Document:

Exhibit 10.1

Exhibit 10.1

	 	 	 
	

	 	ARMSTRONG WORLD INDUSTRIES, INC.

2500 COLUMBIA AVE., P.O. BOX 3001

 LANCASTER, PA 17604

717.397.0611 www.armstrong.com

March 3, 2010

PERSONAL & CONFIDENTIAL

Thomas B. Mangas

Senior Vice President & CFO

Subject:
New Employment Long-Term Incentive Equity Grants

Dear Tom:

This letter is to inform you that Armstrong’s Management Development and Compensation
Committee (the Committee) granted you the following Long-Term Incentive Equity Grants
effective March 2, 2010.

	 	 	 
	50,000

	 	Stock Options
	20,000

	 	Time-Based Restricted Stock

The awards recognize the importance of your impact on Armstrong’s long-term success. They
are subject to the terms of the 2006 Long-Term Incentive Plan and this grant letter.

Stock
Options

Each Stock Option entitles you to purchase one share of AWI common stock at an exercise price
equal to $34.13, the New York Stock Exchange closing price of AWI stock on March 2, 2010.

The
options are non-statutory and have a ten-year term starting March 2, 2010. They will
vest and become exercisable in three installments at two, three and four years as
follows:16,666 shares on March 2, 2012; 16,667 shares on March 2, 2013; and 16,667 shares on
March 2, 2014.

Time-Based
Restricted Stock

Restrictions will lapse in three equal installments in two, three, and four years as follows:
6,666 shares on March 1, 2012; 6,667 shares on March 1, 2013; 6,667 shares on March 1, 2014.
If AWI makes cash dividend payments during the restriction period, you will accrue an amount
equal to the dividend payment in a non-interest bearing account. You will receive a cash
payment for the accrued dividends when the restrictions lapse on the underlying Restricted
Stock Award.

Shares of AWI stock will be distributed to you once the restriction period expires. The
Company will use share tax withholding to satisfy your tax obligations unless you provide a
payment to cover the taxes.

The Internal Revenue Code (Section 83(b)) provides the option to pay the federal income tax
now rather than when the restrictions lapse. You should consult with your personal tax
advisor on the merits and risks of making an 83(b) election.

 

 

 

Employment
Events

The following chart outlines the provisions which apply to the grant for various employment
events.

	 	 	 	 	 
	 	 	Stock Options	 	Time-Based Restricted Stock
	Voluntary resignation

	 	Forfeit vested and unvested options
	 	Forfeit unvested shares and accrued dividends
	 
	 	 	 	 
	Retirement

	 	Forfeit unvested options
5 years or expiration to exercise vested options
	 	Forfeit unvested shares and accrued dividends
	 
	 	 	 	 
	Involuntary termination

	 	Forfeit unvested options
3 months or expiration to exercise vested options
	 	Forfeit unvested shares and accrued dividends
	 
	 	 	 	 
	Willful, deliberate or gross misconduct

	 	Forfeit unvested and vested options
	 	Forfeit shares and accrued dividends
	 
	 	 	 	 
	Death

	 	Accelerated vesting as long as death occurs after
12/31/10, otherwise forfeit
3 years or expiration (minimum 1 year from death) to
exercise options
	 	Accelerated vesting
	 
	 	 	 	 
	Long-Term Disability

	 	Accelerated vesting as long as disability occurs after
12/31/10, otherwise forfeit
3 years or expiration to exercise options
	 	 Accelerated vesting

Please
contact Eileen Beck (ext. 4050) if you have questions.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	/s/ Jeffrey D. Nickel
 	 
	 	Jeffrey D. Nickel 	 
	 	Senior Vice President, General Counsel & Secretary 	 

Enclosure:

2006 Long-Term Incentive Plan

 

2exv10w9

Exhibit 10.9

ENPRO INDUSTRIES, INC.

AMENDED AND RESTATED 2002 EQUITY COMPENSATION PLAN

RESTRICTED SHARE UNITS AWARD AGREEMENT

	 	 	 	 	 
	GRANTED TO
	 	GRANT DATE
	 	NUMBER OF UNITS
	 
	 	 
	 	 

This Restricted Share Units Award Agreement, including all Exhibits hereto (the “Agreement”), is
made between EnPro Industries, Inc., a North Carolina corporation (the “Company”), and you, an
employee of the Company or one of its subsidiaries.

The Company sponsors the EnPro Industries, Inc. Amended and Restated 2002 Equity Compensation Plan
(the “Plan”). A prospectus describing the Plan is enclosed as Exhibit A. The Plan itself is
available upon request, and its terms and provisions are incorporated herein by reference. When
used herein, the terms which are defined in the Plan shall have the meanings given to them in the
Plan, as modified herein (if applicable).

In recognition of the value of your contribution to the Company, you and the Company mutually
covenant and agree as follows:

	1.	 	Subject to the terms and conditions of the Plan and this Agreement, the Company awards to you
the number of Restricted Share Units shown above (the “Units”).

	2.	 	You acknowledge having read the Prospectus and agree to be bound by all the terms and
conditions of the Plan and this Agreement.

	3.	 	The Units are issued pursuant to this Agreement and shall vest on the date(s) shown on the
enclosed Exhibit B. You shall not have the right to sell or otherwise dispose of the Units or
any interest therein.

	4.	 	You shall have no right to vote any of the Units with respect to any matter presented for a
vote of the holders of the Company’s Common Stock and, with respect to the Units, you shall
not be entitled to receive any dividends on the Company’s Common Stock when such dividends are
paid.

	5.	 	Upon the vesting of Units, you shall be entitled to receive from the Company one share of
Common Stock plus a cash payment equal to the aggregate amount of cash dividends paid with
respect to one share of Common Stock from the Grant Date to and including the date of vesting
(the “Vesting Date”).

	6.	 	You acknowledge and agree that upon your termination of employment with the Company and its
subsidiaries prior to the Units becoming vested in accordance with paragraph 3 and Exhibit B
of this Agreement or otherwise in accordance with the Plan, your right to receive payment on
any such unvested Units shall automatically, without further act, terminate.

	7.	 	You agree that you shall comply with (or provide adequate assurance as to future compliance
with) all applicable securities laws and income tax laws as determined by the Company as a
condition precedent to the payment of any amount pursuant to this Agreement. In addition, you
agree that, upon request, you will furnish a letter agreement providing that (i) you will not
distribute or resell in violation of the Securities Act of 1933, as amended, any of shares of
the Company’s Common Stock delivered in payment of the Units (ii) you will indemnify and hold
the Company harmless against all liability for any such violation and (iii) you will accept
all liability for any such violation.

	8.	 	By executing and returning the Beneficiary Designation Form attached as Exhibit C, you may
designate a beneficiary to receive any payment to be made hereunder in the event of your death
while in service with the Company. If you do not designate a beneficiary or if your
designated beneficiary does not survive you, then your beneficiary will be your estate.

 

	9.	 	The existence of this award shall not affect in any way the right or power of the Company to
make or authorize any or all adjustments, recapitalizations, reorganizations or other changes
in the Company’s capital structure or its business, or any merger or consolidation of the
Company, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or
convertible into, or otherwise affecting the Company’s Common Stock or the rights thereof, or
the dissolution or liquidation of the Company, or any sale or transfer of all or any part of
its assets or business, or any other corporate act or proceeding, whether of a similar
character or otherwise.

	10.	 	Any notice which either party hereto may be required or permitted to give to the other shall
be in writing and may be delivered personally, by intraoffice mail, by fax, by electronic mail
or other electronic means, or via a postal service, postage prepaid, to such electronic mail
or postal address and directed to such person as the Company may notify you from time to time;
and to you at your electronic mail or postal address as shown on the records of the Company
from time to time, or at such other electronic mail or postal address as you, by notice to the
Company, may designate in writing from time to time.

	11.	 	Regardless of any action the Company or your employer takes with respect to any or all income
tax, payroll tax or other tax-related withholding (“Tax-Related Items”), you acknowledge that
the ultimate liability for all Tax-Related Items owed by you is and remains your
responsibility and that the Company and/or your employer (i) make no representations or
undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of
this award, including the grant and vesting of the Units and the subsequent sale of any shares
of Common Stock delivered in payment of any Units; and (ii) do not commit to structure the
terms of the grant or any aspect of the Units to reduce or eliminate your liability for
Tax-Related Items.
	 
	 	 	In the event the Company determines that it and/or your employer must withhold any Tax-Related
Items as a result of your participation in the Plan, you agree as a condition of the grant of
the Units to make arrangements satisfactory to the Company and/or your employer to enable it to
satisfy all withholding requirements, including, but not limited to, withholding any applicable
Tax-Related Items from the vesting and payment of the Units. In addition, you authorize the
Company and/or your employer to fulfill its withholding obligations by all legal means,
including, but not limited to: withholding Tax-Related Items from your wages, salary or other
cash compensation your employer pays to you; withholding Tax-Related Items from the cash
proceeds, if any, received upon sale of any shares of Common Stock received in payment of Units;
and at the time of vesting, withholding shares of Common Stock to be delivered in payment of the
Units sufficient to meet minimum withholding obligations for Tax-Related Items. The Company may
refuse to deliver shares of Common Stock upon vesting of the Units if you fail to comply with
any withholding obligation.

	12.	 	In the event any provision of this Agreement shall be held illegal or invalid for any reason,
the illegality or invalidity shall not affect the remaining parts of the Agreement, and the
Agreement shall be construed and enforced as if the illegal or invalid provision had not been
included. This Agreement constitutes the final understanding between you and the Company
regarding the Units. Any prior agreements, commitments or negotiations concerning the Units
are superseded. Subject to the terms of the Plan, this Agreement may only be amended by a
written instrument signed by both parties.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized
officer, and you have hereunto set your hand, all effective as of the Grant Date listed above.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	ENPRO INDUSTRIES, INC.	 	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	 
	 

	 	Title:
	 	 	 	 	 	 

2

 

EXHIBIT A

[current Plan prospectus]

 

 

EXHIBIT B

ENPRO INDUSTRIES, INC.

AMENDED AND RESTATED 2002 EQUITY COMPENSATION PLAN

RESTRICTED SHARE UNITS AWARD AGREEMENT

Vesting of Shares

(a) Vesting Schedule. Subject to the provisions of paragraph (b) below, the Units shall become
vested as follows if you remain employed with the Company and its subsidiaries through the dates
specified: [one-half of the Units will vest on the third anniversary of the Grant Date and the
remaining one-half of the Units will vest on the fourth anniversary of the Grant Date].

(b) Termination of Employment Prior To Vesting. If your employment with the Company and its
subsidiaries terminates prior to the Vesting Date of Units, then such Units shall be forfeited;
provided, however, that the Units shall become immediately vested in the event of termination of
your employment as a result of: (i) your death or (ii) your becoming totally disabled under the
Company’s Long-Term Disability Plan, and provided, further that in the event of termination of your
employment as a result of your retirement under the Company’s Salaried Retirement Plan the Units
shall become immediately vested upon the earlier of the third anniversary of the Grant Date or the
date of your death, in each case in the following amounts: one-third of the Units will become
vested if your retirement occurs on or after the first anniversary of the Grant Date but before the
second anniversary of the Grant Date, two-thirds of the Units will become vested if your retirement
occurs on or after the second anniversary of the Grant Date but before the third anniversary of the
Grant Date, and all of the unvested Units will become vested if your retirement occurs on or after
the third anniversary of the Grant Date.

(c) Vesting Pursuant to the Plan. Notwithstanding anything herein to the contrary, this award
shall become vested upon a Change in Control (as defined in the Plan).

 

 

EXHIBIT C

ENPRO INDUSTRIES, INC.

AMENDED AND RESTATED 2002 EQUITY COMPENSATION PLAN

RESTRICTED SHARE UNITS AWARD AGREEMENT

Beneficiary Designation Form

Please complete this form only if you haven’t already designated a beneficiary for your Units
granted under the Plan or if you wish to change your current beneficiary designation. Completed
forms should be returned to                      at                     .

	 	 	 
	GRANT DATE
	 	NUMBER OF UNITS
	 
	 	 

With respect to the above described award of Units under the EnPro Industries, Inc. Amended and
Restated 2002 Equity Compensation Plan (the “Plan”), I hereby designate the following person or
entity as my beneficiary with respect to any delivery of payment with respect to the Units in the
event of my death.

If my beneficiary named below predeceases me, any such payment will be made to my estate.

	 	 	 	 	 	 	 
	Name and Address	 	 	 	Relationship	 	 
	of Beneficiary	 	Social Security #	 	to Participant	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

I understand that I may change this designation at any time by executing a new form and delivering
it to the Human Resources Department. This designation supersedes any prior beneficiary designation
made by me under the Plan with respect to the Units.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Employee’s Name (Please print)
	 	 
	 
	 	 	 	 	 	 	 	 
	Witness:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Signature of Employee
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Date:	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Received by the Human Resources Department this ____ day of                     , ____.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:

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