Document:

exv10w3

 

Exhibit 10.3

THIRD AMENDMENT TO

AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT OF

FIRST INDUSTRIAL, L.P.

     As of the 31st day of October, 2005, the undersigned, being the sole general partner of First
Industrial, L.P. (the “Partnership”), a limited partnership formed under the Delaware Revised
Uniform Limited Partnership Act and pursuant to the terms of that certain Eighth Amended and
Restated Limited Partnership Agreement, dated June 2, 2004, as amended by that certain First
Amendment to Eighth Amended and Restated Limited Partnership Agreement, dated March 4, 2005, and
further amended by that certain Second Amendment to Eighth Amended and Restated Limited Partnership
Agreement, dated July 22, 2005 (collectively, the “Partnership Agreement”), does hereby further
amend the Partnership Agreement as follows:

     Capitalized terms used but not defined in this Third Amendment shall have the same meanings
that are respectively ascribed to them in the Partnership Agreement.

     1. Additional Limited Partners. The Persons identified on Schedule 1 hereto are
hereby admitted to the Partnership as Additional Limited Partners owning the number of Units and
having made the Capital Contributions set forth on such Schedule 1. Such Persons hereby adopt the
Partnership Agreement.

     2. Schedule of Partners. Exhibit 1B to the Partnership Agreement is hereby deleted in
its entirety and replaced by Exhibit 1B hereto which identifies all of the Partners following
consummation of the transactions referred to in Section 1 hereof.

     3. Ratification. Except as expressly modified by this Third Amendment, all of the
provisions of the Partnership Agreement are hereby affirmed and ratified, and remain in full force
and effect.

     IN WITNESS WHEREOF, the undersigned has executed this Third Amendment as of the date first
written above.

	 	 	 	 	 
	 	 	FIRST INDUSTRIAL REALTY TRUST, INC.,
as sole general partner of the Partnership
	 
	 	 	 	 
	 

	 	By:
	 	/s/ David Harker
	 

	 	 	 	 
	 

	 	Name:
	 	David Harker
	 

	 	 	 	 
	 

	 	Title:
	 	Executive Director — Investments
	 

	 	 	 	 

 

 

Schedule 1

	 	 	 	 	 	 	 	 	 
	Additional	 	 	 	 	 	 
	Limited Partners	 	Number of Units	 	 	Capital Contribution	 
	Mark X. DiSanto
	 	 	14,844	 	 	$	585,760.83	 
	John M. DiSanto
	 	 	14,844	 	 	$	585,760.83	 

 

 

EXHIBIT 1B

Schedule of Partners

	 	 	 	 	 
	General Partner	 	Number of Units	 
	 
	 	 	 	 
	First Industrial Realty Trust, Inc.
	 	 	30,892,739	 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	Kerry Acker
	 	 	154	 
	 
	 	 	 	 
	Sanders H. Acker
	 	 	307	 
	 
	 	 	 	 
	Daniel R.
Andrew, Trustee of the Daniel R. Andrew Trust U/A
12-29-92
	 	 	137,489	 
	 
	 	 	 	 
	Charles T. Andrews
	 	 	754	 
	 
	 	 	 	 
	The Arel Company
	 	 	307	 
	 
	 	 	 	 
	Arnold Y. Aronoff
	 	 	7,955	 
	 
	 	 	 	 
	Daniel J. Aronoff
	 	 	2,809	 
	 
	 	 	 	 
	Lynn E. Aronoff
	 	 	2,690	 
	 
	 	 	 	 
	William J. Atkins
	 	 	5,691	 
	 
	 	 	 	 
	E. Donald Bafford
	 	 	3,374	 
	 
	 	 	 	 
	William Baloh
	 	 	8,731	 
	 
	 	 	 	 
	Thomas K. Barad & Jill E. Barad, Co-Trustees of the Thomas
K. Barad & Jill E. Barad Trust DTD 10-18-89
	 	 	2,283	 
	 
	 	 	 	 
	Enid Barden, Trustee of the Enid Barden Trust dated June
28, 1995
	 	 	56,082	 
	 
	 	 	 	 
	Enid Barden, Trustee of the Enid Barden Trust dated June
28, 1996
	 	 	23,088	 
	 
	 	 	 	 
	Emil Billich
	 	 	77	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	Don N. Blurton
& Patricia H. Blurton, Trustees U/A DTD
11-96 Blurton 1996 Revocable Family Trust
	 	 	598	 
	 
	 	 	 	 
	Harriet Bonn,
Trustee U/A DTD 3/5/97 FBO the Harriet Bonn
Revocable Living Trust
	 	 	24,804	 
	 
	 	 	 	 
	Michael W. Brennan
	 	 	3,806	 
	 
	 	 	 	 
	Helen Brown
	 	 	307	 
	 
	 	 	 	 
	Merrill Lynch, attn Cliff Kelly, account #27G-38295
	 	 	4,620	 
	 
	 	 	 	 
	Merrill Lynch, attn Cliff Kelly, account #27G-38294
	 	 	4,620	 
	 
	 	 	 	 
	Edward Burger
	 	 	9,261	 
	 
	 	 	 	 
	Barbara Lee O’Brien Burke
	 	 	666	 
	 
	 	 	 	 
	Ernestine Burstyn
	 	 	5,007	 
	 
	 	 	 	 
	Calamer Inc.
	 	 	1,233	 
	 
	 	 	 	 
	Perry C. Caplan
	 	 	1,388	 
	 
	 	 	 	 
	Carew Corporation
	 	 	13,650	 
	 
	 	 	 	 
	The Carol and James Collins Foundation
	 	 	100,000	 
	 
	 	 	 	 
	Magdalena G. Castleman
	 	 	307	 
	 
	 	 	 	 
	Cliffwood Development Company
	 	 	64,823	 
	 
	 	 	 	 
	Kelly Collins
	 	 	11,116	 
	 
	 	 	 	 
	Michael Collins
	 	 	17,369	 
	 
	 	 	 	 
	Charles S. Cook and Shelby H. Cook, tenants in the entirety
	 	 	634	 
	 
	 	 	 	 
	Cotswold Properties
	 	 	34,939	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	Caroline Atkins Coutret
	 	 	5,845	 
	 
	 	 	 	 
	David Cleborne Crow
	 	 	5,159	 
	 
	 	 	 	 
	Gretchen Smith Crow
	 	 	2,602	 
	 
	 	 	 	 
	Michael G. Damone, Trustee of the Michael G. Damone Trust
U/A 11-4-69
	 	 	144,296	 
	 
	 	 	 	 
	Robert L. Denton
	 	 	6,286	 
	 
	 	 	 	 
	Henry E. Dietz
Trust U/A 01-16-81
	 	 	36,476	 
	 
	 	 	 	 
	John M. DiSanto
	 	 	14,844	 
	 
	 	 	 	 
	Mark X. DiSanto
	 	 	14,844	 
	 
	 	 	 	 
	Steven Dizio & Helen Dizio, joint tenants
	 	 	12,358	 
	 
	 	 	 	 
	Nancy L. Doane
	 	 	2,429	 
	 
	 	 	 	 
	W. Allen Doane
	 	 	1,987	 
	 
	 	 	 	 
	Timothy Donohue
	 	 	100	 
	 
	 	 	 	 
	Darwin B. Dosch
	 	 	1,388	 
	 
	 	 	 	 
	Charles F. Downs
	 	 	1,508	 
	 
	 	 	 	 
	Draizin Family Partnership L.P.
	 	 	357,896	 
	 
	 	 	 	 
	Milton H. Dresner, Trustee of the Milton Dresner Revocable
Trust U/A 10-22-76
	 	 	149,531	 
	 
	 	 	 	 
	Joseph Dresner
	 	 	149,531	 
	 
	 	 	 	 
	James O’Neil Duffy, Jr.
	 	 	513	 
	 
	 	 	 	 
	Martin Eglow
	 	 	330	 
	 
	 	 	 	 
	Rand H. Falbaum
	 	 	17,022	 
	 
	 	 	 	 
	Patricia O’Brien Ferrell
	 	 	666	 
	 
	 	 	 	 
	Rowena Finke
	 	 	154	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	First & Broadway Limited Partnership
	 	 	18,203	 
	 
	 	 	 	 
	Fourbur Family Co., L.P., a New York limited partnership
	 	 	588,273	 
	 
	 	 	 	 
	Frances Shankman Insurance Trust, Frances Shankman Trustee
	 	 	16,540	 
	 
	 	 	 	 
	Ester Fried
	 	 	3,177	 
	 
	 	 	 	 
	Jack Friedman, Trustee of the Jack Friedman Revocable
Living Trust U/A 03/23/78
	 	 	26,005	 
	 
	 	 	 	 
	Robert L. Friedman
	 	 	28,500	 
	 
	 	 	 	 
	Nancy Gabel
	 	 	14	 
	 
	 	 	 	 
	J. Peter Gaffney
	 	 	727	 
	 
	 	 	 	 
	Gerlach Family
Trust, dated 6/28/85, Stanley & Linda
Gerlach Trustees
	 	 	874	 
	 
	 	 	 	 
	Martin Goodstein
	 	 	922	 
	 
	 	 	 	 
	Dennis G. Goodwin and Jeannie L. Goodwin, tenants in the
entirety
	 	 	6,166	 
	 
	 	 	 	 
	Jeffrey L. Greenberg
	 	 	330	 
	 
	 	 	 	 
	Stanley Greenberg & Florence Greenberg, joint tenants
	 	 	307	 
	 
	 	 	 	 
	Thelma C. Gretzinger Trust
	 	 	450	 
	 
	 	 	 	 
	Stanley Gruber
	 	 	30,032	 
	 
	 	 	 	 
	Melissa C. Gudim
	 	 	24,028	 
	 
	 	 	 	 
	H. L. Investors LLC
	 	 	4,000	 
	 
	 	 	 	 
	H. P. Family Group LLC
	 	 	103,734	 
	 
	 	 	 	 
	H/Airport GP Inc.
	 	 	1,433	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	Clay Hamlin & Lynn Hamlin, joint tenants
	 	 	15,159	 
	 
	 	 	 	 
	Turner Harshaw
	 	 	1,132	 
	 
	 	 	 	 
	Edwin Hession & Cathleen Hession, joint tenants
	 	 	11,116	 
	 
	 	 	 	 
	Highland Associates Limited Partnership
	 	 	69,039	 
	 
	 	 	 	 
	Andrew Holder
	 	 	97	 
	 
	 	 	 	 
	Ruth Holder
	 	 	2,612	 
	 
	 	 	 	 
	Robert W. Holman, Jr. Homan Family Trust
	 	 	1,048	 
	 
	 	 	 	 
	Robert W. Holman, Jr. Homan Family Trust
	 	 	149,165	 
	 
	 	 	 	 
	Holman/Shidler Investment Corporation
	 	 	14,351	 
	 
	 	 	 	 
	Holman/Shidler Investment Corporation
	 	 	7,728	 
	 
	 	 	 	 
	Robert S. Hood
Living Trust, dated 1/9/90 & amended
12/16/96, Robert S. Hood Trustee
	 	 	3,591	 
	 
	 	 	 	 
	Howard Trust,
dated 4/30/79, Howard F. Sklar Trustee
	 	 	653	 
	 
	 	 	 	 
	Steven B. Hoyt
	 	 	150,000	 
	 
	 	 	 	 
	Jerry Hymowitz
	 	 	307	 
	 
	 	 	 	 
	Karen L. Hymowitz
	 	 	154	 
	 
	 	 	 	 
	IBS Delaware Partners L.P.
	 	 	2,708	 
	 
	 	 	 	 
	Seymour Israel
	 	 	15,016	 
	 
	 	 	 	 
	Frederick K.
Ito, Trustee U/A DTD 9/9/98 FBO the Frederick
K. Ito Trust
	 	 	1,940	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	Frederick K.
Ito & June Y. I. Ito, Trustees U/A DTD 9/9/98
FBO the June Y. I. Ito Trust
	 	 	1,940	 
	 
	 	 	 	 
	J. P. Trusts LLC
	 	 	35,957	 
	 
	 	 	 	 
	Michael W. Jenkins
	 	 	460	 
	 
	 	 	 	 
	Jernie Holdings Corp.
	 	 	180,499	 
	 
	 	 	 	 
	Joan R. Krieger, Trustee of the Joan R. Krieger Revocable
Trust DTD 10/21/97
	 	 	15,184	 
	 
	 	 	 	 
	John E. De B Blockey, Trustee of the John E. De B Blockey
Trust
	 	 	8,653	 
	 
	 	 	 	 
	Jane Terrell Johnson
	 	 	3,538	 
	 
	 	 	 	 
	Jeffery E. Johnson
	 	 	809	 
	 
	 	 	 	 
	Johnson Living
Trust, dated 2/18/83, H. Stanton & Carol A.
Johnson Trustees
	 	 	1,078	 
	 
	 	 	 	 
	Thomas Johnson, Jr. & Sandra L. Johnson, tenants in the
entirety
	 	 	2,142	 
	 
	 	 	 	 
	Martha O’Brien Jones
	 	 	665	 
	 
	 	 	 	 
	Charles Mark Jordan
	 	 	57	 
	 
	 	 	 	 
	Mary Terrell Joseph
	 	 	837	 
	 
	 	 	 	 
	Nourhan Kailian
	 	 	2,183	 
	 
	 	 	 	 
	H. L. Kaltenbacher, P. P. Kaltenbacher & J. K. Carr,
Trustees of the Joseph C. Kaltenbacher Credit Shelter Trust
	 	 	1,440	 
	 
	 	 	 	 
	Sarah Katz
	 	 	307	 
	 
	 	 	 	 
	Carol F. Kaufman
	 	 	166	 
	 
	 	 	 	 
	KEP LLC, a Michigan limited liability company
	 	 	98,626	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	Peter Kepic
	 	 	9,261	 
	 
	 	 	 	 
	Jack Kindler
	 	 	1,440	 
	 
	 	 	 	 
	Kirshner
Family Trust #1, dated 4/8/76, Berton & Barbara
Kirshner Trustees
	 	 	29,558	 
	 
	 	 	 	 
	Kirshner Trust
#4 FBO Todd Kirshner, dated 12/30/76, Berton
Kirshner Trustee
	 	 	20,258	 
	 
	 	 	 	 
	Arthur Kligman
	 	 	307	 
	 
	 	 	 	 
	William L. Kreiger, Jr.
	 	 	3,374	 
	 
	 	 	 	 
	Babette Kulka
	 	 	330	 
	 
	 	 	 	 
	Jack H. Kulka
	 	 	330	 
	 
	 	 	 	 
	Paul T. Lambert
	 	 	32,470	 
	 
	 	 	 	 
	Paul T. Lambert
	 	 	7,346	 
	 
	 	 	 	 
	Chester A. Latcham & Co.
	 	 	1,793	 
	 
	 	 	 	 
	Constance Lazarus
	 	 	417,961	 
	 
	 	 	 	 
	Jerome Lazarus
	 	 	18,653	 
	 
	 	 	 	 
	Susan Lebow
	 	 	740	 
	 
	 	 	 	 
	Arron Leifer
	 	 	4,801	 
	 
	 	 	 	 
	Leslie A. Rubin Ltd
	 	 	4,048	 
	 
	 	 	 	 
	L. P. Family Group LLC
	 	 	102,249	 
	 
	 	 	 	 
	Duane Lund
	 	 	617	 
	 
	 	 	 	 
	Barbara Lusen
	 	 	307	 
	 
	 	 	 	 
	William J.
Mallen Trust, dated 4/29/94, William J. Mallen
Trustee
	 	 	8,016	 
	 
	 	 	 	 
	Stephen Mann
	 	 	17	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	Manor LLC
	 	 	80,556	 
	 
	 	 	 	 
	R. Craig Martin
	 	 	754	 
	 
	 	 	 	 
	J. Stanley Mattison
	 	 	79	 
	 
	 	 	 	 
	Henry E. Mawicke
	 	 	636	 
	 
	 	 	 	 
	Richard McClintock
	 	 	623	 
	 
	 	 	 	 
	McElroy Management Inc.
	 	 	5,478	 
	 
	 	 	 	 
	Eileen Millar
	 	 	3,072	 
	 
	 	 	 	 
	Linda Miller
	 	 	2,000	 
	 
	 	 	 	 
	Lila Atkins Mulkey
	 	 	7,327	 
	 
	 	 	 	 
	Peter Murphy
	 	 	56,184	 
	 
	 	 	 	 
	Anthony Muscatello
	 	 	81,654	 
	 
	 	 	 	 
	Ignatius Musti
	 	 	1,508	 
	 
	 	 	 	 
	New Land Associates Limited Partnership
	 	 	1,664	 
	 
	 	 	 	 
	Kris Nielsen
	 	 	178	 
	 
	 	 	 	 
	North Star Associates Limited Partnership
	 	 	19,333	 
	 
	 	 	 	 
	George F. Obrecht
	 	 	5,289	 
	 
	 	 	 	 
	Paul F. Obrecht
	 	 	4,455	 
	 
	 	 	 	 
	Richard F. Obrecht
	 	 	5,289	 
	 
	 	 	 	 
	Thomas F. Obrecht
	 	 	5,289	 
	 
	 	 	 	 
	Catherine A. O’Brien
	 	 	832	 
	 
	 	 	 	 
	Lee O’Brien, Trustee of the Martha J. Harbison Testamentary
Trust FBO Christopher C. O’Brien
	 	 	666	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	Martha E. O’Brien
	 	 	832	 
	 
	 	 	 	 
	Patricia A. O’Brien
	 	 	6,387	 
	 
	 	 	 	 
	Peter O’Connor
	 	 	56,844	 
	 
	 	 	 	 
	Steve Ohren
	 	 	33,366	 
	 
	 	 	 	 
	Princeton South at Lawrenceville One, a New Jersey limited
partnership
	 	 	4,265	 
	 
	 	 	 	 
	P & D Partners L.P.
	 	 	1,440	 
	 
	 	 	 	 
	Peegee L.P.
	 	 	4,817	 
	 
	 	 	 	 
	Partridge Road Associates Limited Partnership
	 	 	2,751	 
	 
	 	 	 	 
	Sybil T. Patten
	 	 	1,816	 
	 
	 	 	 	 
	Lawrence Peters
	 	 	960	 
	 
	 	 	 	 
	Jeffrey Pion
	 	 	2,879	 
	 
	 	 	 	 
	Pipkin Family
Trust, dated 10/6/89, Chester & Janice Pipkin
Trustees
	 	 	3,140	 
	 
	 	 	 	 
	Peter M. Polow
	 	 	557	 
	 
	 	 	 	 
	Keith J. Pomeroy, Trustee of Keigh J. Pomeroy Revocable
Trust Agreement DTD 12/13/76 as amended & restated 06/28/95
	 	 	104,954	 
	 
	 	 	 	 
	Princeton South at Lawrenceville LLC
	 	 	4,692	 
	 
	 	 	 	 
	Abraham Punia, individually and to the admission of Abraham
Punia
	 	 	307	 
	 
	 	 	 	 
	R. E. A. Associates
	 	 	8,908	 
	 
	 	 	 	 
	Marilyn Rangel
IRA, dated 02/05/86, Custodian Smith Barney
Shearson
	 	 	969	 
	 
	 	 	 	 
	Richard Rapp
	 	 	23	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	RBZ LLC, a Michigan limited liability company
	 	 	155	 
	 
	 	 	 	 
	Jack F. Ream
	 	 	1,071	 
	 
	 	 	 	 
	Seymour D. Reich
	 	 	154	 
	 
	 	 	 	 
	James C. Reynolds
	 	 	2,569	 
	 
	 	 	 	 
	James C. Reynolds
	 	 	37,715	 
	 
	 	 	 	 
	Andre G. Richard
	 	 	1,508	 
	 
	 	 	 	 
	RJB Ford City Limited Partnership, an Illinois limited
partnership
	 	 	158,438	 
	 
	 	 	 	 
	RJB II Limited Partnership, an Illinois limited partnership
	 	 	40,788	 
	 
	 	 	 	 
	Rebecca S. Roberts
	 	 	8,308	 
	 
	 	 	 	 
	James Sage
	 	 	2,156	 
	 
	 	 	 	 
	James R. Sage
	 	 	3,364	 
	 
	 	 	 	 
	Kathleen Sage
	 	 	50	 
	 
	 	 	 	 
	Wilton Wade Sample
	 	 	5,449	 
	 
	 	 	 	 
	Debbie B. Schneeman
	 	 	740	 
	 
	 	 	 	 
	Jane Schulak
	 	 	2,690	 
	 
	 	 	 	 
	Norma A. Schulze
	 	 	307	 
	 
	 	 	 	 
	Sciport Discovery Center
	 	 	30	 
	 
	 	 	 	 
	Sealy Professional Drive LLC
	 	 	2,906	 
	 
	 	 	 	 
	Sealy Unitholder LLC
	 	 	31,552	 
	 
	 	 	 	 
	Sealy & Company Inc.
	 	 	37,119	 
	 
	 	 	 	 
	Sealy Florida Inc.
	 	 	675	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	Mark P. Sealy
	 	 	8,451	 
	 
	 	 	 	 
	Sealy Real Estate Services Inc.
	 	 	148,478	 
	 
	 	 	 	 
	Scott P. Sealy
	 	 	40,902	 
	 
	 	 	 	 
	Shadeland Associates Limited Partnership
	 	 	42,976	 
	 
	 	 	 	 
	Sam Shamie, Trustee of the Sam Shamie Trust Agreement dated
March 16 1978 as restated November 16 1993
	 	 	400,000	 
	 
	 	 	 	 
	Garrett E. Sheehan
	 	 	513	 
	 
	 	 	 	 
	Shidler Equities L.P.
	 	 	37,378	 
	 
	 	 	 	 
	Shidler Equities L.P.
	 	 	217,163	 
	 
	 	 	 	 
	Jay H. Shidler
	 	 	63,604	 
	 
	 	 	 	 
	Jay H. Shidler
	 	 	4,416	 
	 
	 	 	 	 
	Jay H. Shidler & Wallette A. Shidler, tenants in the
entirety
	 	 	1,223	 
	 
	 	 	 	 
	D. W. Sivers Co.
	 	 	12,875	 
	 
	 	 	 	 
	D. W. Sivers Co.
	 	 	11,390	 
	 
	 	 	 	 
	Dennis W. Sivers
	 	 	26,920	 
	 
	 	 	 	 
	Dennis W. Sivers
	 	 	716	 
	 
	 	 	 	 
	Sivers Family Real Property Limited Liability Company
	 	 	11,447	 
	 
	 	 	 	 
	Sivers Family Real Property Limited Liability Company
	 	 	615	 
	 
	 	 	 	 
	Sivers Investment Partnership
	 	 	266,361	 
	 
	 	 	 	 
	Sivers Investment Partnership
	 	 	17,139	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	Estate of Albert Sklar, Miriam M. Sklar Executrix
	 	 	3,912	 
	 
	 	 	 	 
	Michael B. Slade
	 	 	2,829	 
	 
	 	 	 	 
	Ellen Margaret Smith
	 	 	1,000	 
	 
	 	 	 	 
	Joseph Edward Smith
	 	 	1,000	 
	 
	 	 	 	 
	Kevin Smith
	 	 	10,571	 
	 
	 	 	 	 
	Olivia Jane Smith
	 	 	1,000	 
	 
	 	 	 	 
	Arnold R. Sollar, Trustee for the Dorothy Sollar Residuary
Trust
	 	 	307	 
	 
	 	 	 	 
	Spencer and Company
	 	 	154	 
	 
	 	 	 	 
	SPM Industrial LLC
	 	 	5,262	 
	 
	 	 	 	 
	SRS Partnership
	 	 	2,142	 
	 
	 	 	 	 
	Robert Stein,
Trustee U/A DTD 5-21-96 FBO Robert Stein
	 	 	63,630	 
	 
	 	 	 	 
	S. Larry Stein, Trustee under Revocable Trust Agreement DTD
9/22/99, S. Larry Stein Grantor
	 	 	63,630	 
	 
	 	 	 	 
	Sterling Alsip Trust, dated August 1, 1989, Donald W.
Schaumberger Trustee
	 	 	794	 
	 
	 	 	 	 
	Sterling
Family Trust, dated 3/27/80, Donald & Valerie A.
Sterling Trustees
	 	 	3,559	 
	 
	 	 	 	 
	Jonathan Stott
	 	 	80,026	 
	 
	 	 	 	 
	Victor Strauss
	 	 	77	 
	 
	 	 	 	 
	Catherine O’Brien Sturgis
	 	 	666	 
	 
	 	 	 	 
	Mitchell Sussman
	 	 	410	 
	 
	 	 	 	 
	Swift Terminal Properties
	 	 	183,158	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	Donald C.
Thompson, Trustee U/A DTD 12/31/98 FBO Donald C.
Thompson Revocable Family Trust
	 	 	39,243	 
	 
	 	 	 	 
	Michael T. Tomasz, Trustee of the Michael T. Tomasz Trust
U/A DTD 02-05-90
	 	 	36,033	 
	 
	 	 	 	 
	Barry L. Tracey
	 	 	2,142	 
	 
	 	 	 	 
	William S. Tyrrell
	 	 	2,906	 
	 
	 	 	 	 
	Burton S. Ury
	 	 	9,072	 
	 
	 	 	 	 
	James J. Warfield
	 	 	330	 
	 
	 	 	 	 
	Phyllis M. Warsaw Living Trust, Phyllis M. Warsaw Trustee
	 	 	16,540	 
	 
	 	 	 	 
	Wendel C.
Sivers Marital Trust, U W D 02/20/81 Dennis W.
Sivers & G. Burke Mims Co-Trustees
	 	 	13,385	 
	 
	 	 	 	 
	Wendell C.
Sivers Marital Trust, U W D 02/20/81 Dennis W.
Sivers & G. Burke Mims Co-Trustees
	 	 	635	 
	 
	 	 	 	 
	Wilson Management Company LLC
	 	 	35,787	 
	 
	 	 	 	 
	Elmer H. Wingate, Jr.
	 	 	1,688	 
	 
	 	 	 	 
	Ralph G. Woodley, Trustee under Revocable Trust Agreement
DTD 9/27/89
	 	 	16,319	 
	 
	 	 	 	 
	Worlds Fair Partners Limited Partnership
	 	 	1,664	 
	 
	 	 	 	 
	WSW 1998 Exchange Fund L.P.
	 	 	32,000	 
	 
	 	 	 	 
	Sam L. Yaker, Trustee of the Sam L. Yaker Revocable Trust
Agreement DTD 02/14/1984
	 	 	37,870	 
	 
	 	 	 	 
	Johannson Yap
	 	 	1,680	 

 

 

	 	 	 	 	 
	Limited Partners	 	Number of Units	 
	 
	 	 	 	 
	Richard H. Zimmerman, Trustee of the Richard H. Zimmerman
Living Trust dated Oct 15 1990 as amended
	 	 	28,988	 
	 
	 	 	 	 
	Gerald & Sharon Zuckerman, joint tenants
	 	 	615	 
	 
	 	 	 	 
	L. Gary Waller and Nancy R. Waller, JTWROS
	 	 	37,587EX-10.1

 

Exhibit 10.1

SUPPLEMENTAL RETIREMENT AND DEATH BENEFITS AGREEMENT 

     THIS AGREEMENT dated as of the 8th day of November, 2005, by and between EnPro
Industries, Inc., a North Carolina corporation (the “Company”), and Ernest F. Schaub (the
“Executive”);

WITNESSETH:

     WHEREAS, Executive participates in the following two non-qualified retirement plans sponsored
by the Company: (1) the Defined Benefit Restoration Plan (the “Restoration Plan”), which provides
retirement benefits that could not be accrued under the Company’s tax-qualified pension plan (the
“Qualified Plan”) because of certain limitations under the Internal Revenue Code (the “Code”)
applicable to tax-qualified plans; and (2) the Supplemental Executive Retirement Plan (the “SERP”),
which provides for the accrual of additional retirement benefits equal to the combined benefit
under the Qualified Plan and Restoration Plan for Executive’s first 15 years of service with the
Company following June 1, 2002; and

     WHEREAS, Executive is fully vested in his benefits under the Restoration Plan and the SERP;
and

     WHEREAS, pursuant to a Death Benefits Agreement between Executive and the Company (the “Death
Benefits Agreement”), Executive’s beneficiary will receive certain death benefits if Executive dies
while employed by the Company, which death benefits are in lieu of any death benefits otherwise
payable by reason of Executive’s participation in the Restoration Plan and the SERP; and

     WHEREAS, the purpose of this Agreement is to provide for certain supplemental retirement and
death benefits that replace the benefits Executive would have otherwise been eligible for under the
Restoration Plan, the SERP and the Death Benefits Agreement in compliance with the new deferred
compensation requirements of Code Section 409A; and

     WHEREAS, the Company previously purchased one or more life insurance policies on the life of
Executive to finance the Company’s obligations under the Restoration Plan, the SERP and the Death
Benefits Agreement, and the Company intends to use those policies to deliver the benefits to be
provided under this Agreement;

     NOW THEREFORE, in consideration of the services rendered and to be rendered by Executive and
of the covenants contained herein, the parties agree as follows:

 

 

     1. Supplemental Retirement Benefits Replacing Restoration Plan and SERP Benefits.

          (a) Amount and Payment of Supplemental Retirement Benefits. The single sum present
value of Executive’s aggregate accrued benefit under the Restoration Plan and the SERP shall be
determined as of December 1, 2005 pursuant to the provisions of Section 1(b) below. Subject to the
provisions of Section 1(d) below, such single sum present value shall be paid to Executive on or
before December 31, 2005. As of each subsequent December 31 or, if earlier, the date of
Executive’s termination of employment with the Company, the single sum present value of the amount
of the additional aggregate benefits accrued under the Restoration Plan and the SERP since the most
recently preceding determination date shall be determined pursuant to the provisions of Section
1(b) below and, subject to the provisions of Section 1(d) below, paid to Executive as soon as
administratively practicable after such date, but not more than 60 days thereafter. In each case,
the payment shall be made by the Company delivering to Executive a life insurance policy (each, a
“Policy”) having a net cash value as of the applicable determination date equal to the amount of
the payment. In the Company’s discretion, the Company may require Executive to provide a
restrictive endorsement with respect to each Policy limiting Executive’s access to the Policy’s
cash value (through withdrawals, Policy loans, transfers or otherwise) prior to such time as
reasonably required by the Company and specified in the restrictive endorsement, such restrictions
not to apply beyond the date of Executive’s termination of employment with the Company. Payments
under this Section 1(a) shall be in lieu of, and fully replace, any retirement benefits Executive
would have otherwise become entitled to receive under the Restoration Plan or the SERP. For
purposes of this Agreement, each payment under this Section 1(a) shall be referred to as a
“Retirement Benefit Payment.”

          (b) Determination of Single Sum Present Value. For purposes of Section 1(a) above,
the single sum present value of Executive’s Restoration Plan and SERP benefits as of December 1,
2005, and the single sum present value of the additional Restoration Plan and SERP benefits accrued
from time to time thereafter, shall be determined as follows, depending on whether Executive has
attained Executive’s “Earliest Retirement Age” (as defined under the Qualified Plan) as of the
applicable determination date:

	 	(i)	 	Earliest Retirement Age Attained. If Executive has attained
Executive’s Earliest Retirement Age under the Qualified Plan as of the applicable
determination date, then the present value of the aggregate Restoration Plan and SERP
benefits

2

 

	 	 	 	payable with respect to such determination date shall be determined by: (A) assuming
Executive then retired and commenced such benefits as soon as administratively
practicable after such date; (B) if such date occurs prior to Executive’s Normal
Retirement Age, reducing the amount of the assumed annuity payments for commencement
prior to Normal Retirement Age in accordance with the provisions of the Qualified
Plan as in effect as of the date hereof; (C) determining the single sum present
value of those annuity payments using the actuarial assumptions in effect under the
Qualified Plan as of the determination date used for purposes of determining the
single sum value of benefits under the Qualified Plan; and (D) reducing such present
value for the actuarially equivalent present value of any prior Retirement Benefit
Payments under Section 1(a) above using the actuarial assumptions in effect under
the Qualified Plan as of the determination date.

	 	(ii)	 	Earliest Retirement Age Not Attained. If Executive has not attained
Executive’s Earliest Retirement Age under the Qualified Plan as of the applicable
determination date, then the present value of the aggregate Restoration Plan and SERP
benefits payable with respect to such determination date shall be determined by: (A)
assuming Executive then terminated employment with the Company and such benefits would
commence at Executive’s Normal Retirement Age (as defined under the Qualified Plan as
of the date hereof) in a singe life annuity; (B) determining the single sum present
value of the those annuity payments using the actuarial assumptions in effect under the
Qualified Plan as of the determination date used for purposes of determining the single
sum value of benefits under the Qualified Plan; and (C) reducing such present value for
the actuarially equivalent present value of any prior Retirement Benefit Payments under
Section 1(a) above using the actuarial assumptions in effect under the Qualified Plan
as of the determination date.

Notwithstanding the foregoing, if the Qualified Plan is terminated prior to a determination date,
then the actuarial assumptions applicable under clauses (i)(C), (i)(D), (ii)(B) and (ii)(C) above
shall be the actuarial assumptions that would have applied under the Qualified Plan had it
continued in effect through the determination date based on the provisions of the Qualified Plan in
effect at the time the Qualified Plan was terminated.

          (c) Gross-Up Payments. In addition, subject to the provisions of Section 1(d) below,
Executive shall receive with each Retirement Benefit Payment a tax-gross-up payment (each, a
“Gross-Up Payment”) in an amount necessary to provide Executive with sufficient cash, after all
applicable taxes on the Gross-Up Payment, to pay all applicable taxes on the Retirement Benefit
Payment. For purposes of calculating the amount of each Gross-Up Payment, federal and state income
taxes shall be deemed to be payable by Executive at the highest marginal rate then in effect.

3

 

          (d) Code Section 162(m) Condition. Notwithstanding any provision herein to the
contrary, a Retirement Benefit Payment and related Gross-Up Payment for any determination date
prior to Executive’s termination of employment with the Company shall be delayed to the extent the
Company reasonably anticipates that the Company’s deduction with respect to such payments otherwise
would be limited or eliminated by application of Code Section 162(m); provided,
however, that any such delayed payments shall be made at the earlier of (i) at the earliest
date at which the Company reasonably anticipates that Company’s deduction with respect to such
payments will not be limited or eliminated by application of Code Section 162(m) or (ii) as soon as
administratively practicable following Executive’s termination of employment with the Company, but
not more than 60 days thereafter.

          (e) Six-Month Delay For Final Payment. Notwithstanding any provision herein to the
contrary, to the extent required by Code Section 409A, the final Retirement Benefit Payment under
Section 1(a) above (in connection with Executive’s termination of employment with the Company) and
related Gross-Up Payment shall be made on the date six months after such termination of employment.

     2. Coordination With Death Benefits Agreement. The amount of the death benefits
payable under the Death Benefits Agreement shall be reduced, dollar-for-dollar, by the amount of
the death benefit provided under each Policy distributed in accordance with Section 1(a) above.

     3. Miscellaneous

          (a) No provisions of this Agreement may be modified, waived or discharged, and this Agreement
may not be terminated, unless such waiver, modification, discharge or termination is agreed to in a
written instrument signed by Executive and the Company. Notwithstanding the foregoing, nothing in
this Agreement shall prevent the Company from terminating or amending the Qualified Plan or the
Restoration Plan; provided, however, that except with Executive’s prior written
consent, (i) no such termination or amendment of the Qualified Plan or the Restoration Plan shall
deprive Executive of the right to receive any portion of the benefits accrued under this Agreement
for benefits accrued under the Restoration Plan through the date of such termination or amendment
and (ii) Executive’s benefits under the SERP for purposes of this Agreement shall continue to be
determined in accordance with the provisions of the Qualified Plan, the Restoration Plan and the
SERP as in effect immediately prior to such

4

 

termination or amendment. No waiver by either party hereto at any time of any breach by the other
party hereto or compliance with, any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the
same or at any prior or subsequent time. No agreements or representations, oral or otherwise,
express or implied, with respect to the subject matter hereof, have been made by either party which
is not set forth expressly in this Agreement. This Agreement shall not in any way be construed to
modify or amend the terms and provisions of the Management Continuity Agreement between the Company
and Executive as in effect from time to time.

          (b) Nothing in this Agreement shall be construed to confer upon Executive any right of
continuing employment by the Company, nor shall this Agreement interfere in anyway with the right
of the Company to assign Executive to other duties or responsibilities or to terminate Executive’s
employment at any time.

          (c) No right to payment or any other interest under this Agreement shall be assignable by
Executive or by any spouse or beneficiary and no such right or other interest shall be subject to
attachment, execution or levy of any kind. This Agreement may and shall be assigned or transferred
to, and shall be binding upon any successor of the Company, and such successor shall be deemed
substituted for the Company under the terms of this Agreement.

          (d) This Agreement is unfunded and intended to constitute a non-qualified deferred
compensation arrangement, and Executive is a member of a select group of officers and key
management employees of the Company. Nothing in this Agreement shall be deemed or construed to
create a trust fund of any kind or to grant a property interest of any kind to Executive or any
beneficiary. To the extent that Executive or any beneficiary acquires a right to receive payments
from the Company hereunder, such right shall be no greater than the right of any unsecured general
creditor of the Company.

          (e) This Agreement is intended to comply with the requirements of Code Section 409A, and
notwithstanding any provision herein to the contrary, it shall be operated, administered and
construed consistent with such intent.

          (f) This Agreement 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.

5

 

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by an officer
thereunder duly authorized so to do, and Executive has accepted and executed this Agreement, all as
of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	ENPRO INDUSTRIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	       /s/ Richard C. Driscoll
 

	 	 
	 

	 	 	 	Name:    Richard C. Driscoll	 	 
	 

	 	 	 	Title:      Senior Vice President — Human	 	 
	 

	 	 	 	               Resources & Administration	 	 
	 
	 	 	 	 	 	 
	 	 	“Company”	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Ernest F. Schaub	 	 
	 	 	 	 	 
	 	 	Print Name:      Ernest F. Schaub	 	 
	 
	 	 	 	 	 	 
	 	 	“Executive”	 	 

6

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