2005. Upon the mutual agreement of the Parties, the term may be renewed
for an additional twelve (12) months or a shorter term.
	 
	 	9.  	This Agreement may be terminated by any party at any time by giving thirty
(30) days written notice to the other parties.
	 
	 	10.  	This Agreement shall be governed by and construed in accordance with the laws
of the State of Illinois.

     IN WITNESS WHEREOF, the parties have executed this Agreement effective the 9th
day of December, 2004.

     TRIAD GUARANTY INC.

     By: /S/ Ron Kessinger

 

 

     TRIAD GUARANTY INSURANCE CORPORATION

     By: /S/ Ron Kessinger

     TRIAD
GUARANTY ASSURANCE CORPORATION

     By: /S/ Ron Kessinger

 

 

     FOR COLLATERAL MORTGAGE, LTD.

     By: /S/ Cheryl R. Stone

     Its: Senior Vice President & Chief Financial OfficerEx-10.28

 

Exhibit 10.28 — AGREEMENT FOR ADMINISTRATIVE SERVICES

     THIS AGREEMENT FOR ADMINISTRATIVE SERVICES is made and entered into between and among
COLLATERAL MORTGAGE, LTD. (“CML”), COLLAT, INC. (“Collat”), NEW SOUTH FEDERAL SAVINGS BANK
(“NSFSB”), TRIAD GUARANTY INC. (“TGI”) and TRIAD GUARANTY INSURANCE CORPORATION (“TGIC”). TGI and
TGIC are referred to collectively as “Company”.

     WHEREAS, CML, Collat and NSFSB make available certain administrative and other services to
Company; and

     WHEREAS, the managements of the business concerns set forth above have determined that it is
desirable and in the best interest of each entity to enter into a contractual agreement for
administrative and other support services according to the terms and conditions set forth below.

     NOW, THEREFORE, in considerations of the premises and mutual agreements contained herein and
for other good and valuable considerations, it is agreed by and between the parties as follows:

ARTICLE I

     The initial term of the Agreement shall be for a period of twelve (12) months, beginning on
January 1, 2005 and shall automatically renew on each anniversary for a like period under the terms
and conditions hereof. Either party may cancel participation of this Agreement upon written notice
of at least sixty (60) days of its intent not to continue its participation in this Agreement. In
the event of termination by one or more parties to this Agreement, any amounts owed to the other
party is to be paid and settled within thirty (30) days following the effective date of the
termination or as soon thereafter as is possible but no later than one hundred twenty (120) days
after the effective date of termination.

ARTICLE II

     Costs of administrative and other support services and costs incurred by CML, Collat and NSFSB
on behalf of Company shall be shared as follows:

	 	a.  	Only reasonable, customary and usual charges for services rendered by CML,
Collat and NSFSB for the benefit of Company or the Chairman in the performance of his
duties as chairman of the Company may be shared under this Agreement.
	 
	 	b.  	Only costs for services and expenses actually rendered by CML, Collat and
NSFSB for Company or on behalf of the Chairman in his capacity as chairman of the
Company may be shared under this Agreement.

1

 

 

ARTICLE III

     The Chairman of the Board of Company spends a significant amount of his time forwarding the
business strategies of Company. As such, Company will pay compensation to the Chairman of the
Board for his service to Company. The amount of his compensation will be determined during the
first (1st) quarter of each year and will be paid monthly.

ARTICLE IV

     Company will pay or reimburse all reasonable and ordinary expenses incurred by the Chairman of
the Board on behalf of and at the specific request of Company. These expenses will be paid
directly by the Company or reimbursed in accordance with the expense and reimbursement policy of
Company. Company will also reimburse all costs of insurance procured for the benefit and
protection of Company through CML, Collat and NSFSB.

ARTICLE V

     Company will pay a fixed fee for services to be performed and expenses to be incurred at the
request of Company to support the Chairman’s efforts on behalf of Company. Such services and fees
shall include, but shall not be limited to, allocable office overhead, support personnel overhead,
professional memberships, seminar and program attendance and travel and other expenses related
thereto. The amount of the fee will be determined during the first (1st) quarter of the
initial term of the Agreement, and during the first (1st) quarter of each annual renewal
period thereafter, and will be paid monthly.

ARTICLE VI

     This Agreement for Administrative Services supersedes previous agreements for administrative
services and may be amended from time to time in writing by the parties.

ARTICLE VII

     No part of this Agreement is intended to avoid or violate any rule or regulation of any
regulatory authority. Should it be determined by a judicial or regulatory authority that any cost
incurred and reimbursed under this Agreement is in any manner unlawful, such reimbursement may be
recovered and have the effect as though never charged.

ARTICLE VIII

     Any notice, request, claim, demand or other communication required or permitted to be given by
either party to the other shall be in writing addressed to the party to whom

2

 

 

such communication is directed and shall be effective upon actual receipt. The addresses of the
parties, until changed in writing, shall be as follows:

	 	 	 
	If to TGI and TGIC:

	 	Ron D. Kessinger
	

	 	Senior Executive Vice President and COO
	

	 	101 S. Stratford Rd.
	

	 	Winston Salem, NC 27104
	 
	 	 
	If to CML:

	 	Cheryl R. Stone
	

	 	Sr. Vice President and Chief Financial Officer
	

	 	1900 Crestwood Blvd.
	

	 	Birmingham, AL 35210-2034
	 
	 	 
	If to Collat

	 	Cheryl R. Stone
	

	 	Sr. Vice President and Chief Financial Officer
	

	 	1900 Crestwood Blvd.
	

	 	Birmingham, AL 35210-2034
	 
	 	 
	If to NSFSB

	 	Roger Murphree
	

	 	Executive Vice President and Chief Financial Officer
	

	 	1900 Crestwood Blvd.
	

	 	Birmingham, AL 35210-2034

ARTICLE IX

     This Agreement may be executed in counter parts, each of which shall be deemed an original,
but all of which, together, shall constitute one and the same instrument.

ARTICLE X

     Any corporation or other entity acquired as a subsidiary of any of the parties to this
Agreement that desires to become a participant in this Agreement may do so by executing a copy of
the Agreement in its name and directing it to the “contact persons” named in Article V above. In
such case, the new entity will be bound to this Agreement from that date forward as if it had been
an original party to this Agreement, and no further action will be required on the part of the new
entity or the parties to this Agreement.

ARTICLE XI

     This Agreement shall be construed under the laws of the state of Illinois.

ARTICLE XII

     Arbitration.
All disputes between the parties to the Agreement will be settled by binding
arbitration administered by the American Arbitration Association under its

3

 

 

Commercial Arbitration Rules. Judgment on the award tendered in the arbitration may be entered in
any court where jurisdiction over the parties may be had. In any and all actions for arbitration
between any of the parties, the prevailing party shall be entitled to recover reasonable attorneys’
fees and legal expenses from the other party, and the costs of arbitration shall be borne by the
losing party unless otherwise determined by the arbitrators.

     IN WITNESS WHEREOF, the parties hereto have signed, sealed and acknowledged the AGREEMENT FOR
ADMINISTRATIVE SERVICES effective January 1, 2005.

 

TRIAD GUARANTY INC.

BY /S/ DARRYL W. THOMPSON

TITLE PRESIDENT

 

TRIAD GUARANTY INSURANCE CORPORATION

BY /S/ RON KESSINGER

TITLE SENIOR EXECUTIVE VICE PRESIDENT

 

COLLATERAL MORTGAGE, LTD

BY /S/ ROBERT JENNINGS

TITLE EVP & COO

 

COLLAT, INC.

BY /S/ CHERYL R. STONE

TITLE /S/SENIOR VICE PRESIDENT & CFO

4

 

NEW SOUTH FEDERAL SAVINGS BANK

BY /S/ ROGER D. MURPHREE

TITLE EVP & CFO

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}]]