# EDGAR Filing Document

**Accession Number:** 0000030625
**File Stem:** 0001628280-26-022933
**Filing Date:** 2026-4
**Character Count:** 349751
**Document Hash:** 811d6254d4f937d769029901e56ed2cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-022933.hdr.sgml**: 20260402

**ACCESSION NUMBER**: 0001628280-26-022933

**CONFORMED SUBMISSION TYPE**: DEF 14A

**PUBLIC DOCUMENT COUNT**: 119

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260402

**DATE AS OF CHANGE**: 20260402

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FLOWSERVE CORP
- **CENTRAL INDEX KEY:** 0000030625
- **STANDARD INDUSTRIAL CLASSIFICATION:** PUMPS & PUMPING EQUIPMENT [3561]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 310267900
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEF 14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13179
- **FILM NUMBER:** 26830682

**BUSINESS ADDRESS:**
- **STREET 1:** 5215 N. O'CONNOR BLVD.
- **STREET 2:** SUITE 700
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 9724436500

**MAIL ADDRESS:**
- **STREET 1:** 5215 N. O'CONNOR BLVD.
- **STREET 2:** SUITE 700
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DURCO INTERNATIONAL INC
- **DATE OF NAME CHANGE:** 19970508

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DURIRON CO INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THE DURIRON CO INC
- **DATE OF NAME CHANGE:** 19900509

?xml version='1.0' encoding='ASCII'? fls-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934 (Amendment No.)

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|:---|:---|:---|:---|
| ☑ | Filed by the Registrant | ☐ | Filed by a party other than the Registrant |

---

---

| | |
|:---|:---|
| CHECK THE APPROPRIATE BOX: | CHECK THE APPROPRIATE BOX: |
| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☑ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☐ | Soliciting Material under §240.14a-12 |

---

![07_FLS_logo.jpg](fls-20260331_g1.jpg)

**Flowserve Corporation**

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

---

| | |
|:---|:---|
| PAYMENT OF FILING FEE (CHECK ALL BOXES THAT APPLY): | PAYMENT OF FILING FEE (CHECK ALL BOXES THAT APPLY): |
| ☑ | No fee required |
| ☐ | Fee paid previously with preliminary materials |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |

---

![01_FLS_PXY_2026_FC.jpg](fls-20260331_g2.jpg)

---

| | | |
|:---|:---|:---|
| ![05_FLS_PXY_2026_scottrowe.jpg](fls-20260331_g3.jpg)<br>| **INVITATION TO 2026 ANNUAL**<br>**MEETING OF SHAREHOLDERS**<br>| ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>|

---

**Dear Fellow Shareholder:**

I invite you to join Flowserve's Annual Meeting of Shareholders on May 14, 2026. More information about our meeting topics and

agenda can be found in this Notice and Proxy Statement.

**Elevated Growth**

2025 was a remarkable year for Flowserve. We delivered outstanding results, including significant EPS growth of 24 percent, adjusted

EPS<sup>1</sup> growth of 38 percent, and strong operating cash flow for the full year. At the same time, our disciplined execution driven by the

Flowserve Business System enabled us to achieve our long-term margin targets two years ahead of schedule.

Our 3D strategy has made Flowserve more resilient to cyclicality than ever before, supported by consistent and durable bookings in

diverse end markets and expanded aftermarket opportunities. We remain excited about the significant opportunities in nuclear and

traditional power, with notable project awards in these markets, in addition to broadly positive trends in most of the other end markets.

Given our progress to date and positive momentum entering 2026, we are also looking ahead to how we further strengthen Flowserve

for the future. As we drive even greater focus on strategic growth markets, we are confident we will expand on our proven strengths to

drive continued growth increasing shareholder value for years to come.

I'm very proud of our accomplishments in 2025 and pleased with the value we were able to generate for our shareholders.

**2025 Highlights include:**

---

| | | | |
|:---|:---|:---|:---|
| Full year cash from operations of $506 million <br>driven by strong earnings and working capital <br>management, with $365 million of cash returned <br>to shareholders through dividends and <br>share repurchases.<br>| ![02_FLS_money 2.jpg](fls-20260331_g4.jpg)<br>| Continued growth in aftermarket bookings, with <br>seven consecutive quarters above $600 million <br>and an increase of 9% in total aftermarket <br>bookings for the year.<br>| ![02_FLS_PXY_2026_continued growth.jpg](fls-20260331_g5.jpg)<br>|
| Raised financial guidance twice throughout 2025 <br>and achieved long-term margin targets two years <br>ahead of plan.<br>| ![02_FLS_PXY_2026_financial guidance.jpg](fls-20260331_g6.jpg)<br>| Achieved $400 million in nuclear awards, with our <br>four largest awards for 2025 in global <br>nuclear projects.<br>| ![02_FLS_atom.jpg](fls-20260331_g7.jpg)<br>|

---

*(1)Non-GAAP financial measure; see Annex I to this Proxy Statement for a reconciliation of such measure to the most directly comparable GAAP* 

*financial measure. Adjusted EPS excludes realignment expenses, the impact from other specific discrete and below-the-line foreign currency effects* 

*and utilizes the then-applicable foreign exchange rates and fully diluted shares.*

**Our Business Strategy**

In 2024, we introduced the Flowserve Business System – a comprehensive framework that

defines how we align our processes across the enterprise to deliver sustainable, long-term

success for Flowserve. These five disciplines help our processes drive the desired outcomes

and priorities in the center of the Business System: profitable growth, margin expansion, cycle

resiliency, and customer experience.

People Excellence encompasses the programs that unlock the power of associates to enable

our enterprise strategy, underscored by our commitments to development and leadership.

Operational Excellence has strengthened our core operational capabilities and execution

abilities to differentiate the customer experience. Portfolio Excellence has been fully

embedded across all product business units, with the CORE 80/20 methodology as a key

lever of achieving our long-term margin targets two years early. We have made meaningful

progress integrating Commercial Excellence into the business through training and tools

enablement, and it will prove to be a critical growth enabler within the Business System as we

target sustained bookings and revenue growth. Finally, in 2026, we will broaden Innovation

Excellence beyond product and customer solutions to include internal processes and

functional productivity to support efficiency in delivering solutions to our customers.

![04_FLS_PXY_2026_Business System.jpg](fls-20260331_g8.jpg)

We intentionally surround the Flowserve Business System with culture, strategy and execution because a winning company has to be

great at all of them. Our associates fully embraced and applied the Flowserve Business System in 2025, enabling us to achieve

operational and financial targets ahead of schedule. Looking ahead, we will regularly refine impact areas of the Flowserve Business

System to continue its effectiveness in how we run the company.

**Shareholder Feedback**

We value your input and welcome any feedback you may wish to provide. Upholding your trust remains our highest priority, and we

regularly assess our public disclosures to help ensure that we deliver information relevant to your interests. Prior to the annual meeting,

please sign and return your proxy card to enable your shares to be voted according to your preferences. Alternatively, you may vote

online or by telephone by following the instructions outlined on page [79](#i89e0f1239e2a4446994c2e87fbedb31e_178).

On behalf of our Board of Directors and executive leadership team, we thank you for your ongoing support.

![06_FLS_Rowe sig.jpg](fls-20260331_g9.jpg)

R. Scott Rowe

*President, Chief Executive Officer and Director*

This page intentionally left blank

**3**<br>

---

| | |
|:---|:---|
| **NOTICE OF 2026 ANNUAL** <br>**MEETING OF SHAREHOLDERS**<br>| ![07_FLS_logo.jpg](fls-20260331_g1.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| ![02_FLS_notice when.jpg](fls-20260331_g10.jpg) | **When:**<br>Thursday, May 14, 2026<br>at 10:00 a.m. CDT<br>| ![02_FLS_notice where.jpg](fls-20260331_g11.jpg) | **Where:**<br>Online at<br>**https://www.virtualshareholdermeeting.com/FLS2026**<br>|

---

We are pleased to invite you to join our Board of Directors and senior leadership at Flowserve

Corporation's ("Flowserve" or the "Company") 2026 Annual Meeting of Shareholders (the

"Annual Meeting"). The Annual Meeting will be held online only and will begin at 10:00 a.m.

CDT on May 14, 2026. We will hold the Annual Meeting solely by means of remote

communications with no in-person location. You can attend the Annual Meeting and vote

online at **https://www.virtualshareholdermeeting.com/FLS2026**.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2026 Proposals** | **2026 Proposals** | **Board Vote** <br>**Recommendation**<br>| **Page** <br>**Reference (for** <br>**more detail)** | **Page** <br>**Reference (for** <br>**more detail)** |
| **1** | Elect the 9 directors named in the proxy statement | **For** | ☑ | Page [12](#i89e0f1239e2a4446994c2e87fbedb31e_43) |
| **2** | Approve, on an advisory basis, the Company's <br>executive compensation<br>| **For** | ☑ | Page [65](#i89e0f1239e2a4446994c2e87fbedb31e_142) |
| **3** | Ratify the appointment of PricewaterhouseCoopers <br>as our independent auditor for 2026<br>| **For** | ☑ | Page [71](#i89e0f1239e2a4446994c2e87fbedb31e_157) |
| **4** | Shareholder proposal requesting an annual <br>advisory shareholder vote regarding the Company's <br>stock repurchases<br>| **Against** | ☒ | Page [74](#i89e0f1239e2a4446994c2e87fbedb31e_166) |

---

Shareholders will also transact any other business that is properly brought before the

Annual Meeting.

**Record Date:** Shareholders of record of the Company's common stock, par value $1.25 per

share, at the close of business on March 17, 2026 are entitled to notice of and to vote at the

Annual Meeting.

**Attending the Meeting Virtually:** To participate in the Annual Meeting, including to vote or to

ask questions during the meeting, you must access the meeting website at **https://**

**www.virtualshareholdermeeting.com/FLS2026**, and log in using the 16-digit control number

provided on your proxy card, voting instruction form, or Notice of Internet Availability of Proxy

Materials. If your shares are held in street name and your voting instruction form or Notice of

Internet Availability indicates that you may vote those shares through the https://

**www.proxyvote.com** website, then you may access, participate in, and vote at the Annual

Meeting with the 16-digit access code indicated on that voting instruction form or Notice of

Internet Availability. Otherwise, shareholders who hold their shares in street name should

contact their bank, broker or other nominee (preferably at least five days before the Annual

Meeting) and obtain a "legal proxy" in order to be able to attend, participate in or vote at the

Annual Meeting.

For additional related information, please refer to the disclosure beginning on page [78](#i89e0f1239e2a4446994c2e87fbedb31e_175) in the

enclosed proxy statement. The proxy statement and 2025 annual report to shareholders and

any other proxy materials are available at **https://www.proxyvote.com**. The proxy statement

and form of proxy are being first made available to shareholders on April 2, 2026.

**Your vote is very important.** Whether or not you plan to attend the Annual Meeting online,

we urge you to vote and submit your proxy in advance of the meeting by one of the methods

described to the right on this page. Brokers are not permitted to vote on certain proposals and

may not vote on any of the proposals unless you provide voting instructions, except the

ratification of the appointment of the independent auditor (Proposal 3). Voting your shares will

help to ensure that your interests are represented at the meeting. Returning a proxy card or

otherwise submitting your proxy does not deprive you of your right to attend the Annual

Meeting and vote online at **https://www.virtualshareholdermeeting.com/FLS2026**.

By order of the Board of Directors,

![06_FLS_Hudson sig.jpg](fls-20260331_g12.jpg)

**Susan C. Hudson**

*Senior Vice President, Chief Legal Officer and Corporate Secretary*

---

| |
|:---|
| **YOU CAN VOTE BEFORE** <br>**THE MEETING BY THE** <br>**FOLLOWING METHODS:**<br>|
| ![02_FLS_internet.jpg](fls-20260331_g13.jpg)<br>|
| **INTERNET**<br>www.proxyvote.com <br>before May 14, 2026\*<br>|
| ![02_FLS_telephone.jpg](fls-20260331_g14.jpg)<br>|
| **BY TELEPHONE**<br>(1-800-690-6903)<br>before May 14, 2026\*<br>|
| ![02_FLS_mail.jpg](fls-20260331_g15.jpg)<br>|
| **BY MAIL**<br>Complete, <br>sign and return your <br>proxy or voting <br>instruction card so that <br>it is received before<br>May 14, 2026\*<br>|
| \*Dates presented are for <br>shareholders that hold shares <br>in their own name as a holder <br>of record. For the shares you <br>hold in the Flowserve <br>Corporation Retirement <br>Savings Plan, your votes must <br>be cast before May 12, 2026.<br>**Please refer to the enclosed** <br>**proxy materials or the** <br>**information forwarded by** <br>**your bank, broker or other** <br>**holder of record to confirm** <br>**which voting methods are** <br>**available to you.**<br>|

---

---

| | | |
|:---|:---|:---|
| **4** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**PROXY SUMMARY**

This summary highlights information contained elsewhere in the proxy statement. This summary does not contain all the

information that you should consider, and you should read the entire proxy statement carefully before voting. Page

references are supplied to help you find additional information in the proxy statement.

**Board Nominees (Page [13](#i89e0f1239e2a4446994c2e87fbedb31e_46))**

---

| | | | |
|:---|:---|:---|:---|
| ![05_FLS_PXY_2026_GarrisonJ.jpg](fls-20260331_g16.jpg) | ![05_FLS_PXY_2026_RoweS.jpg](fls-20260331_g17.jpg) | ![05_FLS_PXY_2026_ChandS.jpg](fls-20260331_g18.jpg) | <br>![04_FLS_PXY_2026_director highlights.jpg](fls-20260331_g19.jpg) |
| JOHN L. GARRISON<br>**Independent Chairman**<br>Age: 65<br>Director since 2018<br>Committees:\*<br>![02_FLS_PXY_2026_icon_veteran.jpg](fls-20260331_g20.jpg)<br>Other Public Company <br>Boards: 1<br>| R. SCOTT ROWE<br>**President & CEO, Flowserve**<br>Age: 55<br>Director since 2017 <br>Committees: None<br>![02_FLS_PXY_2026_icon_veteran.jpg](fls-20260331_g20.jpg)<br>Other Public Company <br>Boards: 1<br>| SUJEET CHAND<br>**Independent**<br>Age: 68<br>Director since 2019<br>Committees: <br>●![FLS_PXY_EN_ICON_Star_Blue.jpg](fls-20260331_g21.jpg)<br>Other Public Company <br>Boards: 2<br>| <br>![04_FLS_PXY_2026_director highlights.jpg](fls-20260331_g19.jpg) |
|  |  |  | <br>![04_FLS_PXY_2026_director highlights.jpg](fls-20260331_g19.jpg) |
| ![05_FLS_PXY_2026_ChandyR.jpg](fls-20260331_g22.jpg) | ![05_FLS_PXY_2026_JohnsonC.jpg](fls-20260331_g23.jpg) | ![05_FLS_PXY_2026_McMurray.jpg](fls-20260331_g24.jpg) | <br>![04_FLS_PXY_2026_director highlights.jpg](fls-20260331_g19.jpg) |
| RUBY R. CHANDY<br>**Independent**<br>Age: 64<br>Director since 2017<br>Committees:<br>●● Other Public Company <br>Boards: 2<br>| CHERYL H. JOHNSON<br>**Independent**<br>Age: 65<br>Director since 2023<br>Committees:<br>●● Other Public Company <br>Boards: None<br>| MICHAEL C. MCMURRAY<br>**Independent**<br>Age: 61<br>Director since 2018<br>Committees:<br>●![FLS_PXY_EN_ICON_Star_Yellow.jpg](fls-20260331_g25.jpg)<br>Other Public Company <br>Boards: 1<br>| <br>![04_FLS_PXY_2026_director highlights.jpg](fls-20260331_g19.jpg) |
|  |  |  | <br>![04_FLS_PXY_2026_director highlights.jpg](fls-20260331_g19.jpg) |
| ![05_FLS_PXY_2026_OkrayT.jpg](fls-20260331_g26.jpg) | ![05_FLS_PXY_2026_SavoyB.jpg](fls-20260331_g27.jpg) | ![05_FLS_PXY_2026_ShusterR.jpg](fls-20260331_g28.jpg) | <br>![04_FLS_PXY_2026_director highlights.jpg](fls-20260331_g19.jpg) |
| THOMAS B. OKRAY<br>**Independent**<br>Age: 63<br>Director since 2023<br>Committees: <br>●![FLS_PXY_EN_ICON_Star_Red.jpg](fls-20260331_g29.jpg)<br>Other Public Company <br>Boards: 1<br>| BRIAN D. SAVOY<br>**Independent**<br>Age: 50<br>Director since 2026<br>Committees:<br>●● Other Public Company <br>Boards: None<br>| ROSS B. SHUSTER<br>**Independent**<br>Age: 60<br>Director since 2025<br>Committees:<br>●● Other Public Company<br>Boards: None<br>| <br>![04_FLS_PXY_2026_director highlights.jpg](fls-20260331_g19.jpg) |

---

*\*As Chairman of the Board, Mr. Garrison rotates between committee meetings and serves as an alternate committee member for all* 

*committees as needed.*

*\*Mr. Savoy was appointed to the Board on March 16, 2026.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![FLS_PXY_EN_ICON_Star_Black.jpg](fls-20260331_g30.jpg) | Chair | ●  | Technology, Innovation and Risk Committee | ●  | Corporate Governance and Nominating Committee |
| ●  | Audit Committee | ●  | Organization and Compensation Committee | ![02_FLS_PXY_2026_icon_veteran.jpg](fls-20260331_g20.jpg) | Veteran Status |

---

---

| | |
|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<sub>5</sub> |

---

**PROXY SUMMARY**

Executive Officers

**Executive Officers (Page [27](#i89e0f1239e2a4446994c2e87fbedb31e_67))**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Name and Position** | **Age** | **Since** | **Previous Position** |
| <br> ![05_FLS_PXY_2026_RoweS.jpg](fls-20260331_g17.jpg)<br>| **R. Scott Rowe** <br>President, Chief Executive Officer ("CEO"), <br>and Director<br>| 55 | April 2017 | President — Cameron Group,<br>Schlumberger Ltd.<br>|
| ![05_FLS_PXY_2026_BoukalikB.jpg](fls-20260331_g31.jpg)<br>| **Brian Boukalik**<br>Senior Vice President, Chief Human Resources <br>Officer ("CHRO")<br>| 50 | May 2024 | Executive Vice President and <br>Chief Human Resources <br>Officer, Tenneco<br>|
| ![05_FLS_PXY_2026_DeBiasioA.jpg](fls-20260331_g32.jpg)<br>| **Alice M. DeBiasio**<br>President, Flow Control Division<br>| 42 | October 2025 | Vice President, General Manager, <br>Carrier Corporation<br>|
| ![05_FLS_PXY_2026_HudsonS.jpg](fls-20260331_g33.jpg)<br>| **Susan C. Hudson**<br>Senior Vice President, Chief Legal Officer<br>("CLO") and Corporate Secretary<br>| 49 | May 2022 | Flowserve Vice President and<br>Chief Compliance Officer<br>|
| ![05_FLS_PXY_KlopferM.jpg](fls-20260331_g34.jpg)<br>| **Matthew Klopfer**<br>President, Flowserve Pumps Division<br>| 47 | April 2026<sup>(1)</sup> | Flowserve Vice President, <br>Strategic Business Management<br>|
| ![05_FLS_PXY_2026_SchwetzA.jpg](fls-20260331_g35.jpg)<br>| **Amy B. Schwetz**<br>Senior Vice President, Chief Financial<br>Officer ("CFO")<br>| 51 | February 2020 | EVP and Chief Financial Officer,<br>Peabody<br>|
| ![05_FLS_PXY_2026_VopniS.jpg](fls-20260331_g36.jpg)<br>| **Scott K. Vopni**<br>Vice President, Chief Accounting<br>Officer ("CAO")<br>| 57 | 6/1/2020<sup>(2)</sup> | SVP — Finance, Chief Accounting<br>Officer, Dean Foods Co.<br>|
| ![05_FLS_PXY_2026_DuhonL.jpg](fls-20260331_g37.jpg)<br>| **Lamar L. Duhon**<br>Former President, Flowserve Pumps Division<br>| 55 | February <br>2023<sup>(3)</sup><br>| Flowserve President, Aftermarket<br>Services & Solutions<br>|

---

*(1)Mr. Klopfer was appointed President, Flowserve Pumps Division and will assume the position effective April 11, 2026.* 

*(2)Mr. Vopni will retire effective June 30, 2026.*

*(3)Mr. Duhon will step down from his role effective April 10, 2026, at which time his employment with the Company will end.*

---

| | | |
|:---|:---|:---|
| **6** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**PROXY SUMMARY**

Executive Compensation Highlights

**Executive Compensation Highlights (Page [30](#i89e0f1239e2a4446994c2e87fbedb31e_70))**

**Compensation Philosophy and Principles**

---

| | | |
|:---|:---|:---|
| ![02_FLS_attract & retain.jpg](fls-20260331_g38.jpg)<br>| **ATTRACT & RETAIN** | Attract and retain high-quality leaders with a passion for driving high performance as <br>well as our Purpose, Values and Behaviors<br>|
| ![FLO_PXY_EN_ICON_Strategy.jpg](fls-20260331_g39.jpg)<br>| **REINFORCE OUR** <br>**STRATEGY**<br>| Align our incentive programs with our vision and business strategy |
| ![02_FLS_provide competitive.jpg](fls-20260331_g40.jpg)<br>| **PROVIDE** <br>**COMPETITIVE AND** <br>**MARKET-BASED** <br>**COMPENSATION**<br>| Maintain a market-based compensation program that provides a competitive total <br>target compensation opportunity approximating the market median<br>|
| ![02_FLS_align pay with performance.jpg](fls-20260331_g41.jpg)<br>| **ALIGN PAY WITH** <br>**PERFORMANCE**<br>| Provide incentive programs that reward short- and long-term performance leading to <br>shareholder value without undue risk taking<br>|
| ![02_FLS_align pay with shareholders.jpg](fls-20260331_g42.jpg)<br>| **ALIGN PAY WITH** <br>**SHAREHOLDERS**<br>| Ensure a majority of total compensation is tied to performance and/or stock price and <br>thus, is aligned with shareholder interests<br>|

---

**Pay for Performance Alignment**

**Our annual incentive program paid out above target in 2025. The 2025 payout aligned with our robust** 

**shareholder return for the year and was driven by strong execution of the Flowserve Business System and** 

**above-target adjusted operating income.**

**PAYOUT FOR 2025 ANNUAL INCENTIVE PLAN AWARD**

---

| | | |
|:---|:---|:---|
| **Adjusted Operating Income**<sup>(1)</sup><br>50% Weighting<br>| **Customer Bookings**<sup>(2)</sup><br>30% Weighting<br>| **Adjusted PWC as % of Sales**<sup>(1)(3)</sup><br>20% Weighting<br>|

---

![687](fls-20260331_g43.gif)

**200%** 

**Payout**

![](fls-20260331_g44.gif)

**$701M**

**$610M**

**to**

**$640M**

**27.5%**

**$5,098M**

**19%**

**Payout**

**0%**

**Payout**

**$4,713M**

**28.8%**

![](fls-20260331_g45.gif)

![](fls-20260331_g45.gif)

*(1)For more information on these performance metrics and how they are calculated, see "2025 Executive Compensation Decisions – Annual* 

*Incentive Plan" beginning on page [39](#i89e0f1239e2a4446994c2e87fbedb31e_91).*

*(2)Customer bookings is calculated as the weighted average of the payout for the customer bookings for our divisions and is not a sum of the* 

*attained performance of the divisions.*

*(3)Adjusted Primary Working Capital ("PWC") as a % of Sales incentivizes efficiency. Lower percentage values indicate higher levels of* 

*performance, reflecting an inverse relationship. The Corporate threshold was 28.0%. Actual performance of 28.8% resulted in no payout.*

---

| | |
|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<sub>7</sub> |

---

**PROXY SUMMARY**

Executive Compensation Highlights

**Following below target payouts for three performance cycles, 2023 PSUs were earned at 214.8% of target due to** 

**the Company's disciplined approach to capital allocation and robust shareholder return for the** 

**performance period.**

**PAYOUTS FOR 2023 PERFORMANCE STOCK UNIT AWARD**

**2023 - 2025 PSUs Grant Payout**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Flowserve** <br>**Performance Metrics**<br>| **Weighting** | **Threshold**<br>50% Payout<br>| **Target**<br>100% Payout | **Maximum**<br>200% Payout<br>| **Attainment** | **Payout** |
| **ROIC**<sup>(1)</sup><br>**2023**<br>|  | 7.5% | 9.0% | 10.5% | **140.0%** | **200.0%** |
| **2024** | **50%** | 11.0% | 12.6% | 13.9% | **120.6%** | **200.0%** |
| **2025** |  | 13.7% | 16-17% | 19.7% | **115.8%** | **177.6%** |
| **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **192.5%** |
|  |  | **Threshold**<br>50% Payout<br>| **Target**<br>100% Payout | **Maximum**<br>200% Payout<br>|  |  |
| **Free Cash Flow as a % of** <br>**Adjusted Net Income**<sup>(1)</sup><br>**2023**<br>|  | 60.0% | 75.0% | 90.0% | **144.1%** | **200.0%** |
| **2024** | **50%** | 75.0% | 85.0% | 100.0% | **116.0%** | **190.8%** |
| **2025** |  | 80.0% | 90-100% | 110.0% | **110.7%** | **152.2%** |
| **3-Year Average Free Cash Flow Payout %** | **3-Year Average Free Cash Flow Payout %** | **3-Year Average Free Cash Flow Payout %** | **3-Year Average Free Cash Flow Payout %** | **3-Year Average Free Cash Flow Payout %** | **3-Year Average Free Cash Flow Payout %** | **181.0%** |
| **Total Payout % (Sum of Weighted Payouts to Each Metric)**<br>**Payout includes +15% adjustment based on Flowserve's 3-year rTSR, which ranked at the 90th percentile of the 2023 performance** <br>**peer group** | **Total Payout % (Sum of Weighted Payouts to Each Metric)**<br>**Payout includes +15% adjustment based on Flowserve's 3-year rTSR, which ranked at the 90th percentile of the 2023 performance** <br>**peer group** | **Total Payout % (Sum of Weighted Payouts to Each Metric)**<br>**Payout includes +15% adjustment based on Flowserve's 3-year rTSR, which ranked at the 90th percentile of the 2023 performance** <br>**peer group** | **Total Payout % (Sum of Weighted Payouts to Each Metric)**<br>**Payout includes +15% adjustment based on Flowserve's 3-year rTSR, which ranked at the 90th percentile of the 2023 performance** <br>**peer group** | **Total Payout % (Sum of Weighted Payouts to Each Metric)**<br>**Payout includes +15% adjustment based on Flowserve's 3-year rTSR, which ranked at the 90th percentile of the 2023 performance** <br>**peer group** | **Total Payout % (Sum of Weighted Payouts to Each Metric)**<br>**Payout includes +15% adjustment based on Flowserve's 3-year rTSR, which ranked at the 90th percentile of the 2023 performance** <br>**peer group** | **214.8%** |

---

![1](fls-20260331_g46.gif)

**12.6%**

![](fls-20260331_g47.gif)

![13](fls-20260331_g46.gif)

**15.2%**

![](fls-20260331_g47.gif)

![25](fls-20260331_g46.gif)

**19.1%**

![](fls-20260331_g47.gif)

![234](fls-20260331_g46.gif)

**108.1%**

![](fls-20260331_g47.gif)

![278](fls-20260331_g46.gif)

**98.6%**

![](fls-20260331_g47.gif)

![322](fls-20260331_g46.gif)

**105.2%**

![](fls-20260331_g47.gif)

*(1)For more information on these performance metrics and how they are calculated, see "2025 Executive Compensation Decisions –* 

*2025 Performance Stock Unit ("PSU") Grant" beginning on page [44](#i48ed94d1c63a4657b4a5c5726033ea22_7947).*

---

| | | |
|:---|:---|:---|
| **8** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**PROXY SUMMARY**

Executive Compensation Highlights

**2025 Executive Total Compensation Mix**

The majority of the total target compensation provided to our Named Executive Officers is "at risk" and aligned with our

compensation philosophy and principals to drive shareholder value creation.

**CEO Target Compensation Mix**

![776](fls-20260331_g48.gif)

**Other NEO Average Target Compensation Mix**

![820](fls-20260331_g49.gif)

**At Risk\***

**At Risk\***

![87](fls-20260331_g50.gif)

![61](fls-20260331_g51.gif)

![](fls-20260331_g52.gif)

![](fls-20260331_g53.gif)

\*At risk variable compensation is comprised of the target value of annual cash incentive and stock-based awards, as their value is tied to our

performance results against our financial and operational targets, our stock price, or both.

---

| | |
|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<sub>9</sub> |

---

**PROXY SUMMARY**

Engagement with Shareholders

**Engagement with Shareholders**

Flowserve regularly engages with current and potential shareholders to better understand their views of the Company's

strategy, performance, and results. We review the results of the annual advisory vote on executive compensation in

making determinations about the structure of Flowserve's pay program, and whether any changes to the program should

be considered.

![04_FLS_PXY_2026_engagement.jpg](fls-20260331_g54.jpg)

In the fall of 2025, we proactively reached out to our top 25 shareholders, representing approximately 63% of our common

shares outstanding to offer them the opportunity to discuss our corporate governance practices with members of

management and to solicit feedback from our shareholders on these topics. The feedback we received was positive and

has been and continues to be carefully considered by management and the Board as we further develop our

compensation practices.

Flowserve, including our CEO and CFO, participated in investor conferences, in-person meetings and video conference

calls in 2025. This combination of meeting venues furthered our active engagement with Flowserve shareholders. We

value the views and perspectives that our shareholders and the financial community provide during these interactions,

and we formally communicate the information and feedback that we obtain to the Board and its Committees on a

regular basis.

We anticipate in 2026 that we will continue to have both in-person and virtual opportunities to continue our shareholder

outreach, which management and the Board find extremely valuable.

---

| | | |
|:---|:---|:---|
| **10** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [NOTICE OF 2026 ANNUAL MEETING OF](#i89e0f1239e2a4446994c2e87fbedb31e_13)<br>[SHAREHOLDERS](#i89e0f1239e2a4446994c2e87fbedb31e_13)<br>| [3](#i89e0f1239e2a4446994c2e87fbedb31e_13) |
| [PROXY SUMMARY](#i89e0f1239e2a4446994c2e87fbedb31e_16) | [4](#i89e0f1239e2a4446994c2e87fbedb31e_16) |
| [PROPOSAL ONE:](#i89e0f1239e2a4446994c2e87fbedb31e_43)[ELECTION OF DIRECTORS](#i89e0f1239e2a4446994c2e87fbedb31e_43) | [12](#i89e0f1239e2a4446994c2e87fbedb31e_43) |
| Required Vote and Recommendation | [12](#i89e0f1239e2a4446994c2e87fbedb31e_1410) |
| [Board of Directors — Biographical Information](#i89e0f1239e2a4446994c2e87fbedb31e_46) | [13](#i89e0f1239e2a4446994c2e87fbedb31e_46) |
| [THE BOARD AND COMMITTEES](#i89e0f1239e2a4446994c2e87fbedb31e_49) | [18](#i89e0f1239e2a4446994c2e87fbedb31e_49) |
| [Role of the Board; Corporate](#i89e0f1239e2a4446994c2e87fbedb31e_1309)<br>[Governance Matters](#i89e0f1239e2a4446994c2e87fbedb31e_1309)<br>| [18](#i89e0f1239e2a4446994c2e87fbedb31e_1309) |
| [Board Operations](#i89e0f1239e2a4446994c2e87fbedb31e_52) | [19](#i89e0f1239e2a4446994c2e87fbedb31e_52) |
| [Board Composition](#i89e0f1239e2a4446994c2e87fbedb31e_55) | [20](#i89e0f1239e2a4446994c2e87fbedb31e_55) |
| [Board Committees](#i89e0f1239e2a4446994c2e87fbedb31e_58) | [22](#i89e0f1239e2a4446994c2e87fbedb31e_58) |
| [Oversight of the Executive](#i89e0f1239e2a4446994c2e87fbedb31e_61)<br>[Compensation Program](#i89e0f1239e2a4446994c2e87fbedb31e_61)<br>| [24](#i89e0f1239e2a4446994c2e87fbedb31e_61) |
| [Director Compensation](#i89e0f1239e2a4446994c2e87fbedb31e_64) | [25](#i89e0f1239e2a4446994c2e87fbedb31e_64) |
| [EXECUTIVE OFFICERS](#i89e0f1239e2a4446994c2e87fbedb31e_67) | [27](#i89e0f1239e2a4446994c2e87fbedb31e_67) |
| [EXECUTIVE COMPENSATION](#i89e0f1239e2a4446994c2e87fbedb31e_70) | [30](#i89e0f1239e2a4446994c2e87fbedb31e_70) |
| [Compensation Discussion and Analysis](#i89e0f1239e2a4446994c2e87fbedb31e_1422) | [30](#i89e0f1239e2a4446994c2e87fbedb31e_1422) |
| [Executive Summary](#i89e0f1239e2a4446994c2e87fbedb31e_73) | [31](#i89e0f1239e2a4446994c2e87fbedb31e_73) |
| [Our Guiding Principles](#i89e0f1239e2a4446994c2e87fbedb31e_82) | [35](#i89e0f1239e2a4446994c2e87fbedb31e_82) |
| [2025 Executive Compensation Decisions](#i89e0f1239e2a4446994c2e87fbedb31e_91) | [39](#i89e0f1239e2a4446994c2e87fbedb31e_91) |
| [Other Benefits](#i89e0f1239e2a4446994c2e87fbedb31e_97) | [47](#i89e0f1239e2a4446994c2e87fbedb31e_97) |
| [Compensation Governance Policies](#i89e0f1239e2a4446994c2e87fbedb31e_100) | [50](#i89e0f1239e2a4446994c2e87fbedb31e_100) |
| [Accounting Implications of](#i89e0f1239e2a4446994c2e87fbedb31e_103)<br>[Executive Compensation](#i89e0f1239e2a4446994c2e87fbedb31e_103)<br>| [51](#i89e0f1239e2a4446994c2e87fbedb31e_103) |
| [Equity Grant Timing](#i89e0f1239e2a4446994c2e87fbedb31e_106) | [51](#i89e0f1239e2a4446994c2e87fbedb31e_106) |
| [Executive Compensation Program Review](#i89e0f1239e2a4446994c2e87fbedb31e_109)<br>[and Compensation Risk](#i89e0f1239e2a4446994c2e87fbedb31e_109)<br>| [51](#i89e0f1239e2a4446994c2e87fbedb31e_109) |
| [Organization and Compensation](#i89e0f1239e2a4446994c2e87fbedb31e_112)<br>[Committee Report](#i89e0f1239e2a4446994c2e87fbedb31e_112)<br>| [52](#i89e0f1239e2a4446994c2e87fbedb31e_112) |
| [Summary Compensation Table](#i89e0f1239e2a4446994c2e87fbedb31e_115) | [53](#i89e0f1239e2a4446994c2e87fbedb31e_115) |
| [2025 Grants of Plan-Based Awards](#i89e0f1239e2a4446994c2e87fbedb31e_118) | [55](#i89e0f1239e2a4446994c2e87fbedb31e_118) |
| [Outstanding Equity Awards at Year-End 2025](#i89e0f1239e2a4446994c2e87fbedb31e_121) | [56](#i89e0f1239e2a4446994c2e87fbedb31e_121) |
| [2025 Option Exercises and Stock Vested](#i89e0f1239e2a4446994c2e87fbedb31e_124) | [57](#i89e0f1239e2a4446994c2e87fbedb31e_124) |
| [2025 Pension Benefits](#i89e0f1239e2a4446994c2e87fbedb31e_127) | [58](#i89e0f1239e2a4446994c2e87fbedb31e_127) |
| [2025 Nonqualified Deferred](#i34503e2c127249d79deb14ecae0f68d9_10825)<br>[Compensation Benefits](#i34503e2c127249d79deb14ecae0f68d9_10825)<br>| [58](#i34503e2c127249d79deb14ecae0f68d9_10825) |
| [Quantification of Potential Payments](#i89e0f1239e2a4446994c2e87fbedb31e_130) | [59](#i89e0f1239e2a4446994c2e87fbedb31e_130) |

---

---

| | |
|:---|:---|
| [PAY VERSUS PERFORMANCE](#i89e0f1239e2a4446994c2e87fbedb31e_133) | [60](#i89e0f1239e2a4446994c2e87fbedb31e_133) |
| CEO PAY RATIO FOR FISCAL YEAR 2025 | [64](#i89e0f1239e2a4446994c2e87fbedb31e_139) |
| [PROPOSAL TWO:](#i89e0f1239e2a4446994c2e87fbedb31e_142)[ADVISORY VOTE TO](#i89e0f1239e2a4446994c2e87fbedb31e_142)<br>[APPROVE EXECUTIVE COMPENSATION](#i89e0f1239e2a4446994c2e87fbedb31e_142)<br>| [65](#i89e0f1239e2a4446994c2e87fbedb31e_142) |
| [CERTAIN RELATIONSHIPS AND](#i89e0f1239e2a4446994c2e87fbedb31e_145)<br>[RELATED TRANSACTIONS](#i89e0f1239e2a4446994c2e87fbedb31e_145)<br>| [66](#i89e0f1239e2a4446994c2e87fbedb31e_145) |
| [SECURITY OWNERSHIP OF DIRECTORS](#i89e0f1239e2a4446994c2e87fbedb31e_148)<br>[AND CERTAIN EXECUTIVE OFFICERS](#i89e0f1239e2a4446994c2e87fbedb31e_148)<br>| [67](#i89e0f1239e2a4446994c2e87fbedb31e_148) |
| [SECURITY OWNERSHIP OF CERTAIN](#i89e0f1239e2a4446994c2e87fbedb31e_151)<br>[BENEFICIAL OWNERS](#i89e0f1239e2a4446994c2e87fbedb31e_151)<br>| [68](#i89e0f1239e2a4446994c2e87fbedb31e_151) |
| [EQUITY COMPENSATION](#i89e0f1239e2a4446994c2e87fbedb31e_154)<br>[PLAN INFORMATION](#i89e0f1239e2a4446994c2e87fbedb31e_154)<br>| [69](#i89e0f1239e2a4446994c2e87fbedb31e_154) |
| [DELINQUENT SECTION 16(A) REPORTS](#i89e0f1239e2a4446994c2e87fbedb31e_1273) | [70](#i89e0f1239e2a4446994c2e87fbedb31e_1273) |
| [PROPOSAL THREE:](#i89e0f1239e2a4446994c2e87fbedb31e_157)[RATIFICATION](#i89e0f1239e2a4446994c2e87fbedb31e_157)<br>[OF APPOINTMENT OF](#i89e0f1239e2a4446994c2e87fbedb31e_157)<br>[PRICEWATERHOUSECOOPERS LLP](#i89e0f1239e2a4446994c2e87fbedb31e_157)<br>[TO SERVE AS OUR INDEPENDENT](#i89e0f1239e2a4446994c2e87fbedb31e_157)<br>[AUDITOR FOR 2026](#i89e0f1239e2a4446994c2e87fbedb31e_157)<br>| [71](#i89e0f1239e2a4446994c2e87fbedb31e_157) |
| [OTHER AUDIT INFORMATION](#i89e0f1239e2a4446994c2e87fbedb31e_160) | [72](#i89e0f1239e2a4446994c2e87fbedb31e_160) |
| [Relationship with Independent Registered](#i89e0f1239e2a4446994c2e87fbedb31e_1364)<br>[Public Accounting Firm](#i89e0f1239e2a4446994c2e87fbedb31e_1364)<br>| [72](#i89e0f1239e2a4446994c2e87fbedb31e_1364) |
| [Audit and Non-Audit Fees and Services](#i89e0f1239e2a4446994c2e87fbedb31e_1375) | [72](#i89e0f1239e2a4446994c2e87fbedb31e_1375) |
| [Audit Committee Approval Policy](#i89e0f1239e2a4446994c2e87fbedb31e_1384) | [72](#i89e0f1239e2a4446994c2e87fbedb31e_1384) |
| [REPORT OF THE AUDIT COMMITTEE](#i89e0f1239e2a4446994c2e87fbedb31e_163) | [73](#i89e0f1239e2a4446994c2e87fbedb31e_163) |
| [PROPOSAL FOUR:](#i89e0f1239e2a4446994c2e87fbedb31e_166)[SHAREHOLDER SAY](#i89e0f1239e2a4446994c2e87fbedb31e_166)<br>[ON STOCK REPURCHASES](#i89e0f1239e2a4446994c2e87fbedb31e_166)<br>| [74](#i89e0f1239e2a4446994c2e87fbedb31e_166) |
| [GENERAL VOTING AND](#i89e0f1239e2a4446994c2e87fbedb31e_172)<br>[MEETING INFORMATION](#i89e0f1239e2a4446994c2e87fbedb31e_172)<br>| [77](#i89e0f1239e2a4446994c2e87fbedb31e_172) |
| [Frequently Asked Questions About the Annual](#i89e0f1239e2a4446994c2e87fbedb31e_1394)<br>[Meeting & Proxy Materials](#i89e0f1239e2a4446994c2e87fbedb31e_1394)<br>| [77](#i89e0f1239e2a4446994c2e87fbedb31e_172) |
| [ANNEX I:](#i89e0f1239e2a4446994c2e87fbedb31e_181)[RECONCILIATION OF](#i89e0f1239e2a4446994c2e87fbedb31e_181)<br>[REPORTED RESULTS TO NON-GAAP](#i89e0f1239e2a4446994c2e87fbedb31e_181)<br>[FINANCIAL MEASURES](#i89e0f1239e2a4446994c2e87fbedb31e_181)<br>| [83](#i89e0f1239e2a4446994c2e87fbedb31e_181) |
| [ANNEX II:](#i89e0f1239e2a4446994c2e87fbedb31e_190)[2025-2027 PEER](#i89e0f1239e2a4446994c2e87fbedb31e_190)<br>[PERFORMANCE GROUP](#i89e0f1239e2a4446994c2e87fbedb31e_190)<br>| [86](#i89e0f1239e2a4446994c2e87fbedb31e_190) |

---

---

| | |
|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<sub>11</sub> |

---

***Cautionary Note Regarding Forward-Looking Statements***

This proxy statement contains forward-looking statements about future events and circumstances. Generally speaking,

any statement not based upon historical fact is a forward-looking statement. Forward-looking statements can also be

identified by the use of forward-looking or conditional words such as "could," "should," "can," "continue," "estimate,"

"intent," "forecast," "intend," "look," "may," "will," "expect," "believe," "anticipate," "plan," "remain," "project," "predict,"

"seek," "confident" and "commit" or similar expressions. In particular, statements regarding our financial position, plans,

strategies, objectives, prospects and expectations regarding our business, future operations, industry and market

conditions are forward-looking statements. They reflect our current expectations, are subject to materials risks,

uncertainties and other factors, many of which are outside of our control, and are not guarantees of performance and we

can give no assurance that they will prove to be correct or that any plan, initiative, projection, goal, commitment, or

expectation can or will be achieved, and speak only as of the date of this proxy statement. You should not rely unduly on

forward-looking statements. Our business results are subject to a variety of risks and uncertainties, including those that

are described in our 2025 Annual Report on Form 10-K and elsewhere in our filings with the Securities and Exchange

Commission, any of which could cause actual plans or results to differ materially from those included in any forward-

looking statements. If any of these considerations or risks materialize or intensify, our expectations (or underlying

assumptions) may change and our performance may be adversely affected. Except as required by law, we undertake no

obligation, and disclaim any duty, to publicly update or revise any forward-looking statement or disclose any facts, events

or circumstances that after the date hereof that may affect the accuracy of any forward-looking statement, whether as a

result of new information, future events, changes in our expectations or otherwise.

Standards of measurement and performance made in reference to our environmental, social, governance and other

sustainability plans and goals may be based on evolving protocols and assumptions which may change or be refined.

***Website References***

Throughout this proxy statement, we identify certain materials that are available in full on our website and refer the reader

to additional information available on our website. The information contained on, implied by or available through our

internet website, or any other website or document referenced herein, is not and shall not be deemed to be incorporated

by reference in this proxy statement.

---

| | | |
|:---|:---|:---|
| **12** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**PROPOSAL ONE:**

**ELECTION OF DIRECTORS**

The Company's Board currently consists of eleven directors, each of whom will serve his or her entire term and until his or

her respective successor has been elected and qualified. As previously announced, Mr. Siegel will not be standing for

re-election at the Annual Meeting. In addition, Ms. Delly will be stepping down from the Board at the Annual Meeting after

18 years of dedicated service to the Board and the Company. The Board extends its sincere appreciation to Ms. Delly and

Mr. Siegel for their service and significant contributions during their time on the Board. The size of the Board will be

reduced automatically to 9 directors effective as of the election of directors at the Annual Meeting.

The Board has nominated 9 directors to serve a one-year term until the 2027 annual meeting of shareholders or until their

successors have been elected and qualified. All of the nominees listed below were previously elected by shareholders at

the 2025 Annual Meeting. Biographical information for each nominee is provided below under the heading "Board of

Directors—Biographical Information—Nominees for Election at the 2026 Annual Meeting of Shareholders."

**Required Vote and Recommendation:**

• Our By-Laws mandate that each director be elected under a majority voting standard in uncontested elections. A

majority voting standard requires that each director receive more votes "for" his or her election than votes "against" to

be elected.

• In an uncontested election, any incumbent nominee for director who does not receive an affirmative vote of a majority

of the votes cast in favor of or against such nominee must promptly tender his or her resignation after such election.

The independent directors of the Board, after giving due consideration to the best interests of the Company and the

shareholders, shall evaluate the relevant facts and circumstances, and shall make a decision, within 30 days after the

election, on whether to accept the tendered resignation.

• Plurality voting will apply to contested elections.

The table below summarizes some of the key qualifications and areas of expertise that our Board considered when

nominating these individuals.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Rowe** | **Chand** | **Chandy** | **Garrison** | **Johnson** | **McMurray** | **Okray** | **Savoy** | **Shuster** |
| Manufacturing / Operations | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ |
| Industry / Product Knowledge | ⚫ | ⚫ |  | ⚫ |  |  | ⚫ |  | ⚫ |
| Multinational Operations | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ |
| Financial / Accounting |  | ⚫ | ⚫ |  |  | ⚫ | ⚫ | ⚫ |  |
| Product Innovation / R&D |  | ⚫ | ⚫ | ⚫ |  |  | ⚫ |  | ⚫ |
| Energy / Alternative Energy Markets | ⚫ | ⚫ | ⚫ | ⚫ |  | ⚫ | ⚫ | ⚫ | ⚫ |
| Supply Chain | ⚫ | ⚫ | ⚫ | ⚫ |  | ⚫ | ⚫ | ⚫ | ⚫ |
| HR / Talent Development | ⚫ |  | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ |
| Mergers & Acquisitions | ⚫ |  | ⚫ | ⚫ |  | ⚫ | ⚫ | ⚫ | ⚫ |
| Corporate Strategy / Governance | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ | ⚫ |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![02_FLS_icons-Skills matrix_Manufacturing.jpg](fls-20260331_g55.jpg)<br>| **Manufacturing/**<br>**Operations**<br>| ![02_FLS_icons-Skills matrix_Industry.jpg](fls-20260331_g56.jpg)<br>| **Industry/Product**<br>**Knowledge**<br>| ![02_FLS_icons-Skills matrix_Operations.jpg](fls-20260331_g57.jpg)<br>| **Multinational**<br>**Operations**<br>| ![02_FLS_icons-Skills matrix_Financial.jpg](fls-20260331_g58.jpg)<br>| **Financial/**<br>**Accounting**<br>| ![02_FLS_icons-Skills matrix_Product.jpg](fls-20260331_g59.jpg)<br>| **Product**<br>**Innovation/R&D**<br>|
| ![02_FLS_icons-Skills matrix_Energy.jpg](fls-20260331_g60.jpg)<br>| **Energy/Alternative**<br>**Energy Markets**<br>| ![02_FLS_icons-Skills matrix_Supply Chain.jpg](fls-20260331_g61.jpg)<br>| **Supply Chain** | ![02_FLS_icons-Skills matrix_HR.jpg](fls-20260331_g62.jpg)<br>| **HR/Talent**<br>**Development**<br>| ![02_FLS_icons-Skills matrix_Mergers.jpg](fls-20260331_g63.jpg)<br>| **Mergers &** <br>**Acquisitions**<br>| ![02_FLS_icons-Skills matrix_Governance.jpg](fls-20260331_g64.jpg)<br>| **Corporate Strategy/**<br>**Governance**<br>|

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|:---|:---|
| ![02_FLS_Check.jpg](fls-20260331_g65.jpg)<br>| **The Board recommends that you vote "FOR" the** <br>**election of all nominees to serve as directors.**<br>|

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| | |
|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<sub>13</sub> |

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**PROPOSAL ONE: ELECTION OF DIRECTORS**

Board of Directors — Biographical Information

**Board of Directors — Biographical Information**

**Nominees for Election at the 2026 Annual Meeting of Shareholders**

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| | |
|:---|:---|
| **John L. Garrison** |  |
| ![05_FLS_PXY_2026_GarrisonJ.jpg](fls-20260331_g16.jpg)<br>**Independent Chairman since:** <br>May 2025<br>**Director since:**<br>Oct. 2018<br>**Age:** 65<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Stanley Black & Decker, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•Azurix Corporation<br>•Terex Corporation | **Employment History**<br>•**Terex Corporation,** *a global manufacturer of materials processing machinery and aerial work* <br>*platforms* \| President, Chief Executive Officer and Chairman (2015 – retirement in 2024)<br>•**Bell Helicopter,** *a segment of Textron, Inc., and an aerospace manufacturer* \| President and <br>Chief Executive Officer (2009 – 2015)<br>•**United States Army** \| Captain (1982 – 1992) |
| ![05_FLS_PXY_2026_GarrisonJ.jpg](fls-20260331_g16.jpg)<br>**Independent Chairman since:** <br>May 2025<br>**Director since:**<br>Oct. 2018<br>**Age:** 65<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Stanley Black & Decker, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•Azurix Corporation<br>•Terex Corporation |  |
| ![05_FLS_PXY_2026_GarrisonJ.jpg](fls-20260331_g16.jpg)<br>**Independent Chairman since:** <br>May 2025<br>**Director since:**<br>Oct. 2018<br>**Age:** 65<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Stanley Black & Decker, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•Azurix Corporation<br>•Terex Corporation |  |
| ![05_FLS_PXY_2026_GarrisonJ.jpg](fls-20260331_g16.jpg)<br>**Independent Chairman since:** <br>May 2025<br>**Director since:**<br>Oct. 2018<br>**Age:** 65<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Stanley Black & Decker, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•Azurix Corporation<br>•Terex Corporation | **Other Current Public Company Directorships** |
| ![05_FLS_PXY_2026_GarrisonJ.jpg](fls-20260331_g16.jpg)<br>**Independent Chairman since:** <br>May 2025<br>**Director since:**<br>Oct. 2018<br>**Age:** 65<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Stanley Black & Decker, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•Azurix Corporation<br>•Terex Corporation | •**Stanley Black & Decker, Inc.,** *a global provider of hand tools, power tools, outdoor products and* <br>*related accessories, and engineered fastening solutions* \| Director (2024 – Present) |
| ![05_FLS_PXY_2026_GarrisonJ.jpg](fls-20260331_g16.jpg)<br>**Independent Chairman since:** <br>May 2025<br>**Director since:**<br>Oct. 2018<br>**Age:** 65<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Stanley Black & Decker, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•Azurix Corporation<br>•Terex Corporation |  |
| ![05_FLS_PXY_2026_GarrisonJ.jpg](fls-20260331_g16.jpg)<br>**Independent Chairman since:** <br>May 2025<br>**Director since:**<br>Oct. 2018<br>**Age:** 65<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Stanley Black & Decker, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•Azurix Corporation<br>•Terex Corporation | **Specific Experience, Qualifications, Attributes and Skills Relevant to Flowserve**  |
| ![05_FLS_PXY_2026_GarrisonJ.jpg](fls-20260331_g16.jpg)<br>**Independent Chairman since:** <br>May 2025<br>**Director since:**<br>Oct. 2018<br>**Age:** 65<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Stanley Black & Decker, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•Azurix Corporation<br>•Terex Corporation | We believe that Mr. Garrison is well qualified to serve as a director due to his extensive leadership in <br>manufacturing and international operations, including his roles as President, Chief Executive Officer, <br>and Chairman at Terex Corporation and President and Chief Executive Officer at Bell Helicopter. <br>Through these roles, Mr. Garrison has had experience leading large multinational industrial <br>manufacturing companies, building strong teams and implementing effective financial strategies that <br>enhance operational performance and support growth. Mr. Garrison's expertise in operational <br>efficiency, global business management, supply chain optimization, talent development, strategic <br>transactions and organizational governance, all of which are directly relevant to the Board's oversight <br>and priorities, have provided unique insights as the Company progresses its Flowserve Business <br>System and other strategic initiatives.<br>![02_FLS_PXY_2026_GarrisonJ.jpg](fls-20260331_g66.jpg) |

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| | |
|:---|:---|
| **R. Scott Rowe** |  |
| ![05_FLS_PXY_2026_RoweS.jpg](fls-20260331_g17.jpg)<br>**Director since:**<br>Apr. 2017<br>**Age:** 55<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Quanta Services, Inc.<br>**Past Public Company** <br>**Directorships:** <br>**•**None | **Employment History**<br>•**Flowserve Corporation** \| President, Chief Executive Officer (2017 – Present)<br>•**Cameron Group of Schlumberger Ltd.**, *an oilfield services co.* \| President (2016 – 2017)<br>•**Cameron International Corporation**, *an oilfield services co.* \| President, Chief Executive Officer <br>(2015 – 2016)<br>•**Cameron International Corporation** \| President, Chief Operating Officer (2014 – 2015)<br>•**OneSubsea**, *a joint venture established by Cameron and Schlumberger* \| Chief Executive <br>Officer (2014)<br>•**Subsea Systems**, *a division* of Cameron \| President (2012 – 2014)<br>•**Cameron International Corporation** \| President of the Engineered and Process Valves division <br>(2010 – 2012)<br>•**United States Army** \| Captain (O3) (1993 – 1998) |
| ![05_FLS_PXY_2026_RoweS.jpg](fls-20260331_g17.jpg)<br>**Director since:**<br>Apr. 2017<br>**Age:** 55<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Quanta Services, Inc.<br>**Past Public Company** <br>**Directorships:** <br>**•**None |  |
| ![05_FLS_PXY_2026_RoweS.jpg](fls-20260331_g17.jpg)<br>**Director since:**<br>Apr. 2017<br>**Age:** 55<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Quanta Services, Inc.<br>**Past Public Company** <br>**Directorships:** <br>**•**None |  |
| ![05_FLS_PXY_2026_RoweS.jpg](fls-20260331_g17.jpg)<br>**Director since:**<br>Apr. 2017<br>**Age:** 55<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Quanta Services, Inc.<br>**Past Public Company** <br>**Directorships:** <br>**•**None | **Other Current Public Company Directorships** |
| ![05_FLS_PXY_2026_RoweS.jpg](fls-20260331_g17.jpg)<br>**Director since:**<br>Apr. 2017<br>**Age:** 55<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Quanta Services, Inc.<br>**Past Public Company** <br>**Directorships:** <br>**•**None | •**Quanta Services Inc.,** *a leading provider of specialty contracting services* \| Director <br>(2022 – Present) |
| ![05_FLS_PXY_2026_RoweS.jpg](fls-20260331_g17.jpg)<br>**Director since:**<br>Apr. 2017<br>**Age:** 55<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Quanta Services, Inc.<br>**Past Public Company** <br>**Directorships:** <br>**•**None |  |
| ![05_FLS_PXY_2026_RoweS.jpg](fls-20260331_g17.jpg)<br>**Director since:**<br>Apr. 2017<br>**Age:** 55<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Quanta Services, Inc.<br>**Past Public Company** <br>**Directorships:** <br>**•**None | **Specific Experience, Qualifications, Attributes and Skills Relevant to Flowserve**  |
| ![05_FLS_PXY_2026_RoweS.jpg](fls-20260331_g17.jpg)<br>**Director since:**<br>Apr. 2017<br>**Age:** 55<br>**Board Committees:**<br>•N/A<br>**Current Public Company** <br>**Directorships:**<br>•Quanta Services, Inc.<br>**Past Public Company** <br>**Directorships:** <br>**•**None | We believe that Mr. Rowe is well qualified to serve as a director due to his position as the Company's <br>President and Chief Executive Officer, which enables him to provide the Board with intimate knowledge <br>of the Company's day-to-day operations.<br>![02_FLS_PXY_2026_RoweS.jpg](fls-20260331_g67.jpg) |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![02_FLS_icons-Skills matrix_Manufacturing.jpg](fls-20260331_g55.jpg)<br>| **Manufacturing/**<br>**Operations**<br>| ![02_FLS_icons-Skills matrix_Industry.jpg](fls-20260331_g56.jpg)<br>| **Industry/Product**<br>**Knowledge**<br>| ![02_FLS_icons-Skills matrix_Operations.jpg](fls-20260331_g57.jpg)<br>| **Multinational**<br>**Operations**<br>| ![02_FLS_icons-Skills matrix_Financial.jpg](fls-20260331_g58.jpg)<br>| **Financial/**<br>**Accounting**<br>| ![02_FLS_icons-Skills matrix_Product.jpg](fls-20260331_g59.jpg)<br>| **Product**<br>**Innovation/R&D**<br>|
| ![02_FLS_icons-Skills matrix_Energy.jpg](fls-20260331_g60.jpg)<br>| **Energy/Alternative**<br>**Energy Markets**<br>| ![02_FLS_icons-Skills matrix_Supply Chain.jpg](fls-20260331_g61.jpg)<br>| **Supply Chain** | ![02_FLS_icons-Skills matrix_HR.jpg](fls-20260331_g62.jpg)<br>| **HR/Talent**<br>**Development**<br>| ![02_FLS_icons-Skills matrix_Mergers.jpg](fls-20260331_g63.jpg)<br>| **Mergers &** <br>**Acquisitions**<br>| ![02_FLS_icons-Skills matrix_Governance.jpg](fls-20260331_g64.jpg)<br>| **Corporate Strategy/**<br>**Governance**<br>|

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| | | |
|:---|:---|:---|
| **14** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

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**PROPOSAL ONE: ELECTION OF DIRECTORS**

Board of Directors — Biographical Information

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| | |
|:---|:---|
| **Sujeet Chand** |  |
| ![05_FLS_PXY_2026_ChandS.jpg](fls-20260331_g18.jpg)<br>**Director since:**<br>Dec. 2019<br>**Age:** 68<br>**Board Committees:**<br>•Audit<br>•Technology, Innovation & <br>Risk — Chair <br>**Current Public Company** <br>**Directorships:**<br>•Proto Labs, Inc.<br>•Veeco Instruments Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None | **Employment History**<br>•**Rockwell Automation, Inc.,** *industrial automation manufacturer* \| Senior Vice President and <br>Chief Technology Officer (2005 – retirement in 2021)<br>•**Rockwell Automation, Inc. \|** Other senior leadership roles (2001 – 2005)<br>•**XAP Corporation**, *an education technology company* \| Chief Operating Officer (2000 – 2001)<br>•**Rockwell Scientific Company,** *a subsidiary of Rockwell International* \| Head of research and <br>development (1988 – 2000) |
| ![05_FLS_PXY_2026_ChandS.jpg](fls-20260331_g18.jpg)<br>**Director since:**<br>Dec. 2019<br>**Age:** 68<br>**Board Committees:**<br>•Audit<br>•Technology, Innovation & <br>Risk — Chair <br>**Current Public Company** <br>**Directorships:**<br>•Proto Labs, Inc.<br>•Veeco Instruments Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_ChandS.jpg](fls-20260331_g18.jpg)<br>**Director since:**<br>Dec. 2019<br>**Age:** 68<br>**Board Committees:**<br>•Audit<br>•Technology, Innovation & <br>Risk — Chair <br>**Current Public Company** <br>**Directorships:**<br>•Proto Labs, Inc.<br>•Veeco Instruments Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_ChandS.jpg](fls-20260331_g18.jpg)<br>**Director since:**<br>Dec. 2019<br>**Age:** 68<br>**Board Committees:**<br>•Audit<br>•Technology, Innovation & <br>Risk — Chair <br>**Current Public Company** <br>**Directorships:**<br>•Proto Labs, Inc.<br>•Veeco Instruments Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None | **Other Current Public Company Directorships** |
| ![05_FLS_PXY_2026_ChandS.jpg](fls-20260331_g18.jpg)<br>**Director since:**<br>Dec. 2019<br>**Age:** 68<br>**Board Committees:**<br>•Audit<br>•Technology, Innovation & <br>Risk — Chair <br>**Current Public Company** <br>**Directorships:**<br>•Proto Labs, Inc.<br>•Veeco Instruments Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None | •**Proto Labs, Inc.,** *global digital manufacturer* \| Director (2017 – Present)<br>•**Veeco Instruments Inc.,** *manufacturer of semiconductor process equipment* \| Director <br>(2021 – Present) |
| ![05_FLS_PXY_2026_ChandS.jpg](fls-20260331_g18.jpg)<br>**Director since:**<br>Dec. 2019<br>**Age:** 68<br>**Board Committees:**<br>•Audit<br>•Technology, Innovation & <br>Risk — Chair <br>**Current Public Company** <br>**Directorships:**<br>•Proto Labs, Inc.<br>•Veeco Instruments Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_ChandS.jpg](fls-20260331_g18.jpg)<br>**Director since:**<br>Dec. 2019<br>**Age:** 68<br>**Board Committees:**<br>•Audit<br>•Technology, Innovation & <br>Risk — Chair <br>**Current Public Company** <br>**Directorships:**<br>•Proto Labs, Inc.<br>•Veeco Instruments Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None | **Specific Experience, Qualifications, Attributes and Skills Relevant to Flowserve**  |
| ![05_FLS_PXY_2026_ChandS.jpg](fls-20260331_g18.jpg)<br>**Director since:**<br>Dec. 2019<br>**Age:** 68<br>**Board Committees:**<br>•Audit<br>•Technology, Innovation & <br>Risk — Chair <br>**Current Public Company** <br>**Directorships:**<br>•Proto Labs, Inc.<br>•Veeco Instruments Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None | We believe that Mr. Chand is well qualified to serve as a director due to his technology and innovation <br>experience, including with respect to cybersecurity and information technology systems, as well as his <br>electrical engineering background. Mr. Chand earned the CERT Certificate in Cybersecurity Oversight <br>through the NACD Cyber-Risk Oversight Program, demonstrating a commitment to staying current with <br>best practices in cyber risk management. Additionally, Mr. Chand's deep expertise in product <br>innovation, digital strategy, manufacturing, and multinational operations, developed through his <br>multinational technology leadership experience at Rockwell Automation and XAP Corporation, provide <br>informed oversight and strategic guidance in areas critical to the Board's responsibilities, including <br>Flowserve's RedRaven platform and overall cybersecurity program.<br>![02_FLS_PXY_2026_ChandS.jpg](fls-20260331_g68.jpg) |

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| | |
|:---|:---|
| **Ruby R. Chandy** |  |
| ![05_FLS_PXY_2026_ChandyR.jpg](fls-20260331_g22.jpg)<br>**Director since:**<br>May 2017<br>**Age:** 64<br>**Board Committees:**<br>•Audit<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•DuPont de Nemours, Inc.<br>•Thermo Fisher Scientific Inc.<br>**Past Public Company** <br>**Directorships:** <br>•IDEX Corporation<br>•AMETEK, Inc. | **Employment History**<br>•**Pall Corporation,** *a leading supplier of filtration, separation, and purification technologies* \|<br>President of the Industrial Division (2012 – retirement in 2015)<br>•**The Dow Chemical Company,** *a multinational chemical corporation* \| Managing Director, Vice <br>President of Dow Plastics Additives unit (2011 – 2012) |
| ![05_FLS_PXY_2026_ChandyR.jpg](fls-20260331_g22.jpg)<br>**Director since:**<br>May 2017<br>**Age:** 64<br>**Board Committees:**<br>•Audit<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•DuPont de Nemours, Inc.<br>•Thermo Fisher Scientific Inc.<br>**Past Public Company** <br>**Directorships:** <br>•IDEX Corporation<br>•AMETEK, Inc. |  |
| ![05_FLS_PXY_2026_ChandyR.jpg](fls-20260331_g22.jpg)<br>**Director since:**<br>May 2017<br>**Age:** 64<br>**Board Committees:**<br>•Audit<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•DuPont de Nemours, Inc.<br>•Thermo Fisher Scientific Inc.<br>**Past Public Company** <br>**Directorships:** <br>•IDEX Corporation<br>•AMETEK, Inc. |  |
| ![05_FLS_PXY_2026_ChandyR.jpg](fls-20260331_g22.jpg)<br>**Director since:**<br>May 2017<br>**Age:** 64<br>**Board Committees:**<br>•Audit<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•DuPont de Nemours, Inc.<br>•Thermo Fisher Scientific Inc.<br>**Past Public Company** <br>**Directorships:** <br>•IDEX Corporation<br>•AMETEK, Inc. | **Other Current Public Company Directorships**  |
| ![05_FLS_PXY_2026_ChandyR.jpg](fls-20260331_g22.jpg)<br>**Director since:**<br>May 2017<br>**Age:** 64<br>**Board Committees:**<br>•Audit<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•DuPont de Nemours, Inc.<br>•Thermo Fisher Scientific Inc.<br>**Past Public Company** <br>**Directorships:** <br>•IDEX Corporation<br>•AMETEK, Inc. | •**Thermo Fisher Scientific Inc.,** *a multinational science and technology corporation* \| Director <br>(2022 – Present)<br>•**DuPont de Nemours, Inc.,** *a multinational chemical corporation* \| Director (2019 – Present) |
| ![05_FLS_PXY_2026_ChandyR.jpg](fls-20260331_g22.jpg)<br>**Director since:**<br>May 2017<br>**Age:** 64<br>**Board Committees:**<br>•Audit<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•DuPont de Nemours, Inc.<br>•Thermo Fisher Scientific Inc.<br>**Past Public Company** <br>**Directorships:** <br>•IDEX Corporation<br>•AMETEK, Inc. |  |
| ![05_FLS_PXY_2026_ChandyR.jpg](fls-20260331_g22.jpg)<br>**Director since:**<br>May 2017<br>**Age:** 64<br>**Board Committees:**<br>•Audit<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•DuPont de Nemours, Inc.<br>•Thermo Fisher Scientific Inc.<br>**Past Public Company** <br>**Directorships:** <br>•IDEX Corporation<br>•AMETEK, Inc. | **Specific Experience, Qualifications, Attributes and Skills Relevant to Flowserve**  |
| ![05_FLS_PXY_2026_ChandyR.jpg](fls-20260331_g22.jpg)<br>**Director since:**<br>May 2017<br>**Age:** 64<br>**Board Committees:**<br>•Audit<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•DuPont de Nemours, Inc.<br>•Thermo Fisher Scientific Inc.<br>**Past Public Company** <br>**Directorships:** <br>•IDEX Corporation<br>•AMETEK, Inc. | We believe that Ms. Chandy is well qualified to serve as a director due to her executive management <br>experience, marketing and strategy skills, and relevant experience in industrial companies, including <br>her leadership as President of the Industrial Division at Pall Corporation and as Chief Marketing Officer <br>at the Dow Chemical Company and Rohn and Haas Corporation. Additionally, Ms. Chandy's extensive <br>engineering and management education, combined with her international business and financial <br>experience, and enterprise risk oversight, provides a valuable perspective on the Company's <br>operations, product innovation, supply chain management and corporate governance. Ms. Chandy <br>also brings significant board-level expertise gained through many years of service on public <br>company boards.<br>![02_FLS_PXY_2026_ChandyR.jpg](fls-20260331_g69.jpg) |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![02_FLS_icons-Skills matrix_Manufacturing.jpg](fls-20260331_g55.jpg)<br>| **Manufacturing/**<br>**Operations**<br>| ![02_FLS_icons-Skills matrix_Industry.jpg](fls-20260331_g56.jpg)<br>| **Industry/Product**<br>**Knowledge**<br>| ![02_FLS_icons-Skills matrix_Operations.jpg](fls-20260331_g57.jpg)<br>| **Multinational**<br>**Operations**<br>| ![02_FLS_icons-Skills matrix_Financial.jpg](fls-20260331_g58.jpg)<br>| **Financial/**<br>**Accounting**<br>| ![02_FLS_icons-Skills matrix_Product.jpg](fls-20260331_g59.jpg)<br>| **Product**<br>**Innovation/R&D**<br>|
| ![02_FLS_icons-Skills matrix_Energy.jpg](fls-20260331_g60.jpg)<br>| **Energy/Alternative**<br>**Energy Markets**<br>| ![02_FLS_icons-Skills matrix_Supply Chain.jpg](fls-20260331_g61.jpg)<br>| **Supply Chain** | ![02_FLS_icons-Skills matrix_HR.jpg](fls-20260331_g62.jpg)<br>| **HR/Talent**<br>**Development**<br>| ![02_FLS_icons-Skills matrix_Mergers.jpg](fls-20260331_g63.jpg)<br>| **Mergers &** <br>**Acquisitions**<br>| ![02_FLS_icons-Skills matrix_Governance.jpg](fls-20260331_g64.jpg)<br>| **Corporate Strategy/**<br>**Governance**<br>|

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| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **15** |

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**PROPOSAL ONE: ELECTION OF DIRECTORS**

Board of Directors — Biographical Information

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| | |
|:---|:---|
| **Cheryl H. Johnson** |  |
| ![05_FLS_PXY_2026_JohnsonC.jpg](fls-20260331_g23.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 65<br>**Board Committees:**<br>•Technology, Innovation & Risk <br>•Organization & Compensation<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None | **Employment History**<br>•**Caterpillar Inc.,** *a manufacturer of construction and mining equipment, diesel and natural gas* <br>*engines, industrial turbines and diesel-electric locomotives* \| Chief Human Resources Officer <br>(2017 – retirement in 2025)<br>•**Textron,** *an industrial manufacturer of specialized vehicles, turf care and fuel systems* \| Executive <br>Vice President, Human Resources (2012 – 2017)<br>•**Bell Helicopter,** *a segment of Textron, Inc.*, *and an aerospace manufacturer* \| Director, Talent <br>and Organization Development (2009 – 2012) |
| ![05_FLS_PXY_2026_JohnsonC.jpg](fls-20260331_g23.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 65<br>**Board Committees:**<br>•Technology, Innovation & Risk <br>•Organization & Compensation<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_JohnsonC.jpg](fls-20260331_g23.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 65<br>**Board Committees:**<br>•Technology, Innovation & Risk <br>•Organization & Compensation<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_JohnsonC.jpg](fls-20260331_g23.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 65<br>**Board Committees:**<br>•Technology, Innovation & Risk <br>•Organization & Compensation<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None | **Specific Experience, Qualifications, Attributes and Skills Relevant to Flowserve**  |
| ![05_FLS_PXY_2026_JohnsonC.jpg](fls-20260331_g23.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 65<br>**Board Committees:**<br>•Technology, Innovation & Risk <br>•Organization & Compensation<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None | We believe that Ms. Johnson is well qualified to serve as a director due to her extensive experience in <br>human resources, with a focus on international manufacturing and operations from her service with <br>Caterpillar Inc., Textron, and Bell Helicopter. Ms. Johnson's broad talent development experience <br>provides a valuable perspective into the Company's human capital management program and <br>long-term strategy.<br>![02_FLS_PXY_2026_CJohnson.jpg](fls-20260331_g70.jpg) |

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| | |
|:---|:---|
| **Michael C. McMurray** |  |
| ![05_FLS_PXY_2026_McMurray.jpg](fls-20260331_g24.jpg)<br>**Director since:**<br>Oct. 2018<br>**Age:** 61<br>**Board Committees:**<br>•Technology, Innovation & Risk<br>•Organization & Compensation <br>— Chair <br>**Current Public Company** <br>**Directorships:**<br>•Archer-Daniels-Midland <br>Company<br>**Past Public Company** <br>**Directorships:** <br>•None | **Employment History**<br>•**LyondellBasell,** *a global plastics, chemicals and refining company* \| Executive Vice President <br>and Chief Financial Officer (2019 – retirement in 2025)<br>•**Owens Corning,** *a global manufacturer of insulation, roofing and fiberglass composites* \| Senior <br>Vice President and Chief Financial Officer (2012 – 2019)<br>•**Owens Corning** \| Vice President and Finance Leader of Owens Corning's Building Materials <br>Group (2011 – 2012)<br>•**Owens Corning** \| Vice President, Investor Relations and Treasurer (2008 – 2011)<br>•**Royal Dutch Shell** \| various leadership roles (1987 – 2008) |
| ![05_FLS_PXY_2026_McMurray.jpg](fls-20260331_g24.jpg)<br>**Director since:**<br>Oct. 2018<br>**Age:** 61<br>**Board Committees:**<br>•Technology, Innovation & Risk<br>•Organization & Compensation <br>— Chair <br>**Current Public Company** <br>**Directorships:**<br>•Archer-Daniels-Midland <br>Company<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_McMurray.jpg](fls-20260331_g24.jpg)<br>**Director since:**<br>Oct. 2018<br>**Age:** 61<br>**Board Committees:**<br>•Technology, Innovation & Risk<br>•Organization & Compensation <br>— Chair <br>**Current Public Company** <br>**Directorships:**<br>•Archer-Daniels-Midland <br>Company<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_McMurray.jpg](fls-20260331_g24.jpg)<br>**Director since:**<br>Oct. 2018<br>**Age:** 61<br>**Board Committees:**<br>•Technology, Innovation & Risk<br>•Organization & Compensation <br>— Chair <br>**Current Public Company** <br>**Directorships:**<br>•Archer-Daniels-Midland <br>Company<br>**Past Public Company** <br>**Directorships:** <br>•None | **Other Current Public Company Directorships** |
| ![05_FLS_PXY_2026_McMurray.jpg](fls-20260331_g24.jpg)<br>**Director since:**<br>Oct. 2018<br>**Age:** 61<br>**Board Committees:**<br>•Technology, Innovation & Risk<br>•Organization & Compensation <br>— Chair <br>**Current Public Company** <br>**Directorships:**<br>•Archer-Daniels-Midland <br>Company<br>**Past Public Company** <br>**Directorships:** <br>•None | •**Archer-Daniels-Midland Company**, a publicly traded global agribusiness and food-ingredient <br>company (2026 – Present) |
| ![05_FLS_PXY_2026_McMurray.jpg](fls-20260331_g24.jpg)<br>**Director since:**<br>Oct. 2018<br>**Age:** 61<br>**Board Committees:**<br>•Technology, Innovation & Risk<br>•Organization & Compensation <br>— Chair <br>**Current Public Company** <br>**Directorships:**<br>•Archer-Daniels-Midland <br>Company<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_McMurray.jpg](fls-20260331_g24.jpg)<br>**Director since:**<br>Oct. 2018<br>**Age:** 61<br>**Board Committees:**<br>•Technology, Innovation & Risk<br>•Organization & Compensation <br>— Chair <br>**Current Public Company** <br>**Directorships:**<br>•Archer-Daniels-Midland <br>Company<br>**Past Public Company** <br>**Directorships:** <br>•None | **Specific Experience, Qualifications, Attributes and Skills Relevant to Flowserve**  |
| ![05_FLS_PXY_2026_McMurray.jpg](fls-20260331_g24.jpg)<br>**Director since:**<br>Oct. 2018<br>**Age:** 61<br>**Board Committees:**<br>•Technology, Innovation & Risk<br>•Organization & Compensation <br>— Chair <br>**Current Public Company** <br>**Directorships:**<br>•Archer-Daniels-Midland <br>Company<br>**Past Public Company** <br>**Directorships:** <br>•None | We believe that Mr. McMurray is well qualified to serve as a director due to his extensive financial <br>expertise and knowledge of the global industrial manufacturing industry, the Company's end markets <br>and the financial markets, which provides valuable insight into the strategic decisions to capitalize on <br>the Company's growth opportunities. Additionally, Mr. McMurray has valuable experience shaping and <br>leading company strategy and financial performance and driving shareholder returns through <br>multinational financial leadership positions at LyondellBasell and Owens Corning as Chief Financial <br>Officer, and through various leadership positions at Royal Dutch Shell. These experiences, combined <br>with McMurray's understanding of energy markets, talent development, and mergers and acquisitions, <br>provide informed guidance on the Board's oversight of complex, multinational operations and long-term <br>strategic planning.<br>![02_FLS_PXY_2026_McMurray.jpg](fls-20260331_g71.jpg) |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![02_FLS_icons-Skills matrix_Manufacturing.jpg](fls-20260331_g55.jpg)<br>| **Manufacturing/**<br>**Operations**<br>| ![02_FLS_icons-Skills matrix_Industry.jpg](fls-20260331_g56.jpg)<br>| **Industry/Product**<br>**Knowledge**<br>| ![02_FLS_icons-Skills matrix_Operations.jpg](fls-20260331_g57.jpg)<br>| **Multinational**<br>**Operations**<br>| ![02_FLS_icons-Skills matrix_Financial.jpg](fls-20260331_g58.jpg)<br>| **Financial/**<br>**Accounting**<br>| ![02_FLS_icons-Skills matrix_Product.jpg](fls-20260331_g59.jpg)<br>| **Product**<br>**Innovation/R&D**<br>|
| ![02_FLS_icons-Skills matrix_Energy.jpg](fls-20260331_g60.jpg)<br>| **Energy/Alternative**<br>**Energy Markets**<br>| ![02_FLS_icons-Skills matrix_Supply Chain.jpg](fls-20260331_g61.jpg)<br>| **Supply Chain** | ![02_FLS_icons-Skills matrix_HR.jpg](fls-20260331_g62.jpg)<br>| **HR/Talent**<br>**Development**<br>| ![02_FLS_icons-Skills matrix_Mergers.jpg](fls-20260331_g63.jpg)<br>| **Mergers &** <br>**Acquisitions**<br>| ![02_FLS_icons-Skills matrix_Governance.jpg](fls-20260331_g64.jpg)<br>| **Corporate Strategy/**<br>**Governance**<br>|

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| | | |
|:---|:---|:---|
| **16** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

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**PROPOSAL ONE: ELECTION OF DIRECTORS**

Board of Directors — Biographical Information

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| | |
|:---|:---|
| **Thomas B. Okray** |  |
| ![05_FLS_PXY_2026_OkrayT.jpg](fls-20260331_g26.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 63<br>**Board Committees:**<br>•Audit — Chair<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•Monro, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None | **Employment History**<br>•**Nikola Corporation,** *a global zero-emissions transportation and energy supply and infrastructure* <br>*solutions company* \| Chief Financial Officer (2024 – 2025)<sup>(1)</sup>. Nikola filed a voluntary petition for <br>relief under Chapter 11 of the United States Bankruptcy Code in February 2025.<br>•**Eaton**, *a multinational intelligent power management technologies company* \| Executive Vice <br>President and Chief Financial Officer (2021 – 2024)<br>•**W. W. Grainger, Inc.,** *a worldwide industrial supply distributor* \| Senior Vice President and Chief <br>Financial Officer (2018 – 2021)<br>•**Advance Auto Parts,** *an aftermarket automobile parts supplier* \| Executive Vice President and <br>Chief Financial Officer (2016 – 2018) |
| ![05_FLS_PXY_2026_OkrayT.jpg](fls-20260331_g26.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 63<br>**Board Committees:**<br>•Audit — Chair<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•Monro, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_OkrayT.jpg](fls-20260331_g26.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 63<br>**Board Committees:**<br>•Audit — Chair<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•Monro, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_OkrayT.jpg](fls-20260331_g26.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 63<br>**Board Committees:**<br>•Audit — Chair<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•Monro, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None | **Other Current Public Company Directorships** |
| ![05_FLS_PXY_2026_OkrayT.jpg](fls-20260331_g26.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 63<br>**Board Committees:**<br>•Audit — Chair<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•Monro, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None | •**Monro, Inc.,** *a national operator of retail tire and automotive repair stores* \| Director <br>(Feb. 2024 – Present) |
| ![05_FLS_PXY_2026_OkrayT.jpg](fls-20260331_g26.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 63<br>**Board Committees:**<br>•Audit — Chair<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•Monro, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_OkrayT.jpg](fls-20260331_g26.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 63<br>**Board Committees:**<br>•Audit — Chair<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•Monro, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None | **Specific Experience, Qualifications, Attributes and Skills Relevant to Flowserve**  |
| ![05_FLS_PXY_2026_OkrayT.jpg](fls-20260331_g26.jpg)<br>**Director since:**<br>Oct. 2023<br>**Age:** 63<br>**Board Committees:**<br>•Audit — Chair<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•Monro, Inc.<br>**Past Public Company** <br>**Directorships:** <br>•None | We believe that Mr. Okray is well qualified to serve as a director due to his strong financial expertise <br>and background in international operations and manufacturing. Mr. Okray has gained valuable <br>strategic and financial expertise through his various executive leadership roles in the manufacturing <br>industry, including as Chief Financial Officer at Nikola Corporation, Eaton Corporation, W. W. Grainger, <br>Inc. and Advanced Auto Parts, Inc. Through these financial leadership positions, Mr. Okray is able to <br>provide guidance and leadership on the Company's finance and accounting function, corporate <br>strategy, and global operations.<br>![02_FLS_PXY_2026_OkrayT.jpg](fls-20260331_g72.jpg) |

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*(1)Mr. Okray departed from his position as Chief Financial Officer of Nikola Corporation effective as of December 12, 2025.*

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| | |
|:---|:---|
| **Brian D. Savoy** |  |
| ![05_FLS_PXY_2026_SavoyB.jpg](fls-20260331_g27.jpg)<br>**Director since:**<br>March 2026<br>**Age:** 50<br>**Board Committees:**<br>•Audit <br>•Technology, Innovation & Risk<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None | **Employment History**<br>•**Duke Energy Corporation**, *an energy company* \| Executive Vice President and Chief Financial <br>Officer (2022 – present)<br>•**Duke Energy Corporation** \| Executive Vice President and Chief Strategy and Commercial <br>Officer (2021 – 2022)<br>•**Duke Energy Corporation** \| Senior Vice President, Chief Transformation & Administrative Officer <br>(2019 – 2021)<br>•**Duke Energy Corporation** \| Senior Vice President, Business Transformation and Technology <br>(2016 – 2019)<br>•**Duke Energy Corporation** \| Vice President, Controller and Chief Accounting Officer <br>(2013 – 2016)<br>•**Duke Energy Corporation** \| Managing Director, Financial Planning & Analysis (2009 – 2013)<br>•**Duke Energy Corporation** \| Vice President and other accounting roles (2001 – 2009)<br>•**Deloitte & Touche LLP***, a global accounting firm* \| Manager, Assurance & Advisory Services <br>(1997-2001) |
| ![05_FLS_PXY_2026_SavoyB.jpg](fls-20260331_g27.jpg)<br>**Director since:**<br>March 2026<br>**Age:** 50<br>**Board Committees:**<br>•Audit <br>•Technology, Innovation & Risk<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_SavoyB.jpg](fls-20260331_g27.jpg)<br>**Director since:**<br>March 2026<br>**Age:** 50<br>**Board Committees:**<br>•Audit <br>•Technology, Innovation & Risk<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_SavoyB.jpg](fls-20260331_g27.jpg)<br>**Director since:**<br>March 2026<br>**Age:** 50<br>**Board Committees:**<br>•Audit <br>•Technology, Innovation & Risk<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None | **Specific Experience, Qualifications, Attributes and Skills Relevant to Flowserve**  |
| ![05_FLS_PXY_2026_SavoyB.jpg](fls-20260331_g27.jpg)<br>**Director since:**<br>March 2026<br>**Age:** 50<br>**Board Committees:**<br>•Audit <br>•Technology, Innovation & Risk<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None | We believe that Mr. Savoy is well qualified to serve as a director due to his extensive financial and <br>strategic leadership experience and his deep knowledge of the power industry. Through his service as <br>Executive Vice President and Chief Financial Officer of Duke Energy Corporation, as well as his prior <br>roles as Executive Vice President and Chief Strategy and Commercial Officer and Chief <br>Transformation and Administrative Officer, Mr. Savoy has developed strong capabilities in financial <br>oversight, capital allocation, strategic planning, and enterprise-wide transformation. His leadership <br>experience in the power sector, including significant exposure to nuclear and other complex energy <br>operations, provides valuable perspective as the Company continues to expand its presence in priority <br>power and industrial end markets. In addition, Mr. Savoy's service as a board member and audit <br>committee chair of the Electric Power Research Institute further enhances the Board's oversight with <br>respect to financial discipline, governance, and long-term value creation aligned with the Company's <br>strategic and financial objectives.<br>![02_FLS_PXY_2026_savoy.jpg](fls-20260331_g73.jpg) |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![02_FLS_icons-Skills matrix_Manufacturing.jpg](fls-20260331_g55.jpg)<br>| **Manufacturing/**<br>**Operations**<br>| ![02_FLS_icons-Skills matrix_Industry.jpg](fls-20260331_g56.jpg)<br>| **Industry/Product**<br>**Knowledge**<br>| ![02_FLS_icons-Skills matrix_Operations.jpg](fls-20260331_g57.jpg)<br>| **Multinational**<br>**Operations**<br>| ![02_FLS_icons-Skills matrix_Financial.jpg](fls-20260331_g58.jpg)<br>| **Financial/**<br>**Accounting**<br>| ![02_FLS_icons-Skills matrix_Product.jpg](fls-20260331_g59.jpg)<br>| **Product**<br>**Innovation/R&D**<br>|
| ![02_FLS_icons-Skills matrix_Energy.jpg](fls-20260331_g60.jpg)<br>| **Energy/Alternative**<br>**Energy Markets**<br>| ![02_FLS_icons-Skills matrix_Supply Chain.jpg](fls-20260331_g61.jpg)<br>| **Supply Chain** | ![02_FLS_icons-Skills matrix_HR.jpg](fls-20260331_g62.jpg)<br>| **HR/Talent**<br>**Development**<br>| ![02_FLS_icons-Skills matrix_Mergers.jpg](fls-20260331_g63.jpg)<br>| **Mergers &** <br>**Acquisitions**<br>| ![02_FLS_icons-Skills matrix_Governance.jpg](fls-20260331_g64.jpg)<br>| **Corporate Strategy/**<br>**Governance**<br>|

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| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **17** |

---

**PROPOSAL ONE: ELECTION OF DIRECTORS**

Board of Directors — Biographical Information

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| | |
|:---|:---|
| **Ross B. Shuster** |  |
| ![05_FLS_PXY_2026_ShusterR.jpg](fls-20260331_g28.jpg)<br>**Director since:**<br>May 2025<br>**Age:** 60<br>**Board Committees:**<br>•Organization & Compensation<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None | **Employment History**<br>•**Copeland**, *a global climate technologies company* \| Chief Executive Officer and Member of the <br>Board of Directors (2023 – Present)<br>•**Howden**, *a leading global provider of mission critical air and gas handling products and services* \| <br>Chief Executive Officer & Member of the Board of Directors (2019 – 2023)<br>•**United Technologies Corporatio**n, *a former multinational manufacturing conglomerate* \| <br>President, Global Business Unit – Climate Controls & Security (2015 – 2019)<br>•**United Technologies Corporation,** other regional management positions, including President, <br>Asia – UTC Building & Industrial Systems, President, Asia – UTC Climate, Controls & Security <br>and President, Asia – Carrier Air-Conditioning (2007 – 2015)<br>•**Johnson Controls**, *a global diversified technology and industrial manufacturing company* \| Vice <br>President and other roles (1992 – 2007) |
| ![05_FLS_PXY_2026_ShusterR.jpg](fls-20260331_g28.jpg)<br>**Director since:**<br>May 2025<br>**Age:** 60<br>**Board Committees:**<br>•Organization & Compensation<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_ShusterR.jpg](fls-20260331_g28.jpg)<br>**Director since:**<br>May 2025<br>**Age:** 60<br>**Board Committees:**<br>•Organization & Compensation<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None |  |
| ![05_FLS_PXY_2026_ShusterR.jpg](fls-20260331_g28.jpg)<br>**Director since:**<br>May 2025<br>**Age:** 60<br>**Board Committees:**<br>•Organization & Compensation<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None | **Specific Experience, Qualifications, Attributes and Skills Relevant to Flowserve**  |
| ![05_FLS_PXY_2026_ShusterR.jpg](fls-20260331_g28.jpg)<br>**Director since:**<br>May 2025<br>**Age:** 60<br>**Board Committees:**<br>•Organization & Compensation<br>•Corporate Governance <br>& Nominating<br>**Current Public Company** <br>**Directorships:**<br>•None<br>**Past Public Company** <br>**Directorships:** <br>•None | We believe that Mr. Shuster is well qualified to serve as a director due to his strong background in <br>international operations and manufacturing, as well as his extensive executive leadership experience. <br>Through Mr. Shuster's roles as Chief Executive Officer at Copeland and Howden, and his leadership <br>roles at United Technologies and Johnson Controls, Mr. Shuster has strong capabilities in operational <br>efficiency, multinational markets, strategic transactions, and organizational governance, providing a <br>valuable perspective on the Company's long-term objectives. Through these roles, Mr. Shuster also <br>brings unique knowledge of the Company's end markets and provides guidance related to the <br>Company's growth in these markets.<br>![02_FLS_PXY_2026_shuster.jpg](fls-20260331_g74.jpg) |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![02_FLS_icons-Skills matrix_Manufacturing.jpg](fls-20260331_g55.jpg)<br>| **Manufacturing/**<br>**Operations**<br>| ![02_FLS_icons-Skills matrix_Industry.jpg](fls-20260331_g56.jpg)<br>| **Industry/Product**<br>**Knowledge**<br>| ![02_FLS_icons-Skills matrix_Operations.jpg](fls-20260331_g57.jpg)<br>| **Multinational**<br>**Operations**<br>| ![02_FLS_icons-Skills matrix_Financial.jpg](fls-20260331_g58.jpg)<br>| **Financial/**<br>**Accounting**<br>| ![02_FLS_icons-Skills matrix_Product.jpg](fls-20260331_g59.jpg)<br>| **Product**<br>**Innovation/R&D**<br>|
| ![02_FLS_icons-Skills matrix_Energy.jpg](fls-20260331_g60.jpg)<br>| **Energy/Alternative**<br>**Energy Markets**<br>| ![02_FLS_icons-Skills matrix_Supply Chain.jpg](fls-20260331_g61.jpg)<br>| **Supply Chain** | ![02_FLS_icons-Skills matrix_HR.jpg](fls-20260331_g62.jpg)<br>| **HR/Talent**<br>**Development**<br>| ![02_FLS_icons-Skills matrix_Mergers.jpg](fls-20260331_g63.jpg)<br>| **Mergers &** <br>**Acquisitions**<br>| ![02_FLS_icons-Skills matrix_Governance.jpg](fls-20260331_g64.jpg)<br>| **Corporate Strategy/**<br>**Governance**<br>|

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| | | |
|:---|:---|:---|
| **18** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

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**THE BOARD AND COMMITTEES**

**Role of the Board; Corporate Governance Matters**

The Board oversees the CEO and other senior management in the competent and ethical operation of the Company on a

day-to-day basis and holds management accountable for serving the best interests of our shareholders. In its efforts to

satisfy this responsibility, our Board has adopted Corporate Governance Guidelines ("Guidelines"). Our Guidelines, as

well as other corporate governance documents, such as the Company's Code of Conduct for employees and directors

and an additional Code of Ethics for directors, are available on the Company's website at **https://ir.ﬂowserve.com** under

the "Corporate Governance—Documents & Charters" caption. The table below highlights some of the Company's investor

friendly governance practices.

---

| | | |
|:---|:---|:---|
| **Director Elections** | **Board Operations** | **Shareholder Rights** |
| ✓Annual elections for full Board<br>✓Resignation policy if a majority <br>vote is not received (in <br>uncontested elections)<br>✓Director retirement age policy of 72<br>| ✓Stock ownership requirements for <br>directors (5x annual cash retainer)<br>✓Independent board chair<br>✓Annual Board and <br>Committee evaluations<br>✓Board committees composed of <br>100% independent directors<br>| ✓Right to call a special meeting<br>✓Right to act by written consent<br>✓Proxy access right<br>✓No poison pill<br>✓Annual "Say on Pay" vote<br>✓No supermajority <br>voting requirements<br>|

---

The Board, through the CG&N Committee, regularly reviews developments in corporate governance and best practices

and modifies the Guidelines, committee charters and key practices as necessary or appropriate. For example, we recently

revised committee responsibilities to transfer the finance-related duties of the Technology, Risk and Finance Committee to

the Audit Committee to allow the Technology, Risk and Finance Committee to focus more directly on technology- and

risk-related matters. As a result, the Technology, Risk and Finance Committee has been renamed the Technology,

Innovation and Risk Committee.

The Board also oversees management in the development and execution of the Company's long-term strategy. The

Board dedicates one full meeting per year solely to our long-term strategy, in which the Board receives updates from

management and discusses the progress made, challenges encountered and future plans to continue implementing our

strategic priorities. At each quarterly meeting of the Board, management also provides additional updates on our strategic

priorities based on particular focus areas, including our business platforms, culture and organizational health, regulatory

and legal risk, operations, and climate change and sustainability.

Our approximately 16,000 associates around the globe are a critical component of our ability to execute on our strategy.

Accordingly, the Board continually monitors and assesses our human capital management, principally in the areas of

workplace health and safety, employee engagement, compensation and benefits and training, development and ethics.

Each year, our associates complete an annual ethics training on our Code of Conduct and participate in "Integrity and

Compliance Day" and "Safety Day" to help further emphasize the ongoing training that our associates receive. We also

conduct annual employee engagement surveys to solicit feedback and input directly from our associates and, based on

the results of our surveys, management and the Board work together to create additional action plans as appropriate.

**Insider Trading Policy**

The Company has adopted an insider trading policy (the "Insider Trading Policy") governing the purchase, sale, and/or

other dispositions of its securities by its directors, officers, employees, contractors, consultants and certain entities, as

well as by the Company itself, that we believe is reasonably designed to promote compliance with insider trading laws,

rules and regulations and the listing standards applicable to the Company. A copy of the Insider Trading Policy was filed

as Exhibit 19.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

**Political Activities Policy**

The Company has adopted a political activities policy (the "Political Activities Policy"), which prohibits the Company from

using corporate funds or assets to make direct or indirect political contributions (as described in the policy), except with

respect to dues paid to trade associations and other tax-exempt organizations who may use such dues for political activity

purposes. In addition, no Company director, officer or employee is permitted to make political contributions on behalf of or

for the Company. The Political Activities Policy also requires the Company to annually disclose the portion of payments to

any such national U.S.-based trade organization that the organization reports as being used for political activity purposes

where the Company's total annual payments to the organization are $100,000 or greater. In 2025, the Company did not

pay dues of $100,000 or greater to any such organization that were used for political activity purposes and the Company

is in compliance with the Political Activities Policy.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **19** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**THE BOARD AND COMMITTEES**

Board Operations

**Board Operations**

**Board Leadership Structure**

We have separated the positions of Chairman of the Board and CEO and have had an independent Board Chairman

since 2005. John L. Garrison currently serves as our independent Chairman. He presides over the meetings of the Board,

including executive sessions of the Board where only non-employee directors are present. Among the wide range of other

duties as Chairman of the Board, he reviews and approves the agendas for Board meetings, presides over meetings and

executive sessions of the Board of Directors, briefs the CEO on issues and concerns arising in the executive sessions of

the Board, facilitates communication between the independent directors and management, coordinates periodic Board

input and review of management's strategic plan for the Community, leads the Board's review of the succession plan for

the CEO and other key executives, represents the Board in communications with shareholders and other stakeholders of

the Company and provides input on the design of the Board. He also serves as an alternate member for all Board

committees, and strives to attend as many committee meetings as possible. The Board appointed Mr. Garrison to serve

as Chairman of the Board following the 2025 Annual Meeting, further enhancing the Board's independent oversight.

Mr. Garrison has been determined to be independent. More information about the duties of our Non-Executive Chairman

can be found on the investor relations portion of our website at **https://ir.ﬂowserve.com** under the heading "Corporate

Governance—Documents & Charters—Role and Responsibilities of Non-Executive Chairman of the Board."

We believe that having an independent Chairman separate from the CEO is appropriate for the Company at this time

because it places an independent director in a position of leadership on the Board and allows the Chairman to focus on

oversight of corporate governance matters, while enabling our CEO to focus on leading the Company and managing the

business on a day-to-day basis. We believe at this time this independent leadership and the independent Chairman's

robust set of responsibilities, including authority to call meetings of the non-employee directors, best adds value to our

shareholders by facilitating a more efficient exercise of the Board's fiduciary duties and enabling the Board to effectively

oversee our businesses, risks, opportunities and affairs in the best interests of our shareholders.

We also believe the independent Chairman further enhances independent Board oversight by being responsible for

establishing the Board's annual schedule and collaborating with the CEO on the agendas for all Board meetings. The

separation of Chairman and CEO also enhances the ability of the independent Chairman to provide support and advice to

the CEO, reinforcing the reporting relationship and accountability of the CEO to the Board. In addition, each of the

independent members of the Board actively engages in overseeing management including by actively participating in

each Board and Committee meeting held throughout the year.

**Risk Oversight**

The Board and its Committees oversee risk by carefully evaluating management's reports and engaging directly with

management on matters of particular interest and importance to the Board. The Board and its Committees oversee senior

management's policies and procedures in assessing and addressing risk areas that fall within the scope of the Board's

and the Committees' respective areas of oversight responsibility, as further detailed in the Board Committees section

below. The Board and management frequently discuss the long-term strategy of the Company. Each Committee regularly

updates the full Board on its activities in overseeing risk management.

**Meeting Attendance** 

**Board Meetings**

There were eleven meetings of the Board during the year ended December 31, 2025. Executive sessions of

non-employee directors are normally held at each regular Board meeting and are presided over by our independent

Chairman of the Board, or, in the Chairman's absence, by the Chairman of the CG&N Committee. During the year ended

December 31, 2025, each Director nominee attended at least 82% of the total number of meetings of the Board and at

least 75% of the total number of meetings of the Board committees on which he or she served while he or she has been a

director or committee member.

**Shareholder Meetings**

Board members are expected to attend the Company's Annual Meetings of shareholders. All of the ten directors

then-serving attended the Company's 2025 Annual Meeting.

---

| | | |
|:---|:---|:---|
| **20** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**THE BOARD AND COMMITTEES**

Board Composition

**Communicating with the Board**

Shareholders and other interested parties may communicate with the Board or the independent directors as a group

directly by writing to: Non-Executive Chairman of the Board, c/o Flowserve's Corporate Secretary, Flowserve Corporation,

5215 N. O'Connor Blvd., Suite 700, Irving, Texas 75039. These communications are reviewed by the Corporate Secretary

to determine whether they are appropriate for presentation to the Board or such director. All relevant communications are

then delivered to our Chairman.

**Board Composition**

**What We Look for in Directors**

The identification and evaluation of director candidates begins with the Guidelines, which establish the criteria for Board

membership. As a starting point under the Guidelines, all prospective Board members must, for example, adhere to the

highest standards of integrity and ethics, exercise diligent and constructive oversight of the Company's business, risk

profile and strategy, demonstrate relevant and successful career experience, display a global business perspective, and

possess the time to responsibly perform all director duties and effectively represent the interests of the shareholders. In

addition, we believe that Board members should have varied professional expertise in areas relevant to the Company, for

the purposes of promoting a robust mix of backgrounds among the Board. In this regard, our director nominees bring a

wide array of qualifications, skills and attributes to our Board that support its oversight role on behalf of the shareholders.

The table on page [12](#i89e0f1239e2a4446994c2e87fbedb31e_1410) summarizes some of the key qualifications and areas of experience that we currently consider to be

important for our director candidates.

The Board also periodically reviews the tenure of each Board member, at least on an annual basis. We strive to maintain

an appropriate balance of age and tenure on the Board with a mix of directors who have a long and deep understanding

of our business and directors who bring new and fresh skills, perspectives and experience to the Board. In line with this

philosophy, since 2022 we have added four new directors to our Board.

**Director Recruitment Process**

The CG&N Committee considers various potential director candidates who may come to the attention of the CG&N

Committee through current Board members, professional search firms, shareholders or other persons. The CG&N

Committee generally retains a national executive-recruiting firm to research, screen and contact potential candidates

regarding their interest in serving on the Board, although the CG&N Committee may also use less formal recruiting

methods. All identified candidates, including shareholder-recommended candidates, are evaluated by the CG&N

Committee using the same methods and criteria, although those methods and criteria may vary from time to time

depending on the CG&N Committee's assessment of the Company's needs and current situation. The CG&N

Committee's selection of candidates is based on a consideration of the business experience and other criteria discussed

above, in the context of the Board's composition as a whole.

**Director Evaluation Process**

We believe that a robust Board evaluation and feedback process helps to promote the effectiveness of our Board and

Committees and encourages our Board members, individually and collectively, to continually improve in their roles and

responsibilities. Our Board evaluation process is led by an independent member of the Board, the Chair of the CG&N

Committee, who engages independent external advisors each year to assist in compiling the results of the evaluations

submitted by the members of the Board and to provide additional perspective on effectively responding to the evaluations

and feedback received.

Our annual evaluation process typically begins with a self-assessment in which each independent member of the Board

provides a performance rating for a series of questions in several key categories, including the structure, process and

resources of the Board, effectiveness of the Committees of the Board, and management of the Company. The self-

evaluation concludes with several open-ended questions in order to encourage directors to freely discuss their own

performance, priorities for the upcoming year, and any other comments that the director deems important.

The independent directors also complete a peer evaluation of the other independent directors every two to three years

(other than the Chairman, who is evaluated separately), which solicits feedback on how each director adds value to the

Board and its Committees, what each director could do to increase effectiveness, and any other commentary that is

deemed pertinent.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **21** |

---

**THE BOARD AND COMMITTEES**

Board Composition

The independent directors also complete a Chairman evaluation to provide feedback on the performance and

contributions of the Chairman of the Board every year. The Chairman evaluation asks independent directors to rate the

Chairman's performance in key areas and provides an opportunity to provide open feedback on the performance of the

Chairman of the Board.

The independent directors also complete an evaluation of our Chief Executive Officer's performance every year. While our

Chief Executive Officer is a member of the Board, his evaluation is focused on his performance as a member of

management and not as a member of the Board. These evaluations are utilized in assessing the CEO's performance and

setting his compensation on a yearly basis.

Once the evaluations were complete for 2025, the results were compiled by an independent external advisor,

anonymized, and provided to the CG&N Chair, who then discussed the results of the process with the CG&N Committee,

and the full Board, at their February meeting and were considered by the CG&N Committee and the Board when setting

CEO compensation and engaging in director development, strategy, and governance.

**Director Independence**

The Guidelines provide that all members of the Board (other than our CEO) should be independent under applicable law

and the New York Stock Exchange ("NYSE") listing standards, as well as under the independence standards further

established by the Board within the Guidelines. Upon the recommendation of the CG&N Committee, the Board makes an

affirmative determination regarding the independence of each director annually after reviewing pertinent facts and

circumstances and taking into consideration all applicable laws, regulations, the NYSE listing standards and the

categorical independence standards set forth in the Guidelines, which are consistent with the NYSE listing standards. In

doing so, the Board considers relationships involving directors and their immediate family members and relies on

information derived from the Company's records, questionnaires, and other inquiries. In addition to meeting the NYSE

standards of independence and the categorical standards set forth in the Guidelines, a director qualifies as "independent"

under the Guidelines only if the Board affirmatively determines that the director has no direct or indirect material

relationship (whether commercial, industrial, banking, consulting, accounting, legal, charitable or familial, excluding their

present directorship) with the Company or any of its consolidated subsidiaries, either director, or as a partner, shareholder

or officer of an organization that has a relationship with the Company.

Based on its review, the Board has determined that each of John L. Garrison, Sujeet Chand, Ruby R. Chandy,

Gayla J. Delly, Cheryl H. Johnson, Michael C. McMurray, Thomas B. Okray, Brian D. Savoy, Ross B. Shuster, and

Kenneth I. Siegel (all of our current directors other than R. Scott Rowe, who is not independent because of his

employment as the Company's President and Chief Executive Officer) meet the independence standards set forth in the

NYSE listing standards and the categorical standards set forth in the Guidelines. In addition, the Board previously

determined that each of Carlyn R. Taylor, who served as a director until February 6, 2025, and David E. Roberts, who

served as a director until our 2025 Annual Meeting, met the independence standards set forth in the NYSE listing

standards and the categorical standards set forth in the Guidelines during the time they served on the Board.

Our independence standards are included in the Guidelines, which are available on the Company's website at

**https://ir.ﬂowserve.com** under the "Corporate Governance—Documents & Charters" caption.

**How Shareholders Can Recommend a Candidate**

A shareholder desiring to recommend a candidate for election to the Board should submit a written notice that includes

the information required by the Company's By-Laws, including the candidate's name and qualifications, to our Corporate

Secretary, who will refer the recommendation to the CG&N Committee. The CG&N Committee may require any

shareholder-recommended candidate to furnish such other information as may reasonably be required to determine the

eligibility of such recommended candidate or to assist in evaluating the recommended candidate, including a Director and

Officer Questionnaire.

Under the proxy access provisions of our By-Laws, eligible shareholders and/or shareholder groups also are permitted to

include shareholder-nominated director candidates in our proxy materials. Additional details about the requirements for

including shareholder-nominated director candidates in our proxy materials are set forth under "General Voting and

Meeting Information—Shareholder Proposals and Nominations" below.

---

| | | |
|:---|:---|:---|
| **22** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**THE BOARD AND COMMITTEES**

Board Committees

**Board Committees**

The Board maintains an Audit Committee, a Technology, Innovation and Risk Committee ("TI&R Committee"), a Corporate

Governance and Nominating Committee ("CG&N Committee"), and an Organization and Compensation Committee

("O&C Committee"). Only independent directors are eligible to serve on Board committees. Each committee has authority

to engage legal counsel or other experts or consultants as it deems appropriate to carry out its responsibilities and is

governed by a written charter, which is available on the investor relations portion of the Company's website at

**https://ir.ﬂowserve.com** under the "Corporate Governance—Documents & Charters" caption.

---

| | |
|:---|:---|
| **Audit Committee** | **Primary Oversight Responsibilities** |
| **Committee Chair:**<br>Thomas B. Okray<sup>(1)</sup><br>**Members:**<br>Sujeet Chand<sup>(1)</sup><br>Ruby R. Chandy<br>Brian D. Savoy<sup>(1)(2)</sup><br>Kenneth I. Siegel<sup>(1)(3)</sup><br>**7 Meetings in 2025**<br>| •Oversee financial reporting process, including the integrity of Company financial <br>statements and compliance with legal and regulatory requirements<br>•Oversee financial performance and reporting, the Company's independent auditor <br>and internal audit function, and regulatory activities<br>•Oversee the Company's integrity and compliance program<br>•Review and discuss the process of Board and Board committees oversight of senior <br>management's risk management responsibilities<br>•Advise the Board on all corporate financing and related treasury matters including <br>financial plans, liquidity, credit, key financial risks, treasury risk, and related matters<br>•Appoint independent auditor<br>•Prepares Audit Committee report for this proxy statement<br>|

---

*The Board has determined that all members of the Audit Committee meet the applicable independence standards under the U.S Securities and* 

*Exchange Commission (the "SEC") rules and NYSE listing standards, and that all members are financially literate within the meaning of the* 

*NYSE listing standards.*

*(1)The Board has determined that each of Mr. Okray, Mr. Chand, Mr. Savoy and Mr. Siegel qualify as an audit committee financial expert* 

*under the SEC rules.*

*(2)Mr. Savoy joined the Audit Committee effective March 16, 2026.*

*(3)Effective as of the Annual Meeting, Mr. Siegel will cease to serve on the Board, including on the Audit Committee.*

---

| | |
|:---|:---|
| **Technology, Innovation**<br>**& Risk Committee**<br>| **Primary Oversight Responsibilities** |
| **Committee Chair**<sup>(1)</sup>**:**<br>Sujeet Chand<br>**Members**<sup>(2)</sup>**:**<br>Michael C. McMurray <br>Cheryl H. Johnson<sup>(3)</sup><br>Brian D. Savoy<sup>(4)</sup><br>Kenneth I. Siegel<sup>(5)</sup><br>**4 Meetings in 2025**<br>| •Oversee the Company's technology, innovation and intellectual property strategy, <br>goals and priorities<br>•Review the Company's enterprise risk management, including emerging risks<br>•Oversight of ESG program, including key related policies, activities and opportunities<br>•Review effectiveness of the Company's IT infrastructure and cybersecurity programs <br>and its practices for identifying and mitigating technology risks with the Chief <br>Information Officer<br>•Review and evaluate the Company's artificial intelligence program, including with <br>respect to goals and priorities, system investments, governance and related <br>planning and decision-making policies and procedures<br>|

---

*The Board has determined that all members of the TI&R Committee meet the independence standards under the NYSE listing standards. This* 

*committee was renamed from the Technology, Risk & Finance Committee to the Technology, Innovation & Risk Committee effective* 

*February 11, 2026.*

*(1)Mr. Chand was appointed as the Chair of the TI&R Committee effective as of May 16, 2025.*

*(2)Subject to, and effective upon, re-election at the Annual Meeting, Mr. Shuster will join the TI&R Committee.*

*(3)Subject to, and effective upon, re-election at the Annual Meeting, Ms. Johnson will cease to serve on the TI&R Committee.*

*(4)Mr. Savoy joined the TI&R Committee effective March 16, 2026.*

*(5)Effective as of the Annual Meeting, Mr. Siegel will cease to serve on the Board, including the TI&R Committee.*

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **23** |

---

**THE BOARD AND COMMITTEES**

Board Committees

---

| | |
|:---|:---|
| **Corporate Governance**<br>**& Nominating Committee**<br>| **Primary Oversight Responsibilities** |
| **Committee Chair:**<br>Gayla J. Delly<sup>(1)</sup><br>**Members**<sup>(2)</sup>**:**<br>Ruby R. Chandy <br>Thomas B. Okray<br>Ross B. Shuster<sup>(3)</sup><br>**5 Meetings in 2025**<br>| •Recommend to the Board nominees for Chairman of the Board, President and Chief <br>Executive Officer<br>•Determine Board organization<br>•Review director compensation recommendations for consideration by the Board<br>•Review and recommend director nominees<br>•Manage risks associated with Board independence and potential conflicts of interest<br>•Establish corporate governance principles and procedures, including overseeing the <br>Company's Code of Conduct<br>•Prepare effective CEO and Board succession planning<br>•Evaluate CEO performance<br>•Oversee Board and committee self-assessment process<br>|

---

*The Board has determined that all members of the CG&N Committee meet the independence standards under the NYSE listing standards.*

*(1)Subject to, and effective upon, re-election at the Annual Meeting, Ms. Johnson will join and become the Chair of the CG&N Committee.*

*(2)Mr. Garrison served on the CG&N Committee until May 16, 2025.* 

*(3)Mr. Shuster joined the CG&N Committee effective May 16, 2025. Subject to, and effective upon, re-election at the Annual Meeting,* 

*Mr. Shuster will cease to serve on the CG&N Committee.*

---

| | |
|:---|:---|
| **Organization &** <br>**Compensation Committee**<br>| **Primary Oversight Responsibilities** |
| **Committee Chair**<sup>(1)</sup>**:**<br>Michael C. McMurray<br>**Members:**<br>Gayla J. Delly<br>Cheryl H. Johnson<br>Ross B. Shuster<sup>(2)</sup><br>**4 Meetings in 2025**<br>| •Set compensation philosophy<br>•Oversee risk management related to executive compensation plans and <br>succession planning<br>•Prepare the Compensation Committee Report included in this proxy statement<br>•Approve executive officer compensation including incentives and other benefits<br>•Retain and evaluate the advice of the independent compensation consultant, <br>F.W. Cook, in adherence to the philosophies and principles stated under "Executive <br>Compensation—Compensation Discussion and Analysis"<br>•Review the Company's processes to recruit, retain, and develop senior <br>management, including its executive personnel appraisal, development, and <br>selection processes<br>|

---

*The Board has determined that all members of the O&C Committee meet the applicable independence standards under the SEC rules and* 

*NYSE listing standards.*

*(1)Effective May 16, 2025, Mr. Garrison ceased to serve on the O&C Committee and Mr. McMurray was appointed the Chair of the* 

*O&C Committee.*

*(2)Mr. Shuster joined the O&C Committee effective May 16, 2025.*

---

| | | |
|:---|:---|:---|
| **24** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**THE BOARD AND COMMITTEES**

Oversight of the Executive Compensation Program

**Oversight of the Executive Compensation Program**

Our executive compensation program is administered by the O&C Committee. Consistent with the NYSE corporate

governance listing standards, the O&C Committee is composed entirely of independent, non-employee members of the

Board. In addition, the Non-Executive Chairman of the Board generally attends the meetings of the O&C Committee.

As reflected in its charter, the O&C Committee has overall responsibility for setting the compensation for our CEO, which

is approved by the full Board, and for approving the compensation of our other executive officers, including the other

Named Executive Officers. The O&C Committee is also charged with the development and retention of management.

The O&C Committee is responsible for reviewing the management succession plan and for recommending changes in

director compensation to the CG&N Committee and to the Board. On matters pertaining to director compensation, the

O&C Committee also receives data and advice from F.W. Cook, its independent compensation consultant. The O&C

Committee periodically reviews the organizational design, management development plans and managerial capabilities of

the Company. The O&C Committee also prepares and issues the Organization and Compensation Committee Report

included in this proxy statement.

The O&C Committee's process of reviewing the executive compensation program and setting compensation levels for our

Named Executive Officers involves several components. During the first quarter of each year, the O&C Committee

reviews each Named Executive Officer's total compensation. The O&C Committee members also meet regularly with the

Named Executive Officers at various times during the year, both formally within Board meetings and informally outside of

Board meetings, which allows the O&C Committee to assess directly each Named Executive Officer's performance. The

O&C Committee also solicits input from all non-employee members of the Board as to the CEO's performance during

the year.

The O&C Committee generally considers the results of the CG&N Committee's process for reviewing the CEO's

performance with all independent Board members. The CG&N Committee's process includes the independent Board

members individually and collectively presenting their assessment of the CEO's performance, as well as the CEO

presenting his self-assessment of his performance. The O&C Committee uses these results when determining the CEO's

recommended compensation, which is subject to the independent Board members' approval.

In addition, the CEO annually presents an evaluation of each other Named Executive Officer's performance to the O&C

Committee, which includes a review of each officer's contributions over the past year, and the officer's strengths,

weaknesses, development plans and succession potential. The CEO also presents compensation recommendations for

each other Named Executive Officer for the O&C Committee's consideration. Following this presentation and a

benchmarking review for pay, the O&C Committee makes its own assessments and formulates compensation amounts for

each Named Executive Officer with respect to each of the elements in the Company's executive compensation program

as described below.

**Independent Compensation Consultant**

The O&C Committee has the authority to retain outside advisors as it deems appropriate. The O&C Committee has

engaged F.W. Cook as its independent compensation consultant to provide advice and information. F.W. Cook attends all

regularly scheduled O&C Committee meetings and has assisted and advised the O&C Committee on all aspects of our

executive and director compensation programs. The services F.W. Cook provides include:

• providing and analyzing competitive market compensation data;

• analyzing the effectiveness of executive compensation programs and making recommendations, as appropriate;

• analyzing the appropriateness of the performance peer group ("PPG") and compensation peer group ("CPG"); and

• evaluating how well our compensation programs adhere to the philosophies and principles stated below under

"Compensation Discussion & Analysis—Our Guiding Principles."

F.W. Cook provides no other services to the Company.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **25** |

---

**THE BOARD AND COMMITTEES**

Director Compensation

**Director Compensation**

**2025 Director Compensation Program**

**Program Overview**

Our director compensation program is established by the Board after review of data prepared by the O&C Committee's

independent compensation consultant regarding competitive director compensation levels for peer companies and the

Company's CPG, which is discussed under "Compensation Discussion & Analysis—Competitive Positioning and Our

Compensation Peer Group ("CPG")—Our 2025 Compensation Peer Group." In 2025, our non-employee director

compensation program consisted of the following, which was unchanged from 2024:

---

| | | |
|:---|:---|:---|
| **Component** | **Annual** <br>**Amounts**<br>**($)**<br>| **Form of Payment** |
| Retainer | $90000 | Cash |
| Non-Executive Chairman retainer | $150000 | Cash |
| Committee service fee (per committee) | $7500 | Cash |
| Committee Chairman fee |  |  |
| Audit Committee | $20000 | Cash |
| O&C Committee | $15000 | Cash |
| TR&F Committee | $10000 | Cash |
| CG&N Committee | $10000 | Cash |
| Equity grant target value | $160000 | Restricted Shares |

---

Additionally, non-employee directors are also eligible to receive special additional compensation when performing certain

special services. The Board has set a compensatory rate of $3,500 per day for such services, though no compensation

was paid for this purpose in 2025.

**Compensation Deferral**

Directors may elect to defer all or a portion of their annual cash and equity compensation. The annual cash compensation

may be deferred in the form of cash or in phantom shares, which reflect an equivalent value of Company common stock.

Compensation deferred in the form of cash accrues interest at rates that do not exceed market rates or constitute

preferential earnings. If a director elects to defer cash compensation in the form of phantom shares, the director receives

a 15% premium on the amount deferred. Phantom shares also accumulate dividend equivalents that settle at the same

time as the underlying phantom shares.

**Equity Compensation**

The equity portion of non-employee director compensation is granted on the date of the annual meeting of shareholders in

the form of restricted stock. The restricted shares have voting rights, entitle the holder to dividends, and fully vest after the

earliest of one year from the date of grant, the termination of the director's service due to death or disability, or a change

in control. New non-employee directors receive a pro-rated grant of restricted stock at the time they join the Board. The

pro-rated grant of restricted shares fully vests after the earliest of one year from the most recent date of grant to the other

incumbent non-employee directors, the termination of the director's service due to death or disability, or a change

in control.

**Stock Ownership Guidelines**

Under our stock ownership guidelines, all non-employee directors must own shares of Company

common stock with a value of at least five times his or her annual cash retainer (currently

$450,000) by his or her fifth anniversary of Board service. If the stock ownership requirement is

not met, the director will receive all future Board compensation in the form of Company common

stock until the requirement is satisfied. For 2025, all non-employee directors met their stock

ownership requirements or were within the five-year period to accumulate required holdings.

5x<br>Annual Cash<br>Retainer<br>

---

| | | |
|:---|:---|:---|
| **26** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**THE BOARD AND COMMITTEES**

Director Compensation

The following table sets forth our non-employee director compensation for 2025. Mr. Rowe did not receive any

compensation for his service as a director. His compensation is set forth below under "Executive Compensation—

Summary Compensation Table."

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees**<br>**Earned or**<br>**Paid in**<br>**Cash ($)** | **Stock Awards**<br>**($)(1)(2)**<br>| **Total ($)** |
| ***Sujeet Chand*** | $111263 | $159970 | $271233 |
| ***Ruby R. Chandy*** | $108150<br><sup>(3)</sup> | $159970 | $268120 |
| ***Gayla J. Delly*** | $115000 | $159970 | $274970 |
| ***John L. Garrison*** | $219902<br><sup>(3)</sup> | $159970 | $379872 |
| ***Cheryl H. Johnson*** | $120750<br><sup>(3)</sup> | $159970 | $280720 |
| ***Michael C. McMurray*** | $118132 | $159970 | $278102 |
| ***Thomas B. Okray*** | $125000 | $159970 | $284970 |
| ***David E. Roberts*** | $127500 | $159970 | $287470 |
| ***Kenneth I. Siegel*** | $120750<br><sup>(3)</sup> | $159970 | $280720 |
| ***Ross B. Shuster***<sup>(4)</sup> | $65769 | $159970 | $225739 |
| ***Carlyn R. Taylor*** | $10500 | $159970 | $170470 |

---

*(1)Eligible directors received an annual equity grant of 3,099 shares of restricted common stock on May 16, 2025 the date of the Company's* 

*2025 Annual Meeting of Shareholders (the "2025 Annual Meeting"). The amounts shown in this column reflect the grant date fair value of* 

*the awards computed in accordance with Financial Accounting Standards Board Accounting Standards Codification 718, "Compensation—*

*Stock Compensation", disregarding the effect of estimated forfeitures, and are calculated using a price per share of $51.62, the closing* 

*market price of the Company's common stock as reported by the NYSE on the date of grant. Assumptions used in the valuations are* 

*discussed in Notes 1 and 8 to the Company's audited consolidated financial statements for the year ended December 31, 2025, in the* 

*Annual Report on Form 10-K.*

*(2)The then serving non-employee directors elected at the 2025 Annual Meeting each had 3,099 shares of restricted common stock* 

*outstanding at December 31, 2025; all other shares held are vested. Ms. Taylor held no unvested restricted shares at December 31, 2025.*

*(3)Amount reported includes a 15% premium to actual fees due to the director's election to defer all or a portion of cash retainer payments in* 

*the form of phantom shares under the Company's director stock deferral plan.*

*(4)Mr. Shuster was elected to the board at the 2025 Annual Meeting, and Ms. Taylor resigned from her position effective February 6, 2025.* 

*Amounts shown reflect the director's partial year of service.*

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **27** |

---

**EXECUTIVE OFFICERS**

---

| | |
|:---|:---|
| **R. Scott Rowe** | **R. Scott Rowe** |
| ![05_FLS_PXY_2026_RoweS.jpg](fls-20260331_g17.jpg)<br>**President, CEO and**<br>**Director since:** April 2017<br>**Age:** 55<br>| •**Flowserve Corporation** \| President, Chief Executive Officer, Director (2017 – Present)<br>•**Cameron Group of Schlumberger Ltd**, *an oilfield services company* \| President (2016 – 2017)<br>•**Cameron International Corporation**, *an oilfield services company* \| President, Chief Executive <br>Officer (2015 – 2016)<br>•**Cameron International Corporation** \| President, Chief Operating Officer (2014 – 2015)<br>•**OneSubsea**, *a joint venture established by Cameron and Schlumberger* \| Chief Executive Officer <br>(2014 – 2014)<br>•**Subsea Systems**, *a division of Cameron* \| President (2012 – 2014)<br>•**Cameron International Corporation** \| President of the Engineered and Process Valves division <br>(2010 – 2012)<br>•**United States Army** \| Captain (O3) (1993 – 1998)<br>|

---

---

| | |
|:---|:---|
| **Brian Boukalik** | **Brian Boukalik** |
| ![05_FLS_PXY_2026_BoukalikB.jpg](fls-20260331_g31.jpg)<br>**SVP, CHRO**<br>**since:** May 2024<br>**Age:** 50<br>| •**Flowserve Corporation** \| Senior Vice President, Chief Human Resources Officer (2024 – Present)<br>•**Tenneco**, *an automotive components original equipment manufacturer and an aftermarket ride control* <br>*and emissions products manufacturer* \| Executive Vice President and Chief Human Resources Officer <br>(2022 – 2023)<br>•**Tenneco** \| Vice President Human Resources, Operations (2020 – 2022)<br>•**Tenneco** \| Vice President Human Resources, Clean Air (2018 – 2020)<br>•**Tenneco** \| Vice President of Human Resources, Ride Performance (2016 – 2018)<br>•**Eaton**, *a multinational intelligent power management technologies company* \| Vice President Human <br>Resources, Global Functions and Product (2015 – 2016)<br>|

---

---

| | |
|:---|:---|
| **Alice M. DeBiasio** | **Alice M. DeBiasio** |
| ![05_FLS_PXY_2026_DeBiasioA.jpg](fls-20260331_g32.jpg)<br>**President, FCD** <br>**since:** October 2025<sup>(1)</sup><br>**Age:** 42<br>| •**Flowserve Corporation** \| President, Flow Control Division (October 2025 – Present)<br>•**Carrier Corporation**, *a provider in sustainable healthy buildings, HVAC, commercial and transport* <br>*refrigeration solutions* \| Vice President and General Manager, Truck Trailer Americas & Digital <br>Solutions Aftermarket Services & Solutions (2023 – 2025)<br>•**Carrier Corporation** \| Vice President and General Manager, Sensitech & Digital Solutions <br>(2021 – 2023)<br>•**Resideo Technologies, Inc.**, *a leading global manufacturer, developer, and distributor of technology-*<br>*driven sensing and controls products and solutions* \| Vice President and General Manager, Security <br>(2018 – 2021)<br>•**Honeywell**, *a multinational conglomerate specializing in aerospace, building technologies,* <br>*performance materials, and safety and productivity solutions* \| Vice President and General Manager, <br>Security, Honeywell Homes (2018 – 2018)<br>•**Honeywell** \| Vice President and General Manager, Software Solutions, Honeywell Security & Fire <br>(2015 – 2017)<br>•**Honeywell** \| Director of Product Marketing (2014 – 2015)<br>•**Honeywell** \| Senior Product Marketing Manager (2013 – 2014)<br>•**Northrop Grumman Corporation**, *a leading global aerospace and defense technology company* \| <br>Lead Design Engineer (2004 – 2013)<br>|

---

*(1)Ms. DeBiasio joined the Company effective October 13, 2025.*

---

| | | |
|:---|:---|:---|
| **28** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE OFFICERS**

---

| | |
|:---|:---|
| **Susan C. Hudson** | **Susan C. Hudson** |
| ![05_FLS_PXY_2026_HudsonS.jpg](fls-20260331_g33.jpg)<br>**SVP, CLO**<br>**since:** May 2022<br>**Age:** 49<br>| •**Flowserve Corporation** \| Senior Vice President, Chief Legal Officer and Corporate Secretary <br>(2022 – Present)<br>•**Flowserve Corporation** \| Vice President, Associate General Counsel and Chief Compliance Officer <br>(2020 – 2022)<br>•**Flowserve Corporation** \| Director, Global Employment Law and Corporate Functions (2017 – 2020)<br>•**Flowserve Corporation** \| Attorney, Global Labor and Employment Law (2016 – 2017)<br>•**Pier 1 Imports, Inc.**, *a merchandise retail company* \| Senior Corporate Counsel (2012 – 2016)<br>•**Pier 1 Imports, Inc.** \| Corporate Counsel (2007 – 2012)<br>|

---

---

| |
|:---|
| **Matthew Klopfer** |
| ![05_FLS_PXY_KlopferM.jpg](fls-20260331_g34.jpg)<br>**President, FPD**<br>**since:** April 2026<br>**Age:** 47<br>**•Flowserve Corporation** \| President, Flowserve Pumps Division (April 2026)<sup>(2)</sup><br>**•Flowserve Corporation** \| Vice President, Strategic Business Management (February 2026 – <br>April 2026)<br>**•Flowserve Corporation** \| Vice President, General Manager, Industrial Pumps (2023 – 2026)<br>**•Flowserve Corporation** \| Vice President, General Manager, Europe, Middle East & Africa, FPD <br>(2022 – 2023)<br>**•Flowserve Corporation** \| Vice President, Finance, Pumps (2018 – 2022)<br>**•Flowserve Corporation** \| Director, Finance, Industrial Pumps Division (2016 – 2018)<br>**•Flowserve Corporation** \| Director, Finance, Sales Operations (2014 – 2016)<br>**•Schneider Electric,** *a multinational industrial technology and energy management company* \| <br>Financial Controller (2008 – 2014)<br>|

---

---

| | |
|:---|:---|
| **Amy B. Schwetz** | **Amy B. Schwetz** |
| ![05_FLS_PXY_2026_SchwetzA.jpg](fls-20260331_g35.jpg)<br>**SVP, CFO**<br>**since:** February 2020<br>**Age:** 51<br>| •**Flowserve Corporation** \| Senior Vice President and Chief Financial Officer (2020 – Present)<br>•**Peabody Energy**, a global pure-play coal company serving power and steel customers \| Executive <br>Vice President and Chief Financial Officer (2015 – 2020). Peabody filed a voluntary petition for relief <br>under Chapter 11 of the United States Bankruptcy Code in April 2016.<br>•**Peabody Energy, Inc.** \| Senior Vice President, Finance & Administration – Australia (2013 – 2015)<br>•**Peabody Energy, Inc.** \| Senior Vice President, Finance & Administration – Americas (2012 – 2013)<br>•**Peabody Energy, Inc.** \| Vice President, Investor Relations (2011 – 2012)<br>•**Peabody Energy, Inc.** \| Vice President, Capital and Financial Planning (2009 – 2011)<br>•**Peabody Energy, Inc.** \| Various senior leadership roles (2005 – 2009)<br>•**Ernst & Young LLP**, a global accounting firm \| Audit Manager (1997 – 2005)<br>|

---

*(2)Mr. Klopfer has been appointed President, Flowserve Pumps Division, and will assume the position effective April 11, 2026.*

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **29** |

---

**EXECUTIVE OFFICERS**

---

| |
|:---|
| **Scott K. Vopni** |
| ![05_FLS_PXY_2026_VopniS.jpg](fls-20260331_g36.jpg)<br>**VP, CAO**<br>**since**: June 2020<br>**Age:** 57<br>**•Flowserve Corporation** \| Vice President, Chief Accounting Officer (2020 – Present)<sup>(3)</sup><br>**•Dean Foods Co.**, *a food and beverage company* \| Senior Vice President – Finance, Chief Accounting <br>Officer (2010 – 2019). Dean Foods filed a voluntary petition for relief under Chapter 11 of the United <br>States Bankruptcy Code in November 2019.<br>**•Dean Foods Co.** \| Interim Chief Financial Officer (2017 – 2018)<br>**•Dean Foods Co.** \| Senior Vice President – Finance (2016 – 2017)<br>**•Dean Foods Co.** \| Senior Vice President – Investor Relations (2015)<br>**•Dean Foods Co.** \| Vice President – Controller (2008 – 2010)<br>|

---

---

| |
|:---|
| **Lamar L. Duhon** |
| ![05_FLS_PXY_2026_DuhonL.jpg](fls-20260331_g37.jpg)<br>**Former President, FPD**<br>**since:** February 2023<br>**Age:** 55<br>**•Flowserve Corporation** \| President, Flowserve Pumps Division (2023 – April 2026)<sup>(4)</sup><br>**•Flowserve Corporation** \| President, Aftermarket Services & Solutions (2022 – 2023)<br>**•Halliburton Company,** *an energy products and service provider* \| Vice President, Sperry Drilling <br>(2016 – 2021)<br>**•Halliburton Company** \| Vice President, Cementing (2015 – 2016)<br>**•Halliburton Company** \| Vice President, Shell Global Account (2013 – 2015)<br>**•Halliburton Company** \| Vice President, Business Development – Asia Pacific (2012 – 2013)<br>**•Halliburton Company** \| Regional Sales Manager, Gulf of Mexico (2010 – 2012)<br>**•Baker Hughes, Inc.**, *a multinational oilfield services company* \| Various leadership roles of <br>increasing responsibility (1995 – 2010)<br>**•United States Marine Corps** \| Sergeant (E-5) (1988 – 1994)<br>|

---

*(3)Mr. Vopni will retire effective June 30, 2026.*

*(4)Mr. Duhon will step down from his role effective April 10, 2026, at which time his employment with the Company will end.*

---

| | | |
|:---|:---|:---|
| **30** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

**Compensation Discussion and Analysis**

This Compensation Discussion & Analysis describes the decisions made concerning the 2025 compensation of the

Company's Named Executive Officers or "NEOs", as shown below. It also describes our executive compensation guiding

principles and other attributes related to executive compensation governance policies.

**Contents**

![FLO_PXY_EN_GFX_Executive Compensation.jpg](fls-20260331_g75.jpg)

---

| | |
|:---|:---|
| **[Executive Summary](#i89e0f1239e2a4446994c2e87fbedb31e_73)** | Page [31](#i89e0f1239e2a4446994c2e87fbedb31e_73) |
| **[Our Guiding Principles](#i89e0f1239e2a4446994c2e87fbedb31e_82)** | Page [35](#i89e0f1239e2a4446994c2e87fbedb31e_82) |
| **[2025 Executive Compensation Decisions](#i89e0f1239e2a4446994c2e87fbedb31e_91)** | Page [39](#i89e0f1239e2a4446994c2e87fbedb31e_91) |
| **[Compensation Governance Policies](#i89e0f1239e2a4446994c2e87fbedb31e_100)** | Page [50](#i89e0f1239e2a4446994c2e87fbedb31e_100) |
| **[Summary Compensation Table](#i89e0f1239e2a4446994c2e87fbedb31e_115)** | Page [53](#i89e0f1239e2a4446994c2e87fbedb31e_115) |

---

**2025 Named Executive Officers**

During 2025, our NEOs were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![05_FLS_PXY_2026_RoweS.jpg](fls-20260331_g17.jpg) | ![05_FLS_PXY_2026_SchwetzA.jpg](fls-20260331_g35.jpg) | ![05_FLS_PXY_2026_HudsonS.jpg](fls-20260331_g33.jpg) | ![05_FLS_PXY_2026_DuhonL.jpg](fls-20260331_g37.jpg) | ![05_FLS_PXY_KIRK.jpg](fls-20260331_g76.jpg) |
| **R. Scott Rowe**<br>President, CEO <br>and Director<br>| **Amy Schwetz**<br>Senior Vice <br>President, CFO<br>**Alice DeBiasio**<br>President, Flowserve <br>Flow Control <br>Division<sup>(1)</sup><br>| **Susan Hudson**<br>Senior Vice <br>President, CLO and <br>Corporate Secretary<br>**Matthew Klopfer**<br>President, Flowserve <br>Pumps Division<sup>(2)</sup><br>| **Lamar Duhon**<br>Former President, <br>Flowserve<br>Pumps Division<br>| **Kirk Wilson**<br>Former President, <br>Flowserve<br>Flow Control Division<br>|

---

<sup>(1)</sup> *Ms. DeBiasio was appointed President, Flowserve Flow Control Division on October 13, 2025. Mr. Wilson stepped down from this role* 

*effective as of the same date and served as Senior Advisor through January 9, 2026, at which time his employment ended.* 

<sup>(2)</sup> *Mr. Klopfer was appointed President, Flowserve Pumps Division and will assume the position effective April 11, 2026. Mr. Duhon will step* 

*down from this role effective April 10, 2026, at which time his employment will end.*

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **31** |

---

**EXECUTIVE COMPENSATION**

Executive Summary

**Executive Summary**

**Our Company**

We are a world-leading manufacturer and aftermarket service provider of comprehensive flow control systems. We

develop and manufacture precision-engineered flow control equipment integral to the movement, control and protection of

the flow of materials in our customers' critical processes. Our product portfolio of pumps, valves, seals, automation and

aftermarket services supports global infrastructure industries, including energy, chemical, power generation and general,

which includes water management and pharmaceuticals, where our products and services enable customers to achieve

their goals. Through our manufacturing platform and global network of Quick Response Centers ("QRCs"), we offer a

broad array of aftermarket equipment services, such as installation, advanced diagnostics and turnkey maintenance

programs. We currently have approximately 16,000 employees globally and a footprint of manufacturing facilities and

QRCs in more than 50 countries.

**Outstanding 2025 Performance Resulted in Meaningful Shareholder Value Creation**

In 2025, we delivered exceptional performance highlighted by strong revenue growth, significant margin and earnings

expansion, and robust cash generation by leveraging the Flowserve Business System and our 80/20 initiatives. Despite

an evolving economic and operational environment, consistent execution of the Company's strategy allowed us to

maintain momentum in 2025, led by the strength of our aftermarket franchise and a resurgent power generation end

market fueled by the growth of AI, increasing data center development and broader electrification trends.

Additionally, Flowserve divested its legacy asbestos liabilities in December 2025, which simplified the Company's capital

structure, reduced volatility, improved annual cash flow, and enhanced the ability to focus capital on growth opportunities.

These financial and strategic accomplishments resulted in meaningful shareholder value creation as demonstrated by our

22.5% annual total shareholder return.

With strong customer relationships and an industry leading product portfolio, we continue to remain well positioned to

support our customers' sustainability and decarbonization efforts as we live our Purpose to create extraordinary flow

control solutions to make the world better for everyone, and to drive long-term value for our shareholders.

**2025 Financial Performance At-A-Glance**

---

| | | |
|:---|:---|:---|
| $4.7B<br>Revenue<br>3.8% Year-Over-Year Growth<br>| $700M<br>Adjusted Operating <br>Income<sup>(1)</sup><br>11.9% Year-Over-Year Growth<br>| $4.7B<br>Customer Bookings<br>Including $400M of <br>Nuclear Bookings<br>|
| 19.1%<br>Return On Invested <br>Capital (ROIC)<sup>(2)</sup><br>| 22.5%<br>1-Year Total <br>Shareholder Return<br>| $365M<br>Capital Returned to <br>Shareholders <br>Dividend & Share Repurchases<br>|

---

*(1)Non-GAAP financial measure; see Annex I to this Proxy Statement for a reconciliation of such measure to the most directly comparable* 

*GAAP financial measure.*

*(2)ROIC is a non-GAAP financial measure used to measure the Company's return on invested capital in the business and is determined by* 

*dividing adjusted net operating profit after taxes ("NOPAT") by average invested capital. NOPAT is calculated by subtracting income taxes* 

*and other adjusted items including realignment expense, pension expense in excess of service cost and certain other discrete items which* 

*may arise. Average invested capital is the sum of allowance for doubtful accounts, debt and equity minus cash and is a two-year average of* 

*these items over the current and prior year periods.*

---

| | | |
|:---|:---|:---|
| **32** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

Executive Summary

***Incentive program payouts are aligned with strong ﬁnancial performance results and robust total shareholder*** 

***returns achieved in 2025.***

• **Our overall 2025 annual incentive program ("2025 AIP") paid out at 117% of target for corporate executives.** 

This 2025 payout was aligned with strong execution of the Flowserve Business System generating above target

adjusted operating income for Corporate and the Flowserve Pumps Division ("FPD") and at target adjusted operating

income for the Flowserve Flow Control Division ("FCD"). Our customer bookings targets represented a meaningful

improvement from 2024 achievement, and while we exceeded our expected threshold performance in FPD, meeting

both division targets was challenged by market conditions and fewer large projects. Additionally, progress was made

towards our Adjusted Primary Working Capital ("PWC") as a % of Sales target, but ultimately our divisions did not

meet the performance threshold given inventory levels in the first half of the year were higher than planned as we

navigated tariffs and a dynamic market environment.

**2025 Annual Incentive Plan Payout (Corporate)**

**PAYOUT FOR 2025 ANNUAL INCENTIVE PLAN AWARD**

---

| | | |
|:---|:---|:---|
| **Adjusted Operating Income**<sup>(1)</sup><br>50% Weighting<br>| **Customer Bookings**<sup>(2)</sup><br>30% Weighting<br>| **Adjusted PWC as % of Sales**<sup>(1)(3)</sup><br>20% Weighting<br>|

---

![3848290725385](fls-20260331_g43.gif)

**200%** 

**Payout**

![](fls-20260331_g44.gif)

**$701M**

**$610M** 

**to**

**$640M**

**27.5%**

**$5,098M**

**19%**

**Payout**

**0%**

**Payout**

**$4,713M**

**28.8%**

![](fls-20260331_g77.gif)

![](fls-20260331_g78.gif)

*(1)For more information on these performance metrics and how they are calculated, see "2025 Executive Compensation Decisions – Annual* 

*Incentive Plan" beginning on page [39](#i89e0f1239e2a4446994c2e87fbedb31e_91).*

*(2)Customer bookings is calculated as the weighted average of the payout for the customer bookings for our divisions and is not a sum of the* 

*attained performance of the divisions.*

*(3)Adjusted PWC as a % of Sales incentivizes efficiency. Lower percentage values indicate higher levels of performance, reflecting an inverse* 

*relationship. The Corporate threshold was 28.0%. Actual performance of 28.8% resulted in no payout.*

Annual Incentive Quantitative Performance <br>Payout: 106% of Target<br>Strategic Goals Modifier: 1.1x for all NEOs<br>Final Annual Incentive Payout: **117% of Target**<sup>(4)</sup><br>

*(4)This reflects the payout for NEOs participating in the Corporate AIP. Mr. Duhon and Ms. DeBiasio participate in and Mr. Wilson participated* 

*in, annual incentive plans specific to their divisions, which also include division operating income performance metrics. Mr. Duhon earned a* 

*110% final annual incentive payout and Ms. DeBiasio and Mr. Wilson earned an 83% final annual incentive payout. See page [41](#i3cd46cc0fc144f5e962232bd7cc20694_4379) for division* 

*metrics and performance.*

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **33** |

---

**EXECUTIVE COMPENSATION**

Executive Summary

• **PSUs associated with the 2023-2025 performance period paid out at 214.8% of target,** due to the Company's

disciplined approach to capital allocation and robust shareholder return for the performance period. Over this period,

we meaningfully increased our ROIC (1,180 basis point improvement over 2022 results), generated robust Free Cash

Flow, and delivered total shareholder return performance that was above the 90<sup>th</sup> percentile compared to the 2023

performance peer group (comprised of the companies in the S&P 500 Industrials Index as of January 1, 2023).

**2023-2025 PSUs Grant Payout**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Flowserve** <br>**Performance Metrics**<br>| **Weighting** | **Threshold**<br>50% Payout<br>| **Target**<br>100% Payout | **Maximum**<br>200% Payout<br>| **Attainment** | **Payout** |
| **ROIC**<sup>(1)</sup><br>**2023**<br>|  | 7.5% | 9.0% | 10.5% | **140.0%** | **200.0%** |
| **2024** | **50%** | 11.0% | 12.6% | 13.9% | **120.6%** | **200.0%** |
| **2025** |  | 13.7% | 16-17% | 19.7% | **115.8%** | **177.6%** |
| **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **192.5%** |
|  |  | **Threshold**<br>50% Payout<br>| **Target**<br>100% Payout | **Maximum**<br>200% Payout<br>|  |  |
| **Free Cash Flow as a %** <br>**of Adjusted Net** <br>**Income**<sup>(1)</sup><br>**2023**<br>|  | 60.0% | 75.0% | 90.0% | **144.1%** | **200.0%** |
| **2024** | **50%** | 75.0% | 85.0% | 100.0% | **116.0%** | **190.8%** |
| **2025** |  | 80.0% | 90-100% | 110.0% | **110.7%** | **152.2%** |
| **3-Year Average Free Cash Flow Payout %** | **3-Year Average Free Cash Flow Payout %** | **3-Year Average Free Cash Flow Payout %** | **3-Year Average Free Cash Flow Payout %** | **3-Year Average Free Cash Flow Payout %** | **3-Year Average Free Cash Flow Payout %** | **181.0%** |
| **Total Payout % (Sum of Weighted Payouts to Each Metric)**<br>**Payout includes +15% adjustment based on Flowserve's 3-year rTSR, which ranked at the 90th percentile of the 2023** <br>**performance peer group** | **Total Payout % (Sum of Weighted Payouts to Each Metric)**<br>**Payout includes +15% adjustment based on Flowserve's 3-year rTSR, which ranked at the 90th percentile of the 2023** <br>**performance peer group** | **Total Payout % (Sum of Weighted Payouts to Each Metric)**<br>**Payout includes +15% adjustment based on Flowserve's 3-year rTSR, which ranked at the 90th percentile of the 2023** <br>**performance peer group** | **Total Payout % (Sum of Weighted Payouts to Each Metric)**<br>**Payout includes +15% adjustment based on Flowserve's 3-year rTSR, which ranked at the 90th percentile of the 2023** <br>**performance peer group** | **Total Payout % (Sum of Weighted Payouts to Each Metric)**<br>**Payout includes +15% adjustment based on Flowserve's 3-year rTSR, which ranked at the 90th percentile of the 2023** <br>**performance peer group** | **Total Payout % (Sum of Weighted Payouts to Each Metric)**<br>**Payout includes +15% adjustment based on Flowserve's 3-year rTSR, which ranked at the 90th percentile of the 2023** <br>**performance peer group** | **214.8%** |

---

![1](fls-20260331_g46.gif)

**12.6%**

![](fls-20260331_g47.gif)

![13](fls-20260331_g46.gif)

**15.2%**

![](fls-20260331_g47.gif)

![25](fls-20260331_g46.gif)

**19.1%**

![](fls-20260331_g47.gif)

![166](fls-20260331_g46.gif)

**108.1%**

![](fls-20260331_g47.gif)

![210](fls-20260331_g46.gif)

**98.6%**

![](fls-20260331_g47.gif)

![254](fls-20260331_g46.gif)

**105.2%**

![](fls-20260331_g47.gif)

*(1)For more information on these performance metrics and how they are calculated, see "2025 Executive Compensation Decisions -* 

*Long-Term Incentives," beginning on page [39](#i89e0f1239e2a4446994c2e87fbedb31e_91).*

---

| | | |
|:---|:---|:---|
| **34** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

Executive Summary

• **Realized pay for our executives is directionally aligned with our shareholders' experience.** Our CEO's average

realizable pay for 2023-2025 was 76% above the average target value for this period while our total shareholder return

was up 148%.

![427](fls-20260331_g79.gif)

---

| | | |
|:---|:---|:---|
| Total Stockholder Return<sup>(1)</sup> | 12/31/2022<br>12/31/2025<br>| **148%**<br>**MORE**<br>![02_FLS_PXY_2026_arrowup.jpg](fls-20260331_g80.jpg)<br>|
| CEO 3-Year Average Target Pay<sup>(2)</sup> <br>vs. Realizable Pay<sup>(2)</sup><br>(2023-2025)<br>| Target<br>Realized<br>| **76%**<br>**MORE**<br>![02_FLS_PXY_2026_arrowup.jpg](fls-20260331_g80.jpg)<br>|
| CEO 2023 Performance Share Award: Target <br>vs. Realized<br>(2023-2025)<br>| Target<br>Realized<br>| **340%**<br>**MORE**<br>![02_FLS_PXY_2026_arrowup.jpg](fls-20260331_g80.jpg)<br>|
| CEO 3-Year Average Annual Bonus %: Target <br>vs. Realized<br>(2023-2025)<br>| Target<br>Realized<br>| **44%**<br>**MORE**<br>![02_FLS_PXY_2026_arrowup.jpg](fls-20260331_g80.jpg)<br>|

---

![439](fls-20260331_g81.gif)

![451](fls-20260331_g82.gif)

![463](fls-20260331_g83.gif)

*(1)Reflects the dividend-adjusted one-month average closing stock price on December 31, 2022 and December 31, 2025.*

*(2)"Target Pay" includes base salary, target annual incentive opportunity and target value of equity awards. "Realizable Pay" includes* 

*actual base salary, actual bonuses paid, and the value of outstanding RSU and PSUs based on our December 31, 2025 share price,* 

*with 2023 PSUs shown at actual payout and 2024 and 2025 PSUs shown at target.*

**Say-on-Pay and Shareholder Outreach**

We received more than 97% shareholder support for our say-on-pay proposal at our 2025 annual shareholder meeting.

The O&C Committee strongly values the opinions of our shareholders as expressed in the say-on-pay vote and believes

that our strong support levels in 2025 demonstrate a strong alignment of our compensation program with our

shareholders' interests. The O&C Committee made no changes to the compensation program following this strong level of

shareholder say-on-pay support.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **35** |

---

**EXECUTIVE COMPENSATION**

Our Guiding Principles

**Good Governance and Compensation Practices Aligned with Shareholder Interests**

Our executive compensation policies and governance practices support our pay-for-performance philosophy, align our

executives' interests with those of our shareholders, and reflect best practices without encouraging unnecessary

risk taking.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![02_FLS_PXY_2026_checkmark-light.jpg](fls-20260331_g84.jpg) | **What We Do** |  | ![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg) | **What We Don't Do** |
| &nbsp;&nbsp;&nbsp;&nbsp;Conduct thorough ![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg)<br>annual compensation <br>benchmarking and reference <br>the market median when <br>setting total target <br>compensation, with payouts <br>above or below market based <br>on performance outcomes<br>&nbsp;&nbsp;&nbsp;&nbsp;Provide a meaningful ![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg)<br>percentage of long-term <br>incentives in the form of <br>performance-based <br>compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Set rigorous performance ![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg)<br>targets that incentivize <br>progress on our <br>strategic priorities<br>&nbsp;&nbsp;&nbsp;&nbsp;Cap incentive plan payouts![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;Conduct thorough ![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg)<br>annual compensation <br>benchmarking and reference <br>the market median when <br>setting total target <br>compensation, with payouts <br>above or below market based <br>on performance outcomes<br>&nbsp;&nbsp;&nbsp;&nbsp;Provide a meaningful ![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg)<br>percentage of long-term <br>incentives in the form of <br>performance-based <br>compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Set rigorous performance ![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg)<br>targets that incentivize <br>progress on our <br>strategic priorities<br>&nbsp;&nbsp;&nbsp;&nbsp;Cap incentive plan payouts![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;Maintain comprehensive ![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg)<br>clawback policies with triggers <br>for financial restatements and <br>officer misconduct and apply to <br>cash and both time- and <br>performance-based equity <br>incentive compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Maintain robust stock ![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg)<br>ownership requirements<br>&nbsp;&nbsp;&nbsp;&nbsp;Fully disclose incentive plan ![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg)<br>targets and results<br>&nbsp;&nbsp;&nbsp;&nbsp;O&C Committee ![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg)<br>engages an independent <br>compensation consultant<br>&nbsp;&nbsp;&nbsp;&nbsp;Change in control severance plan ![Untitled-1_check - dark blue.jpg](fls-20260331_g86.jpg)<br>payments only made in event of a <br>"double trigger" when executive's <br>employment is terminated<br>| &nbsp;&nbsp;&nbsp;&nbsp;No officer or director hedging ![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg)<br>or pledging of stock<br>&nbsp;&nbsp;&nbsp;&nbsp;No excise tax or income tax ![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg)<br>gross ups for Executive <br>Officers except in relocation <br>situations that are applicable <br>to all associates<br>&nbsp;&nbsp;&nbsp;&nbsp;No employment agreements ![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg)<br>with Executive Officers<br>&nbsp;&nbsp;&nbsp;&nbsp;No excessive perquisites![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg)<br>&nbsp;&nbsp;&nbsp;&nbsp;No stock option repricing ![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg)<br>without shareholder approval<br>&nbsp;&nbsp;&nbsp;&nbsp;No dividend payments on ![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg)<br>unvested awards | &nbsp;&nbsp;&nbsp;&nbsp;No officer or director hedging ![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg)<br>or pledging of stock<br>&nbsp;&nbsp;&nbsp;&nbsp;No excise tax or income tax ![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg)<br>gross ups for Executive <br>Officers except in relocation <br>situations that are applicable <br>to all associates<br>&nbsp;&nbsp;&nbsp;&nbsp;No employment agreements ![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg)<br>with Executive Officers<br>&nbsp;&nbsp;&nbsp;&nbsp;No excessive perquisites![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg)<br>&nbsp;&nbsp;&nbsp;&nbsp;No stock option repricing ![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg)<br>without shareholder approval<br>&nbsp;&nbsp;&nbsp;&nbsp;No dividend payments on ![02_FLS_PXY_2026_crossmark.jpg](fls-20260331_g85.jpg)<br>unvested awards |

---

**Our Guiding Principles**

**Executive Compensation Philosophy**

Our philosophy is designed to achieve the following objectives:

---

| | | |
|:---|:---|:---|
| ![02_FLS_attract & retain.jpg](fls-20260331_g38.jpg)<br>| **ATTRACT & RETAIN** | Attract and retain high-quality leaders with a passion for driving high performance as <br>well as our Purpose, Values and Behaviors<br>|
| ![FLO_PXY_EN_ICON_Strategy.jpg](fls-20260331_g39.jpg)<br>| **REINFORCE OUR** <br>**STRATEGY**<br>| Align our incentive programs with our vision and business strategy |
| ![02_FLS_provide competitive.jpg](fls-20260331_g40.jpg)<br>| **PROVIDE** <br>**COMPETITIVE AND** <br>**MARKET-BASED** <br>**COMPENSATION**<br>| Maintain a market-based compensation program that provides a competitive total <br>target compensation opportunity approximating the market median<br>|
| ![02_FLS_align pay with performance.jpg](fls-20260331_g41.jpg)<br>| **ALIGN PAY WITH** <br>**PERFORMANCE**<br>| Provide incentive programs that reward short- and long-term performance leading to <br>shareholder value without undue risk taking<br>|
| ![02_FLS_align pay with shareholders.jpg](fls-20260331_g42.jpg)<br>| **ALIGN PAY WITH** <br>**SHAREHOLDERS**<br>| Ensure a majority of total compensation is tied to performance and/or stock price and <br>thus, is aligned with shareholder interests<br>|

---

---

| | | |
|:---|:---|:---|
| **36** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

Our Guiding Principles

**Primary Components of Executive Compensation**

---

| | | | |
|:---|:---|:---|:---|
| **Component** | **Objective** | **Key Features** | **Performance-Based Aspects** |
| **Base Salary** | Provide a regular fixed <br>income in recognition of <br>job responsibilities<br>| •Paid in cash<br>•Reviewed annually for <br>adjustments<br>| •Individual performance is a <br>key driver of any adjustments <br>approved by the O&C <br>Committee<br>|
| **Annual Incentive** <br>**Plan (AIP)**<br>| Motivate executives to <br>achieve/exceed annual <br>Company goals that <br>ultimately drive long-term <br>shareholder value<br>| •Paid in cash<br>•Target award determined as <br>a % of base salary<br>•Payout range is 0% to 200% <br>of target award<br>•Strategic goals payout <br>modifier may increase or <br>decrease payout by +/-15% <br>(to a maximum of 230% <br>of target)<br>| •Payout is fully at risk<br>•Financial and operational <br>performance metrics<br>•Focus on strategic goals<br>•Any earned payout is subject <br>to review and approval by the <br>O&C Committee<br>|
| **Long-Term** <br>**Incentive (LTI)**<br>| Encourage executives to <br>increase shareholder <br>value over a long-term <br>horizon and retain <br>executives over <br>vesting period<br>| •Target value of awards <br>based on thorough <br>benchmarking to <br>promote competitiveness <br>and alignment with <br>industry standards<br>| •Value of LTI awards vary with <br>changes in share price<br>|
| *RSUs: Restricted* <br>*Stock Units*<br>| 3-year vesting period | •Settled in stock<br>•Vests ratably<br>| •Focus on stock price and <br>shareholder returns<br>|
| *PSUs: Performance* <br>*Stock Units*<br>| 3-year performance <br>period<br>| •Settled in stock<br>•Payout range is 0% to 200% <br>of target<br>•Additional payout modifier <br>may increase or decrease <br>the payout by +/-15% (to a <br>maximum of 230% of target) <br>based on relative Total <br>Shareholder Return ("rTSR") <br>performance, with no positive <br>modifier if absolute TSR <br>is negative<br>| •Payout is fully at risk<br>•Underlying payouts driven by <br>financial performance with the <br>final payout adjusted based <br>on rTSR<br>•Focus on stock price and <br>shareholder returns<br>•Any earned payout is subject <br>to review and approval by the <br>O&C Committee<br>|

---

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **37** |

---

**EXECUTIVE COMPENSATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Guiding Principles

**Compensation Mix**

Our executive compensation program emphasizes performance-based compensation. As shown below, a majority of our

2025 total target executive compensation was delivered in the form of short- and long-term incentives for which payouts

are at risk.

**CEO Target Compensation Mix**

**At Risk\***

![10995116283319](fls-20260331_g48.gif)

**Other NEO Average Target Compensation Mix**

![10995116283363](fls-20260331_g49.gif)

**At Risk\***

![10995116278536](fls-20260331_g51.gif)

![10995116278560](fls-20260331_g50.gif)

![](fls-20260331_g53.gif)

![](fls-20260331_g53.gif)

*\*At risk variable compensation is comprised of the target value of annual cash incentive and stock-based awards, as their value is tied to our* 

*performance results against our financial and operational targets, our stock price, or both.*

**The Decision-Making Process**

The O&C Committee oversees our executive compensation program working closely with its independent compensation

consultant to help ensure the effectiveness of our compensation program. The O&C Committee's charter, which

documents its authority and responsibilities, is available on the investor relations portion of the Company's website at

**ir.ﬂowserve.com** under the "Corporate Governance-Documents and Charters" caption.

**The Role of the O&C Committee**

The O&C Committee is responsible for determining the compensation of our Named Executive Officers and designing our

executive compensation program. Determining compensation for our Named Executive Officers includes, among other

things, setting the level of each component of executive compensation and determining any related performance metrics,

goals, attainment and payouts as described above in "Primary Components of Executive Compensation." The O&C

Committee also reviews Mr. Rowe's individual performance, including feedback solicited directly from the Board, and

holds executive sessions without Mr. Rowe present to discuss his performance and establish a compensation

recommendation for Mr. Rowe that is presented to the Board for approval.

**The Role of the CEO**

Each year, Mr. Rowe presents compensation recommendations to the O&C Committee regarding the target compensation

opportunities for each executive officer other than himself. In developing his recommendations, Mr. Rowe considers an

assessment of each executive's performance, the performance of the executive's business unit or function, pay relative to

the competitive market, tenure, an assessment of the retention risk and input provided by F.W. Cook. The O&C

Committee annually reviews Mr. Rowe's recommendations for the other executives when establishing their

compensation levels.

---

| | | |
|:---|:---|:---|
| **38** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

Our Guiding Principles

**The Role of the Independent Compensation Consultant**

The O&C Committee has retained F.W. Cook as its independent compensation consultant to provide advice regarding

executive compensation matters. F.W. Cook generally provides:

• Input on the design of our executive compensation program, evolving market practices and the competitiveness of

our program;

• Market data; and

• Input on proposed compensation decisions.

F.W. Cook attends all regularly scheduled O&C Committee meetings and calls. The O&C Committee assessed

F.W. Cook's independence under the factors set forth in the SEC's and NYSE's rules and concluded that F.W. Cook was

independent and that the consultant's work in 2025 did not raise any conflicts of interest.

**Competitive Positioning and Our Compensation Peer Group ("CPG")**

Each year, the O&C Committee reviews the base salaries, target bonuses and the grant date value of long-term incentive

awards for each of our executive officers as compared to those same data elements for similar positions among our CPG.

The market data reviewed by the O&C Committee includes publicly available financial and compensation information

reported by the CPG companies and general industry survey data, which for 2025 compensation decisions was provided

by F.W. Cook and Willis Towers Watson, respectively.

The O&C Committee reviews the CPG and survey data to determine the median market compensation level for each

executive's position and then considers this as one factor when setting each executive's target compensation for the year.

Median compensation is used as a reference point for pay recommendations. Target pay varies from the median based

on the executive's industry experience, tenure and performance in their role and at the Company, the role's strategic value

to the Company, internal pay equity among our executives, and any other factors the O&C Committee deems relevant.

The CPG is also used more generally when the O&C Committee reviews our compensation program design, including the

elements of compensation awarded and the terms and conditions of compensation components.

**Our 2025 Compensation Peer Group**

The O&C Committee conducts an annual review of the CPG to determine if any changes are appropriate. In selecting our

peers, the O&C Committee solicits input from management and uses research and advice from its independent

compensation consultant. The O&C Committee generally seeks to include companies in similar industries and with similar

business characteristics (such as revenue and market capitalization) and adequate disclosure of executive compensation

practices to help ensure no pay anomalies exist that are inconsistent with Flowserve's pay practices. To create a more

robust CPG, the O&C Committee added Sensata Technologies and Timken Company for 2025.

![](fls-20260331_g87.gif)

2025 COMPENSATION PEER GROUP (CPG)

---

| | |
|:---|:---|
| Ametek, Inc. <br>Crane Company<br>Donaldson Company, Inc. <br>Dover Corporation <br>Fortive Corporation<br>IDEX Corporation <br>ITT Inc.<br>Kennametal Inc.<br>Lincoln Electric Holdings, Inc<br>Nordson Corporation <br>| Pentair plc<br>Regal Rexnord Corporation <br>Sensata Technologies<br>Snap-on Incorporated <br>Terex Corporation<br>Timken Company<br>Trinity Industries, Inc. <br>Westinghouse Air Brake <br>Technologies Corp.<br>Woodward, Inc.<br>Xylem Inc.<br>|

---

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **39** |

---

**EXECUTIVE COMPENSATION**

2025 Executive Compensation Decisions

**2025 Executive Compensation Decisions**

**Changes to Total Target Compensation for 2025**

After considering the factors outlined above, the O&C Committee approved the following total target compensation levels

and pay components for each NEO for 2025. In each case, the adjustments generally reflected market adjustments and

strong individual performance by the NEOs. Following these adjustments, the executive team's total target compensation

continued to be positioned near the median of the CPG. As the majority of compensation is performance-based, should

the Company fail to meet performance objectives, realized executive compensation could be significantly below the target

compensation level.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name/Title** | **Annual Base** <br>**Salary (as of** <br>**12/31/25)**<br>| **2025 AIP** <br>**Target** <br>**% of Salary**<br>| **2025 LTI** <br>**Target Grant** <br>**Value**<br>| **2025 Total** <br>**Target** <br>**Compensation**<br>| **% Increase in** <br>**Total Target** <br>**Compensation** <br>**from 2024** <br>|
| R. Scott Rowe, CEO | $1250000 | 130% | $7000000 | $9875000 | 9% |
| Amy Schwetz, CFO | $800000 | 100% | $2100000 | $3700000 | 7% |
| Lamar Duhon, Former President <br>FLS Pumps Division<br>| $635000 | 75% | $1100000 | $2211250 | 10% |
| Alice DeBiasio, President FLS <br>Flow Control Division<br>| $550000 | 70% | $900000 | $1835000 | N/A |
| Susan Hudson, CLO | $525000 | 70% | $800000 | $1692500 | 10% |
| Kirk Wilson, Former President <br>FLS Flow Control Division<br>| $525000 | 70% | $700000 | $1592500 | 6% |

---

**Rationale for Total Target Compensation Increases**

---

| | | |
|:---|:---|:---|
| **Name** | **Compensation Adjustments** | **Rationale for Increase** |
| Mr. Rowe | Increased base salary by 4%, target bonus <br>percentage by 5 percentage points and target <br>LTI by 9%<br>| Market-based adjustments designed to <br>maintain competitiveness of our executive <br>compensation program and reflect strong <br>individual performance by all NEOs. |
| Ms. Schwetz | Increased base salary by 4%, target bonus <br>percentage by 10 percentage points and <br>target LTI by 5%<br>| Market-based adjustments designed to <br>maintain competitiveness of our executive <br>compensation program and reflect strong <br>individual performance by all NEOs. |
| Mr. Duhon | Increased base salary by 6%, target bonus <br>percentage by 5 percentage points and target <br>LTI by 10%<br>| Market-based adjustments designed to <br>maintain competitiveness of our executive <br>compensation program and reflect strong <br>individual performance by all NEOs. |
| Ms. DeBiasio | No change; Ms. DeBiasio was hired <br>October, 2025<br>| Market-based adjustments designed to <br>maintain competitiveness of our executive <br>compensation program and reflect strong <br>individual performance by all NEOs. |
| Ms. Hudson | Increased base salary by 11%, target bonus <br>percentage by 5 percentage points and target <br>LTI by 3%<br>| Market-based adjustments designed to <br>maintain competitiveness of our executive <br>compensation program and reflect strong <br>individual performance by all NEOs. |
| Mr. Wilson | Increased base salary by 5%, target bonus <br>percentage by 5 percentage points and target <br>LTI by 4%<br>| Market-based adjustments designed to <br>maintain competitiveness of our executive <br>compensation program and reflect strong <br>individual performance by all NEOs. |

---

**Annual Incentive Plan ("AIP")**

Our AIP is designed to incentivize performance on key annual financial and strategic priorities that are critical to our long-

term success. Under the AIP, the O&C Committee establishes (i) a target incentive award for each executive expressed

as a percentage of salary, (ii) performance metrics for the year, and (iii) target performance levels for each metric. For

quantitative metrics, performance results are generally interpolated on a straight-line basis between threshold, target and

maximum performance levels (as applicable), and payouts are capped at the applicable maximum.

---

| | | |
|:---|:---|:---|
| **40** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

2025 Executive Compensation Decisions

**2025 AIP Structure\***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ![04_FLS_PXY_2026_AIP Structure_bracket (1).jpg](fls-20260331_g88.jpg) |  | ![04_FLS_PXY_2026_AIP Structure_cross .jpg](fls-20260331_g89.jpg) |  | ![04_FLS_PXY_2026_AIP Structure_bracket (2).jpg](fls-20260331_g90.jpg) |  |
| Target<br>Award<br>| ![04_FLS_PXY_2026_AIP Structure_bracket (1).jpg](fls-20260331_g88.jpg) | % Achievement<br>on Quantitative<br>Performance<br>Metrics<br>| ![04_FLS_PXY_2026_AIP Structure_cross .jpg](fls-20260331_g89.jpg) | Strategic<br>Goals<br>Payout<br>Modifier<br>+/- 15%<br>| ![04_FLS_PXY_2026_AIP Structure_bracket (2).jpg](fls-20260331_g90.jpg) | Final<br>Award<br>Payout<br>|
|  | ![04_FLS_PXY_2026_AIP Structure_bracket (1).jpg](fls-20260331_g88.jpg) |  | ![04_FLS_PXY_2026_AIP Structure_cross .jpg](fls-20260331_g89.jpg) |  | ![04_FLS_PXY_2026_AIP Structure_bracket (2).jpg](fls-20260331_g90.jpg) |  |

---

*\*Normal rounding rules apply*

**Quantitative Performance Metrics**

Working with its independent compensation consultant and management, the O&C Committee approves performance

metrics that support key strategies to drive sustainable and profitable growth. Our 2025 AIP design continued to prioritize

metrics aligned with our foundational pillars of execution, growth and efficiency.

The Flowserve Pumps Division and Flow Control Division utilize the same metrics and weightings, with Adjusted

Operating Income from Corporate weighted 25% and division Adjusted Operating Income weighted 25%.

---

| | | |
|:---|:---|:---|
| **Performance Metric** | **Relevance** | **Weightings** |
| Adjusted Operating Income<sup>(1)</sup> | Key financial measure that incentivizes margin expansion | 50% |
| Customer Bookings<sup>(2)</sup> | Leading financial indicator of growth | 30% |
| Adjusted Primary Working Capital <br>(PWC) as a % of Sales<sup>(3)</sup><br>| Key financial measure that promotes focus on efficient use of capital | 20% |

---

*(1)For purposes of the 2025 AIP, Adjusted Operating Income excludes from operating income realignment expenses, amortization of step-up* 

*in value of inventories and other assets associated with the MOGAS acquisition, and certain other discrete items which may arise, some of* 

*which are not captured in Annex I: Reconciliation of Reported Results to Non-GAAP Financial Measures in this Proxy Statement.* 

*(2)Customer Bookings is calculated as the weighted average results of customer bookings of our divisions.*

*(3)PWC is defined as accounts receivable, plus net inventories, less accounts payable. Adjusted PWC is defined as PWC plus contract* 

*assets, less contract liabilities and other current liabilities associated with revenue contracts with customers. Adjusted PWC as a % of Sales* 

*represents the full year four-quarter average Adjusted PWC as a percentage of annual sales.*

**Strategic Goals Payout Modifier**

In 2025, the O&C Committee retained the strategic payout modifier for all NEOs to incentivize progress under the

Flowserve Business System pillars that are pivotal for the Company's long-term growth and transformation strategy, while

retaining focus on our fundamental quantitative financial and operational goals. The modifier allows for adjustment of

otherwise earned payouts by up to +/- 15% based on accomplishments relative to key objectives in each of the strategic

categories shown on page [42](#i89e0f1239e2a4446994c2e87fbedb31e_94). The O&C Committee reviews performance results against the preset strategic objectives to

determine the appropriate payout modifier of up to +/- 15%. In exercising discretion, the O&C Committee considers the

quality and sustainability of performance and seeks to avoid duplicative adjustments for items already reflected in the

calculation of the quantitative metrics.

**Quantitative Performance Metrics Targets & Results**

Below is an overview of our performance against the 2025 financial and operational performance metrics. All targets were

set in line with our internal business plans and external market guidance and required the same or greater level of effort

as in prior years to achieve target performance. The 2025 targets represented organic improvement over 2024 results.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **41** |

---

**EXECUTIVE COMPENSATION**

2025 Executive Compensation Decisions

**2025 Annual Incentive Program Payout (Corporate)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Flowserve** <br>**Performance Metrics**<br>| **Weighting** | **Threshold**<br>25% Payout<br>| **Target**<br>100% Payout | **Target**<br>100% Payout | **Maximum**<br>200% Payout<br>| **Payout** |
| **Adjusted Operating Income ($MM)** | 50% | $545 | $610 | $640 | $690 | **200%** |
| **Customer Bookings** | 30% | *(Weighted average of FPD & FCD Bookings payouts)* | *(Weighted average of FPD & FCD Bookings payouts)* | *(Weighted average of FPD & FCD Bookings payouts)* | *(Weighted average of FPD & FCD Bookings payouts)* | **19%** |
| **Adjusted PWC as a % of Sales** | 20% | 28.0% | 27.5% | 27.5% | 25.7% | **0%** |
| **Total Payout** | **Total Payout** | **Total Payout** | **Total Payout** | **Total Payout** | **Total Payout** | **106%** |

---

![1](fls-20260331_g91.gif)

**$701**

![](fls-20260331_g47.gif)

-

![26](fls-20260331_g91.gif)

**28.8%**

![](fls-20260331_g47.gif)

**2025 Annual Incentive Program Payout (Flowserve Pumps Division - Mr. Duhon)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Flowserve** <br>**Performance Metrics**<br>| **Weighting** | **Threshold**<br>25% Payout<br>| **Target**<br>100% Payout | **Maximum**<br>200% Payout<br>| **Payout** |
| **Adjusted Operating Income (FPD)** | 25% | $510 | $580 | $660 | **166%** |
| **Customer Bookings (FPD)** | 30% | $3255 | $3495 | $3850 | **28%** |
| **Adjusted PWC as a % of Sales** <br>**(FPD)**<br>| 20% | 26.4% | 25.9% | 24.1% | **0%** |
| **Corporate Adjusted Operating** <br>**Income**<br>| 25% | *(See chart above)* | *(See chart above)* | *(See chart above)* | **200%** |
| **Total Payout** | **Total Payout** | **Total Payout** | **Total Payout** | **Total Payout** | **100%** |

---

![87](fls-20260331_g91.gif)

**$632**

![](fls-20260331_g47.gif)

![75](fls-20260331_g91.gif)

**$3,265**

![](fls-20260331_g47.gif)

![63](fls-20260331_g91.gif)

**26.7%**

![](fls-20260331_g47.gif)

**2025 Annual Incentive Program Payout (Flow Control Division - Ms. DeBiasio & Mr. Wilson)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Flowserve** <br>**Performance Metrics**<br>| **Weighting** | **Threshold**<br>25% Payout<br>| **Target**<br>100% Payout | **Target**<br>100% Payout | **Maximum**<br>200% Payout<br>| **Payout** |
| **Adjusted Operating Income (FCD)** | 25% | $200 | $220 | $230 | $260 | **100%** |
| **Customer Bookings (FCD)** | 30% | $1495 | $1603 | $1603 | $1765 | **0%** |
| **Adjusted PWC as a % of Sales** <br>**(FCD)**<br>| 20% | 31.5% | 31.0% | 31.0% | 29.8% | **0%** |
| **Corporate Adjusted Operating** <br>**Income**<br>| 25% | *(See chart above)* | *(See chart above)* | *(See chart above)* | *(See chart above)* | **200%** |
| **Total Payout** | **Total Payout** | **Total Payout** | **Total Payout** | **Total Payout** | **Total Payout** | **75%** |

---

![124](fls-20260331_g91.gif)

**$229**

![](fls-20260331_g47.gif)

-

![112](fls-20260331_g91.gif)

**$1,448**

![](fls-20260331_g47.gif)

![51](fls-20260331_g91.gif)

**36.2%**

![](fls-20260331_g47.gif)

---

| | | |
|:---|:---|:---|
| **42** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

2025 Executive Compensation Decisions

**Strategic Goals Payout Modifier**

Below are the Company's 2025 strategic goal categories and key objectives aligned with the Flowserve Business System,

as well as accomplishments considered by the O&C Committee in each category:

---

| | |
|:---|:---|
| **People** <br>**Excellence**<br>| **Key objectives:**<br>•Develop and deploy the People Excellence model to drive process maturity, engagement, and <br>business outcomes<br>|
| The People Excellence model was developed and deployed to strengthen process maturity, foster engagement, and improve <br>business outcomes across the organization. Through enhancements in hiring efficiency, leadership development, employee <br>engagement, and performance management, the team advanced key talent processes and built stronger pipelines for critical <br>roles. These efforts, combined with expanded training and refined job architecture, helped elevate organizational capability and <br>readiness for future growth. | The People Excellence model was developed and deployed to strengthen process maturity, foster engagement, and improve <br>business outcomes across the organization. Through enhancements in hiring efficiency, leadership development, employee <br>engagement, and performance management, the team advanced key talent processes and built stronger pipelines for critical <br>roles. These efforts, combined with expanded training and refined job architecture, helped elevate organizational capability and <br>readiness for future growth. |

---

---

| | |
|:---|:---|
| **Operational** <br>**Excellence**<br>| **Key objectives:**<br>•Drive continuous improvement in our operations to support our customers<br>|
| We drove continuous improvement across operations by strengthening information and material flow, inventory flow, and <br>unlocking significant cash for the business. Supply chain reliability increased with higher on-time delivery, while quality <br>initiatives—including quality training and customer-focused programs—advanced overall operational maturity. These <br>efforts were supported by world-class safety performance, reinforcing a strong foundation for delivering better outcomes <br>to customers. | We drove continuous improvement across operations by strengthening information and material flow, inventory flow, and <br>unlocking significant cash for the business. Supply chain reliability increased with higher on-time delivery, while quality <br>initiatives—including quality training and customer-focused programs—advanced overall operational maturity. These <br>efforts were supported by world-class safety performance, reinforcing a strong foundation for delivering better outcomes <br>to customers. |

---

---

| | |
|:---|:---|
| **Portfolio** <br>**Excellence**<br>| **Key objectives:**<br>•Execute the 80/20 complexity reduction program to drive simplicity across business unit <br>product portfolios<br>•Fully embrace the 80/20 program and make it part of how we do our work; integrate into all product <br>management processes<br>|
| We advanced the 80/20 complexity reduction program by streamlining product portfolios across the business units, including <br>significant SKU exits, model reductions, and targeted divestitures. These efforts simplified offerings, strengthened strategic <br>focus, and unlocked meaningful efficiencies—demonstrating full integration of 80/20 principles into product management <br>processes. Complementary growth actions, including portfolio optimization and targeted customer-focused initiatives, further <br>reinforced a more disciplined and simplified operating model. | We advanced the 80/20 complexity reduction program by streamlining product portfolios across the business units, including <br>significant SKU exits, model reductions, and targeted divestitures. These efforts simplified offerings, strengthened strategic <br>focus, and unlocked meaningful efficiencies—demonstrating full integration of 80/20 principles into product management <br>processes. Complementary growth actions, including portfolio optimization and targeted customer-focused initiatives, further <br>reinforced a more disciplined and simplified operating model. |

---

---

| | |
|:---|:---|
| **Commercial** <br>**Excellence**<br>| **Key objectives:**<br>•Develop and deploy the Commercial Excellence model to improve effectiveness and maturity of our <br>commercial functions<br>|
| The Commercial Excellence model was developed and deployed to strengthen capability, consistency, and maturity across the <br>commercial organization, establishing clear maturity ladders and to track bookings, margin improvement, and customer <br>engagement. Key initiatives advanced global business development, inside sales expansion, partner enablement, and <br>enterprise account planning, ensuring teams are better equipped with the right tools and processes. Enhanced pricing <br>realization efforts and redesigned sales incentive metrics further aligned incentives with strategic, high-margin growth <br>objectives - positioning the business for success in 2026. | The Commercial Excellence model was developed and deployed to strengthen capability, consistency, and maturity across the <br>commercial organization, establishing clear maturity ladders and to track bookings, margin improvement, and customer <br>engagement. Key initiatives advanced global business development, inside sales expansion, partner enablement, and <br>enterprise account planning, ensuring teams are better equipped with the right tools and processes. Enhanced pricing <br>realization efforts and redesigned sales incentive metrics further aligned incentives with strategic, high-margin growth <br>objectives - positioning the business for success in 2026. |

---

---

| | |
|:---|:---|
| **Innovation** <br>**Excellence**<br>| **Key objectives:**<br>•Develop and deploy the Innovation Excellence model to improve effectiveness and maturity of our new <br>product development processes and pipeline<br>|
| The Innovation Excellence model was established to strengthen the effectiveness and maturity of new product development. <br>We advanced key initiatives to capture and commercialize, including generating strong aftermarket growth in cryogenic <br>pump services. Foundational customer relationships and a healthy aftermarket pipeline positioned the program for <br>continued progress. | The Innovation Excellence model was established to strengthen the effectiveness and maturity of new product development. <br>We advanced key initiatives to capture and commercialize, including generating strong aftermarket growth in cryogenic <br>pump services. Foundational customer relationships and a healthy aftermarket pipeline positioned the program for <br>continued progress. |

---

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **43** |

---

**EXECUTIVE COMPENSATION**

2025 Executive Compensation Decisions

The O&C Committee reviewed the accomplishments outlined above and concluded that all 2025 key objectives for the

Flowserve Business System strategic categories were met or exceeded. Accordingly, the O&C Committee approved an

upward payout modifier of 1.10 for each member of the executive leadership team, including each of the

Named Executive Officers.

**2025 Annual Incentive Plan Award Payouts**

Our alignment of pay and performance is one of the key components of our compensation philosophy. Our 2025 AIP

payouts are consistent with our strong execution of the Flowserve Business system and performance. Adjusted Operating

Income was strong with both Corporate and FPD attainment above their respective targets and FCD attainment at target.

Our customer bookings targets represented a meaningful improvement from 2024 achievement, and while we exceeded

our expected threshold performance in FPD, meeting both division targets was challenged by market conditions and

fewer large projects. Additionally, progress was made towards our PWC target, but ultimately our divisions did not meet

the performance threshold, representing a focused opportunity for 2026.

**2025 AIP Payout Summary**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Named Executive Officer** | **Target Award** | **Quantitative**<br>**Performance**<br>**Goals Payout %**<br>| **Strategic**<br>**Goals Payout**<br>**Modifier**<br>| **Total Payout a**<br>**% of Target**<br>**Award**<br>| **Final Award** |
| ***Mr. Rowe*** | $1625000 | 106% | 1.10x | 117% | $1901250 |
| ***Ms. Schwetz*** | $800000 | 106% | 1.10x | 117% | $936000 |
| ***Mr. Duhon*** | $476250 | 100% | 1.10x | 110% | $523875 |
| ***Ms. DeBiasio***<sup>(1)</sup> | $84384 | 75% | 1.10x | 83% | $70039 |
| ***Ms. Hudson*** | $367500 | 106% | 1.10x | 117% | $429975 |
| ***Mr. Wilson*** | $367500 | 75% | 1.10x | 83% | $305025 |

---

*(1)Reflects pro-rata award opportunity in light of Ms. DeBiasio's October 2025 hire date.* 

**Long-Term Incentives**

The Company's long-term incentive ("LTI") program is structured to:

• Incentivize participants to achieve the Company's long-term objectives;

• Retain participants to provide continuity of leadership for the benefit of our shareholders; and

• Create alignment with long-term interests of the Company's shareholders.

---

| | | |
|:---|:---|:---|
| **44** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

2025 Executive Compensation Decisions

**2025 Award Structure**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Target award<br>value divided<br>by stock price<br>at grant equals<br>units granted | ![04_FLS_PXY_2026_Award Structure_arrow up and down.jpg](fls-20260331_g92.jpg) | **Performance**<br>**Stock Units:**<br>•55% for CEO<br>•50% for all <br>other NEOs<br>| ![04_FLS_PXY_2026_Award Structure_cross.jpg](fls-20260331_g93.jpg) | **Payout percentage**<br>(based on average<br>annual performance <br>over 3-year<br>performance period<br>and 3-year payout<br>modifier)<br>| ![04_FLS_PXY_2026_Award Structure_equals.jpg](fls-20260331_g94.jpg) | **Units payable**<br>Stock price at payout<br>determines value at<br>time of payout |
| Target award<br>value divided<br>by stock price<br>at grant equals<br>units granted | ![04_FLS_PXY_2026_Award Structure_arrow up and down.jpg](fls-20260331_g92.jpg) |  |  |  | ![04_FLS_PXY_2026_Award Structure_equals.jpg](fls-20260331_g94.jpg) | **Units payable**<br>Stock price at payout<br>determines value at<br>time of payout |
| Target award<br>value divided<br>by stock price<br>at grant equals<br>units granted | ![04_FLS_PXY_2026_Award Structure_arrow up and down.jpg](fls-20260331_g92.jpg) |  |  |  | ![04_FLS_PXY_2026_Award Structure_equals.jpg](fls-20260331_g94.jpg) | **Units payable**<br>Stock price at payout<br>determines value at<br>time of payout |
| Target award<br>value divided<br>by stock price<br>at grant equals<br>units granted | ![04_FLS_PXY_2026_Award Structure_arrow up and down.jpg](fls-20260331_g92.jpg) |  |  |  | ![04_FLS_PXY_2026_Award Structure_equals.jpg](fls-20260331_g94.jpg) | **Units payable**<br>Stock price at payout<br>determines value at<br>time of payout |
| Target award<br>value divided<br>by stock price<br>at grant equals<br>units granted | ![04_FLS_PXY_2026_Award Structure_arrow up and down.jpg](fls-20260331_g92.jpg) | **Restricted**<br>**Stock Units:**<br>•45% for CEO<br>•50% for all <br>other NEOs<br>| ![04_FLS_PXY_2026_Award Structure_arrow.jpg](fls-20260331_g95.jpg) | **Vests one-third**<br>**each year on 1st,**<br>**2nd, and 3rd March** <br>**1 following grant** <br>**date**<br>| ![04_FLS_PXY_2026_Award Structure_equals.jpg](fls-20260331_g94.jpg) | **Units payable**<br>Stock price at payout<br>determines value at<br>time of payout |

---

The number of units granted in 2025 was determined by dividing the target LTI grant value by the average closing price of

the Company's common stock reported on the NYSE during the 20 trading days ending on February 10, 2025 preceding

the grant date of February 13, 2025, which was $62.43. Except for the CEO, the stock units were delivered as 50% in the

form of PSUs and 50% in the form of RSUs. The O&C Committee increased the CEO's 2025 LTI target grant value by

$600,000 over the prior year to better align with market pay levels. Mr. Rowe's 2025 target LTI was delivered 55% in the

form of PSUs and 45% in the form of RSUs.

**2025 Performance Stock Unit ("PSU") Grant**

Aligning with our compensation objectives, performance-based stock awards provide a strong incentive for our executives

to achieve specific performance goals over the associated performance period to advance our business strategy, build

long-term shareholder value and encourage executive retention.

**Performance Metrics**

Working with its independent compensation consultant and management, the O&C Committee approved the below

performance measures for the 2025 PSU awards, which support our strategic focus on growth, margin expansion, capital

efficiency and shareholder value creation.

---

| | | | |
|:---|:---|:---|:---|
| **Performance Metric** | **Weighting** | **Relevance** | **Measurement** |
| ROIC<sup>(1)</sup> | 50% | Incentivize the responsible and <br>efficient allocation of capital to <br>profitable investments<br>| Absolute attainment for each single year 2025, 2026 <br>and 2027 during the 2025 to 2027 performance <br>period with targets established at the beginning of <br>each year. This approach helps address difficulty <br>in goal setting in an industry with volatile end markets <br>and drives strong performance against pre-set annual <br>goals. Earned payout percentages for each year are <br>averaged to determine the payout percentage at the <br>end of the 3-year performance cycle, if any, for the <br>2025 PSUs tied to the applicable performance metric. |
| FCF as a % of <br>Adjusted Net Income<sup>(2)</sup><br>| 50% | Manage the business with a <br>focus on operational efficiency<br>| Absolute attainment for each single year 2025, 2026 <br>and 2027 during the 2025 to 2027 performance <br>period with targets established at the beginning of <br>each year. This approach helps address difficulty <br>in goal setting in an industry with volatile end markets <br>and drives strong performance against pre-set annual <br>goals. Earned payout percentages for each year are <br>averaged to determine the payout percentage at the <br>end of the 3-year performance cycle, if any, for the <br>2025 PSUs tied to the applicable performance metric. |
| rTSR Payout Modifier <br>+/-15% Potential <br>Adjustment<br>| Applies to all <br>PSUs<br>| Reward outperformance or <br>penalize underperformance <br>compared to the market in <br>which Flowserve competes <br>for investor capital<br>| Relative 3-year TSR compared to the 2025 <br>Performance Peer Group ("PPG"), with no upward <br>adjustment if Flowserve's absolute TSR over the <br>3-year performance period is negative.<br>|

---

*(1)ROIC is determined by dividing adjusted net operating profit after taxes ("NOPAT") by average invested capital. NOPAT is calculated by* 

*subtracting income taxes and other adjusted items including realignment expense, pension expense in excess of service cost and certain* 

*other discrete items which may arise. Average invested capital is the sum of allowance for doubtful accounts, debt and equity minus cash* 

*and is a two-year average of these items over the current and prior year periods.*

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **45** |

---

**EXECUTIVE COMPENSATION**

2025 Executive Compensation Decisions

*(2)FCF as a % of Adjusted Net Income represents net cash flows provided (used) by operating activities less capital expenditures as a* 

*percentage of Adjusted Net Earnings (Loss). Adjusted Net Income is definitionally the same as Adjusted Net Earnings (Loss) and the terms* 

*are used interchangeably. See Annex I to this Proxy Statement for a reconciliation of Adjusted Net Earnings (Loss) against the most directly* 

*comparable GAAP financial measure.*

**2025 ROIC**

The O&C Committee sets the ROIC goal for each fiscal year at the beginning of the applicable fiscal year. Following the

conclusion of the third year, the payout attributable to the ROIC metric for the PSUs then-vesting is determined by

averaging the earned payout for each of the three fiscal years in the applicable performance period. In February 2025, the

O&C Committee approved the 2025 ROIC goal and payout levels as presented below to cover one-third of each of the

2023, 2024 and 2025 PSU grants.

---

| | | | |
|:---|:---|:---|:---|
| **Payout Level** | **Threshold** | **Target** | **Maximum** |
| ***Performance Goal*** | 13.7% | 16% to 17% | 19.7% |
| ***% Attainment of target*** | 83% | 100% | 119% |
| ***Payout %*** | 50% | 100% | 200% |
| Note: Interpolation is used to calculate the payout % for attainment that falls between payout levels shown above. | Note: Interpolation is used to calculate the payout % for attainment that falls between payout levels shown above. | Note: Interpolation is used to calculate the payout % for attainment that falls between payout levels shown above. | Note: Interpolation is used to calculate the payout % for attainment that falls between payout levels shown above. |

---

**2025 FCF as a % of Adjusted Net Income**

For the 2025 PSUs, the O&C Committee sets the FCF goal for each fiscal year at the beginning of the applicable fiscal

year. Following the conclusion of the third year, the payout attributable to the FCF metric for the PSUs then-vesting is

determined by averaging the earned payout for each of the three fiscal years in the applicable performance period. In

February 2025, the O&C Committee approved the 2025 FCF goal and payout levels as presented below to cover

one-third of each of the 2023, 2024 and 2025 PSU grants.

---

| | | | |
|:---|:---|:---|:---|
| **Payout Level** | **Threshold** | **Target** | **Maximum** |
| ***Performance Goal*** | 80% | 90% to 100% | 110% |
| ***% Attainment of target*** | 84% | 100% | 116% |
| ***Payout %*** | 50% | 100% | 200% |
| Note: Interpolation is used to calculate the payout % for attainment that falls between payout levels shown above. | Note: Interpolation is used to calculate the payout % for attainment that falls between payout levels shown above. | Note: Interpolation is used to calculate the payout % for attainment that falls between payout levels shown above. | Note: Interpolation is used to calculate the payout % for attainment that falls between payout levels shown above. |

---

In setting the 2025 ROIC and FCF as a % of Adjusted Net Income performance targets, the O&C Committee determined

that the targets set forth above maintained the same level of rigor as in the prior performance periods. Such targets

aligned with our internal operating plan for the year and require significant effort from the management team to achieve.

**Relative Total Shareholder Return ("rTSR") Payout Modifier**

Any earned PSUs under both performance metrics shown above are subject to adjustment based on the Company's

3-year (2025 - 2027) TSR performance relative to the 2025 PPG, as follows:

---

| | |
|:---|:---|
| **If Flowserve's absolute TSR performance falls:** | **The otherwise earned payout is multiplied by:** |
| At or above the 75th percentile of the PPG | 115% (unless Flowserve's absolute TSR is negative, in <br>which case 100% applies)<br>|
| Between 55th & 75th Percentile | 107.5% (unless Flowserve's absolute TSR is negative, <br>in which case 100% applies)<br>|
| Between the 45th and 55th percentiles of the PPG | 100% |
| Between 25th and 45th Percentile | 92.5% |
| At or below the 25th percentile of the PPG | 85% |

---

**2025 Performance Peer Group ("PPG")**

Each of the companies in the S&P 500 Industrials Index as of January 1, 2025 comprise the PPG (see Annex II).

---

| | | |
|:---|:---|:---|
| **46** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

2025 Executive Compensation Decisions

**2025 RSU Grant**

The 2025 RSUs vest ratably over three years on March 1 in each of the three years following the grant date. RSUs not

only provide a retention incentive, but they also align the interests of grant recipients with those of shareholders with a

focus on stock price and TSR over the vesting period.

**SETTLEMENT OF 2023 PERFORMANCE STOCK UNITS**

The PSUs granted in 2023 for the 2023 - 2025 performance period were structured similarly to the 2025 PSUs and paid

out as follows:

**2023-2025 ROIC Attainment and Payout %**

The O&C Committee approved a payout of 192.5% of the target 2023 PSUs granted that were tied to the ROIC

performance metric:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ROIC Performance Goal**<br>**(Target)** | **Performance Achieved**<sup>(1)</sup> | **Performance Achieved**<sup>(1)</sup> | **Payout % in**<br>**Accordance**<br>**with Pre-Established**<br>**Payout Table** |
| <br>**Year** | **ROIC Performance Goal**<br>**(Target)** | **Attainment** | **% Attainment**<br>**of Goal**<br>| **Payout % in**<br>**Accordance**<br>**with Pre-Established**<br>**Payout Table** |
| 2023 | 9.0% | 12.6% | 140.0% | 200.0% |
| 2024 | 12.6% | 15.2% | 120.6% | 200.0% |
| 2025 | 16-17% | 19.1% | 119.4% | 177.6% |
| **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **3-Year Average ROIC Payout %** | **192.5%** |

---

*(1)In determining performance achieved, the O&C Committee determined ROIC by adjusting the following financial statement items consistent* 

*with the methodology used for determining all adjusted financials, so that attainment reflects business results over the performance period* 

*excluding one-time events as displayed in: Consolidated Operating Income - See Annex I: Reconciliation of Reported Results to Non-GAAP* 

*Financial Measures.*

**2023-2025 FCF as a % of Adjusted Net Income Attainment and Payout %**

The O&C Committee approved a payout of 181% of the target 2023 PSUs granted that were tied to the FCF as a % of

Adjusted Net Income performance metric:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **FCF as a % of Adjusted**<br>**Net Income Performance**<br>**Goal (Target)** | **Performance Achieved**<sup>(1)</sup> | **Performance Achieved**<sup>(1)</sup> | **Payout % in**<br>**Accordance**<br>**with Pre-Established**<br>**Payout Table** |
| <br>**Year** | **FCF as a % of Adjusted**<br>**Net Income Performance**<br>**Goal (Target)** | **Attainment** | **% Attainment**<br>**of Goal**<br>| **Payout % in**<br>**Accordance**<br>**with Pre-Established**<br>**Payout Table** |
| 2023 | 75% | 108.1% | 144.1% | 200.0% |
| 2024 | 85% | 98.6% | 116.0% | 190.8% |
| 2025 | 90%-100% | 105.2% | 110.7% | 152.2% |
|  | **3-Year Average FCF Payout %** | **3-Year Average FCF Payout %** | **3-Year Average FCF Payout %** | **181.0%** |

---

*(1)Free cash flow conversion is defined as free cash flow (cash flows from operating activities less capital expenditures) divided by adjusted* 

*net earnings. Free cash flow conversion is a non-GAAP figure. Free cash flow removes impact from merger termination payment less* 

*transaction fees and taxes and one-time impact from legacy asbestos liabilities divestiture.*

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **47** |

---

**EXECUTIVE COMPENSATION**

Other Benefits

**rTSR Payout Modifier**

Flowserve's 3-year TSR of 148.0% was in the 90th percentile of the 2023 PPG (comprised of the companies in the

S&P 500 Industrials Index as of January 1, 2023), resulting in a 15% adjustment to the payouts shown above.

As a result, our final 2023 PSU payout was as follows:

**2023 PSU Payout Summary**

---

| | | | |
|:---|:---|:---|:---|
| **Metric** | **Weighting** | **Payout** | **Weighted Payout** |
| ROIC | 50% | 192.5% | 96.3% |
| FCF as a % of Adjusted Net Income | 50% | 181.0% | 90.5% |
| Payout % (Sum of Weighted Payouts for Each Metric) | Payout % (Sum of Weighted Payouts for Each Metric) | Payout % (Sum of Weighted Payouts for Each Metric) | 186.8% |
| rTSR Payout Modifier | rTSR Payout Modifier | rTSR Payout Modifier | 1.15x |
| **Total Payout Including rTSR Payout Modifier** | **Total Payout Including rTSR Payout Modifier** | **Total Payout Including rTSR Payout Modifier** | **214.8%** |

---

No discretionary adjustments were considered or made to the formulaic payouts shown above.

**Other Benefits**

Other benefits provided to the NEOs are generally consistent with those provided to other employees of the Company,

including health and retirement benefits. These compensation program elements are outlined in the chart below and

discussed in more detail in the narrative below the chart.

---

| | | | |
|:---|:---|:---|:---|
| | **Plan** | **Description** | **Eligible Employee** |
| **Retirement** <br>**Benefits** | 401(k) Plan | Tax-qualified defined contribution plan under which we <br>in 2025 (1) matched 100% of the ﬁrst 5% of eligible <br>compensation contributed to the plan, and (2) provided <br>a discretionary employer contribution of 1.5% of eligible <br>compensation for all eligible employees<br>| All eligible, non-union U.S. employees |
| **Retirement** <br>**Benefits** |  |  |  |
| **Retirement** <br>**Benefits** |  |  |  |
| **Retirement** <br>**Benefits** | Supplemental <br>Retirement <br>Savings Plan <br>("SRSP")<br>| Non-qualiﬁed supplemental defined contribution plan to <br>maintain competitive benefits; Provides a discretionary <br>employer contribution of 6.5% of each participant's <br>eligible compensation in excess of applicable IRS limits<br>| Executive officers and U.S. <br>employees that earn compensation in <br>excess of the Internal Revenue Code <br>("IRC") 401(a)(17) limit, which was <br>$350,000 for 2025<br>|
| **Retirement** <br>**Benefits** |  |  |  |
| **Retirement** <br>**Benefits** |  |  |  |
| **Retirement** <br>**Benefits** | Qualified <br>Pension Plan<br>| Tax-qualified pension plan | Frozen to new, non-union participants <br>effective January 1, 2024 and frozen <br>to future accruals as of January 1, 2025<br>|
| **Retirement** <br>**Benefits** |  |  |  |
| **Retirement** <br>**Benefits** |  |  |  |
| **Retirement** <br>**Benefits** | Senior <br>Management <br>Pension Plan<br>| Non-qualified defined benefit plan to restore pension <br>benefits that cannot be provided in a qualified plan due <br>to certain employees' compensation levels<br>| Frozen to new participants effective <br>January 1, 2024 and contribution <br>credits frozen as of January 1, 2025<br>|
| **Retirement** <br>**Benefits** |  |  |  |
| **Retirement** <br>**Benefits** |  |  |  |
| **Retirement** <br>**Benefits** | Supplemental <br>Executive <br>Pension Plan<br>| Non-qualified supplemental defined benefit plan to <br>maintain competitive benefits<br>| Frozen to new participants effective <br>September 1, 2023<br>|
| **Other** <br>**Benefits** | Employee Stock <br>Purchase Plan<br>| Allows eligible employees to purchase Flowserve stock <br>through payroll deductions and receive a 15% company <br>match; limited to $25,000 in payroll deductions per year<br>| All non-union U.S. employees |
| **Other** <br>**Benefits** |  |  |  |
| **Other** <br>**Benefits** |  |  |  |
| **Other** <br>**Benefits** | Executive Officer <br>Severance Plan<br>| Provides severance benefits in the event of a <br>qualifying termination<br>| Executive officers |
| **Other** <br>**Benefits** |  |  |  |
| **Other** <br>**Benefits** |  |  |  |
| **Other** <br>**Benefits** | Change in <br>Control <br>Severance Plan<br>| Provides severance benefits upon a qualifying <br>termination in connection with a change in control of <br>the Company<br>| Senior executives including <br>executive officers<br>|
| **Other** <br>**Benefits** |  |  |  |
| **Other** <br>**Benefits** |  |  |  |
| **Other** <br>**Benefits** | Limited personal <br>benefits<br>| Executive physical exam, enhanced vacation and <br>financial counseling with a dedicated advisor. <br>| Senior executives |
|  | Aircraft and <br>Security<br>| Limited budget of $100,000 for non-business use of the <br>company charter aircraft and $25,000 for personal <br>security benefits <br>| CEO  |

---

---

| | | |
|:---|:---|:---|
| **48** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

Other Benefits

**Retirement Benefits**

We maintain a 401(k) plan to enable all eligible U.S. employees, including the NEOs, to contribute a portion of their

eligible compensation for wealth accumulation. Beginning on January 1, 2025, the Company provided for all eligible

participants regardless of hire date (i) a 100% match of participant contributions up to 5% of covered compensation and

(ii) a discretionary employer contribution of 1.5% of eligible compensation for all participants.

We also maintain a new non-qualified Supplemental Retirement Savings Plan ("SRSP") for eligible U.S. executives,

including the NEOs, which provides a discretionary employer contribution of 6.5% of each participant's eligible

compensation in excess of applicable IRS limits. The SRSP was made available to eligible U.S. executives effective

January 1, 2025.

We provide pension benefits to certain U.S. salaried employees, including the NEOs, under the Flowserve Corporation

Pension Plan (the "Qualified Plan"), which is a tax-qualified defined benefit pension plan. Because the IRC limits the

pension benefits that can be accrued under a tax-qualified pension plan (based on an annual compensation limit), we also

maintain a separate non-qualified defined benefit restoration pension plan, the Senior Management Retirement Plan (the

"SMRP"). The SMRP compensates participants, including the NEOs, for the reduction in their pension benefit resulting

from this IRC limitation. The SMRP is designed to provide a comparable level of retirement benefits to those provided to

other U.S. employees under the Qualified Plan based on a comparable benefit formula. Both the Qualified Plan and the

SMRP were frozen to new participants effective January 1, 2024, and were frozen to further benefit accruals

effective January 1, 2025. In addition, we also maintain a second non-qualified supplemental defined benefit pension

plan, the Supplemental Executive Retirement Plan (the "SERP"), for our eligible U.S. executives, including the NEOs, in

order to attract and incentivize the retention of senior leaders. The SERP was frozen to new participants effective

September 1, 2023. These three programs were designed to provide eligible U.S. executives with income following

retirement and to help attract and retain executive talent by providing comprehensive retirement benefits.

Participants in the Qualified Plan and the SMRP accrued contribution credits based on age and years of service at the

rate of 3% to 7% for eligible earnings up to the Social Security wage base, and at the rate of 6% to 12% for eligible

earnings in excess of the Social Security wage base. Participants in the SERP accrued contribution credits at the rate of

5% of all eligible earnings. Eligible earnings generally include base salary and annual incentive awards. SERP

participants also earn interest on the accrued contributions based on the rate of return on 10-year Treasury bills. As noted

above, further benefit accruals under the Qualified Plan and the SMRP ceased effective January 1, 2025.

**Employee Stock Purchase Plan**

All non-union U.S. employees are eligible to participate in the Flowserve Employee Stock Purchase Plan (the "ESPP").

The ESPP allows employees to purchase shares of Flowserve stock through payroll deductions and receive a 15%

company match. The ESPP allows employees to contribute a maximum of 50% of each paycheck or $25,000 per year,

whichever comes first.

**Executive Officer Severance Plan**

Each of the NEOs participates in the Company's Amended and Restated Executive Officer Severance Plan (the "Officer

Severance Plan"). Under this plan, the Company's officers are provided benefits upon a termination due to a reduction in

force or by the Company without cause. No benefits are payable under the Officer Severance Plan to any officer who

receives benefits under the Company's Change in Control Severance Plan (the "CIC Plan"). The Officer Severance Plan

does not provide for any additional payments or benefits upon a termination of employment by the Company for cause,

upon the executive's resignation for any reason (including "good reason" or "constructive termination") or upon the

executive's death or disability.

---

| | |
|:---|:---|
| **Plan Provision** | **Treatment Under Plan** |
| Cash <br>Severance<br>| •24 months' base salary continuation<br>•Payment equivalent to target AIP award, provided the Company actually achieves at least threshold <br>performance for each metric under the terms of the program for the award year in which termination occurs<br>|
| PSUs | •A pro-rated payout of the PSUs, if any, that have a performance cycle that would otherwise end in the year <br>that contains the termination date based on the number of months the executive was employed during the <br>performance period<br>|
| RSUs | •Continued vesting of RSUs that will vest within 90 calendar days following termination |

---

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **49** |

---

**EXECUTIVE COMPENSATION**

Other Benefits

**Change in Control Severance Plan**

Each of the NEOs participates in the Company's CIC Plan. Benefits under the CIC Plan are triggered if, within two years

following a change in control, the NEO is terminated without cause (and not on account of death or disability) or resigns

for reasons constituting a "constructive termination." Benefits are also triggered if a NEO is terminated within the 90-day

period immediately prior to a change in control if such termination (i) occurs after the initiation of discussions leading to

such change in control and (ii) can be demonstrated to have occurred at the request or initiation of parties to such change

in control. The severance benefits provided upon a termination of employment covered under the CIC Plan include:

---

| | |
|:---|:---|
| **Plan Provision** | **CEO** |
| Cash Severance<sup>(1)</sup> | A lump sum payment equal to 3x the <br>sum of the executive's annual base <br>salary and target AIP award<br>A lump sum payment equal to a multiple of the <br>executive's annual base salary and target AIP <br>award as follows:<br>•2.5x for executive vice presidents<sup>(2)</sup>;<br>•2.0x for senior vice presidents and <br>presidents; and<br>•1.5x for vice presidents<br>|
| AIP Award | Payment of pro-rata AIP target award |
| Long-Term Incentive Awards | Full vesting at target of each cash (if any) or stock-based long-term incentive award.<br>NEOs have 90 days following the date of employment termination to exercise any vested <br>stock options |
| Life, Medical, Health and <br>Accident Benefits<br>| Company provided coverage for the executive and his or her dependents for a number of <br>months following termination equal to annual severance multiplier used to calculate the cash <br>payment, multiplied by 12 months |
| Supplemental Pension Benefits | Supplemental pension benefits equal to the difference between the amounts the<br>executive would have been entitled to had he or she remained employed through the end of <br>the benefits continuation period and the amounts actually received |

---

*(1)For purposes of this calculation, the base salary is the highest of: (i) the highest-annualized monthly base salary during the twelve months* 

*preceding the termination; (ii) the base salary in effect on the date of termination; and (iii) the base salary in effect on the date of the change* 

*in control.*

*(2)The Company does not currently have any Executive Vice Presidents.*

**Limited Personal Benefits**

The O&C Committee strives to make our executive compensation program primarily performance-based and, as such,

only provides limited benefits to executive officers that are not provided to other employees. These benefits are prevalent

in the marketplace and increase the overall effectiveness of the executive officers in the performance of their roles:

• Executive Physical – other employees receive a standard physical

• Enhanced Vacation – a minimum of 4 weeks compared to 3 weeks for other employees

• Financial Counseling – a dedicated financial counselor compared to a financial wellness benefit for other employees

(same service provider for both employee populations)

In 2025, based on the expected expansion of the size and scale of business, increased demands on the CEO's time and

the increased need for personal security, the Committee approved the following new benefits for the CEO role:

• Annual reimbursement up to $25,000 for expenses tied to security

• Personal use of company-chartered aircraft, up to $100,000 annually

---

| | | |
|:---|:---|:---|
| **50** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

Compensation Governance Policies

**Compensation Governance Policies**

**Stock Ownership Requirements**

To further align executive and shareholder interests, each of our NEOs is required to own a minimum amount of Company

common stock equal in value to a specified multiple of their annual base salary. We believe maintaining these robust

ownership levels supports our efforts to align executive interests with those of our shareholders.

---

| | |
|:---|:---|
| **Employee Level** | **Ownership** <br>**Requirement**<br>|
| ***Chief Executive Ofﬁcer*** | 6x annual base salary |
| ***Presidents and Senior Vice Presidents*** | 3x annual base salary |
| ***Vice Presidents*** | 1x annual base salary |

---

Our guidelines are administered as follows:

• Shares held directly by an executive and unvested RSUs count toward satisfying the stock ownership requirements.

Unvested PSUs and unexercised stock options do not count toward satisfying the stock ownership requirements.

• The required stock ownership levels are expected to be achieved within five years from the date the guidelines were

first applicable or within five years of the executive becoming subject to the guidelines.

• Executives who do not meet the ownership requirement must show that they have retained at least 60% of the net

shares received from vested RSUs and PSUs from the time the ownership guidelines became applicable.

• As of December 31, 2025, all NEOs met their stock ownership requirement or were on track to do so within the

applicable five-year period.

**Anti-Hedging and Pledging Policies**

Under the Company's Insider Trading Policy all directors and employees (including the NEOs) are prohibited from

pledging stock or engaging in any transactions (such as trading in options) that hedge or offset, or are designed to hedge

or offset, any decrease in the market value of the Company's common stock.

**Clawback Policies**

The Board maintains a Dodd-Frank-aligned Clawback Policy (the "Dodd-Frank Clawback Policy") designed to comply with

the final listing standards adopted by the NYSE to implement Exchange Act Rule 10D-1. Under the Dodd-Frank Clawback

Policy, Flowserve will recoup any excess incentive-based compensation earned by an executive officer (including each of

our NEOs), on or after October 2, 2023 and during a three fiscal year lookback period, in the event of a financial

restatement if a lesser amount of incentive-based compensation would have been earned had such incentive-based

compensation been determined based on the restated results, regardless of the presence of any misconduct by the

executive officer. For purposes of the Dodd-Frank Clawback Policy, incentive-based compensation includes any

compensation granted, earned or vested based in whole or in part on the Company's attainment of a financial

reporting measure.

The O&C Committee has also adopted a separate Recoupment of Incentive Compensation Policy (the "Misconduct

Clawback Policy"), which applies to officers holding a title of Vice President or higher (including all NEOs). The

Misconduct Clawback Policy authorizes the O&C Committee to, in its discretion, seek recoupment: (1) of any excess

amounts earned under the AIP or any performance-based long-term incentives (including PSUs) by a covered officer

during a three fiscal year lookback period in the event of a financial restatement if it is determined that a lesser amount

would have been earned had such compensation been determined based on the restated results, and (2) of any amounts

earned under the AIP or any of our equity incentive programs (including both PSUs and time-based RSUs) during the

three-year period preceding the discovery of an event the covered officer engages in that constitutes misconduct,

including a willful and material violation of our Code of Conduct.

These clawback policies continue to reinforce our commitment to integrity and the highest standards of ethical conduct

through our compensation program.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **51** |

---

**EXECUTIVE COMPENSATION**

Accounting Implications of Executive Compensation

**Accounting Implications of Executive Compensation**

The Company recognizes compensation expense in our financial statements for all equity-based awards pursuant to the

principles set forth in FASB ASC 718, "Compensation—Stock Compensation." The O&C Committee considered the GAAP

accounting implications of the awards in setting the long-term incentive mix and further determined that the mix of RSUs

and PSUs was appropriate for 2025.

**Equity Grant Timing**

The Company currently grants equity awards to our executive officers at the regularly scheduled O&C Committee and

Board meetings in February of each year, with such grants effective on the date of the Board meeting, when awards to

our NEOs are typically approved. The Board generally grants director equity awards each year immediately following our

annual meeting of shareholders. The Company may also consider and approve interim or mid-year grants, from time to

time based on business needs and may change its equity grant practices in the future. Although the Company does not

currently grant stock options, eligible U.S. employees may enroll to purchase shares under the terms of our Employee

Stock Purchase Plan with monthly purchase dates using payroll deductions accumulated during the prior monthly

accumulation period. The Company does not take material non-public information into account when determining the

timing and terms of equity awards and has not timed the disclosure of material non-public information for the purpose of

affecting the value of executive compensation.

**Executive Compensation Program Review and Compensation Risk**

The O&C Committee regularly monitors and annually reviews our compensation programs to determine, in consultation

with its compensation consultant, whether the elements of the program are consistent with our executive compensation

objectives and principles. As part of this, the O&C Committee evaluates whether the Company's risk management

objectives are being met with respect to the executive compensation program and our compensation programs in

aggregate. If the elements of the program are determined to be inconsistent with our objectives and principles, or if any

incentives are determined to encourage risks that are reasonably likely to have a material adverse effect on us, the

elements are adjusted as necessary.

The O&C Committee has concluded that no risks arising from our compensation policies and practices are reasonably

likely to have a material adverse effect on the Company. In reaching this conclusion, the O&C Committee considered

the following:

---

| | |
|:---|:---|
| **Attribute** | **Risk-Mitigating Effect** |
| Emphasis on long-term, equity-based compensation subject to our <br>rigorous Clawback Policies<br>| Discourages risk-taking that produces short-term <br>results at the expense of building long-term <br>shareholder value |
| Long vesting requirements<br>•3-year ratable vesting for RSUs<br>•3-year performance period for PSUs<br>| Discourages risk-taking that produces short-term <br>results at the expense of building long-term <br>shareholder value |
| AIP and PSU payouts are capped | Discourages risk-taking that produces short-term <br>results at the expense of building long-term <br>shareholder value |
| The O&C Committee can exercise discretion in determining AIP payouts | Discourages risk-taking that produces short-term <br>results at the expense of building long-term <br>shareholder value |
| Robust stock ownership guidelines | Helps ensure alignment with shareholder interests |
| No derivative transactions allowed | Helps ensure alignment with shareholder interests |
| Independent compensation consultant retained by the O&C Committee | Incentive programs are balanced to reward the <br>accomplishment of appropriate short-term goals <br>that facilitate long-term sustainability and growth <br>for shareholders<br>|

---

---

| | | |
|:---|:---|:---|
| **52** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

Organization and Compensation Committee Report

**Organization and Compensation Committee Report**

The O&C Committee has reviewed and discussed the Compensation Discussion and Analysis set forth above in this

proxy statement with Management. Based on this review and discussion, the O&C Committee recommended to the Board

of Directors that this Compensation Discussion and Analysis be included in this proxy statement and incorporated by

reference in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal

year ended December 31, 2025.

Michael C. McMurray, Chairman

Gayla J. Delly

Cheryl H. Johnson

Ross B. Shuster

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **53** |

---

**EXECUTIVE COMPENSATION**

Summary Compensation Table

**Summary Compensation Table**

The following table sets forth compensation information for 2025, 2024 and 2023 for our Named Executive Officers.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal** <br>**Position**<br>| **Year** | **Salary** <br>**($)**<sup>(1)</sup><br>| **Bonus**  | **Stock** <br>**Awards** <br>**($)**<sup>(2)</sup><br>| **Non-Equity**<br>**Incentive Plan**<br>**Compensation**<br>**($)**<sup>(3)</sup><br>| **Change in**<br>**Pension**<br>**Value and**<br>**Non-Qualiﬁed**<br>**Deferred**<br>**Compensation**<br>**Earnings**<br>**($)**<br>| **All Other**<br>**Compensation** <br>**($)**<sup>(4)</sup><br>| **Total** <br>**($)**<br>|
| ***R. Scott Rowe***<br>President & Chief <br>Executive Officer | 2025 | 1236538 |  | 7245114 | 1901250 | 227101 | 304229 | 10914232 |
| ***R. Scott Rowe***<br>President & Chief <br>Executive Officer | 2024 | 1200000 |  | 6672310 | 2040000 | 665849 | 20928 | 10599087 |
| ***R. Scott Rowe***<br>President & Chief <br>Executive Officer | 2023 | 1200000 |  | 6270244 | 2670000 | 422246 | 20996 | 10583487 |
| ***Amy B. Schwetz***<br>Senior Vice President & <br>Chief Financial Officer | 2025 | 791654 |  | 2166495 | 936000 | 109227 | 131693 | 4135069 |
| ***Amy B. Schwetz***<br>Senior Vice President & <br>Chief Financial Officer | 2024 | 762808 |  | 2082128 | 941256 | 253325 | 32542 | 4072059 |
| ***Amy B. Schwetz***<br>Senior Vice President & <br>Chief Financial Officer | 2023 | 734416 |  | 1928159 | 1062304 | 163055 | 37707 | 3925641 |
| ***Lamar L. Duhon*** <br>Former President, <br>Flowserve Pumps Division | 2025 | 625038 |  | 1134775 | 523875 | 76284 | 105087 | 2465059 |
| ***Lamar L. Duhon*** <br>Former President, <br>Flowserve Pumps Division | 2024 | 591808 |  | 1041064 | 686504 | 179735 | 32394 | 2531505 |
| ***Lamar L. Duhon*** <br>Former President, <br>Flowserve Pumps Division | 2023 | 527885 |  | 856976 | 603750 | 82771 | 31589 | 2102970 |
| ***Alice DeBiasio*** <br>President, Flow Control <br>Division<br>| 2025 | 105769 | 750000<sup>(5)</sup> | 711595 | 70039 |  | 39185 | 926588 |
| ***Susan C. Hudson*** <br>Senior Vice President, <br>Chief Legal Officer and <br>Corporate Secretary | 2025 | 509385 |  | 825350 | 429975 | 57966 | 86649 | 1909325 |
| ***Susan C. Hudson*** <br>Senior Vice President, <br>Chief Legal Officer and <br>Corporate Secretary | 2024 | 455423 |  | 806818 | 412828 | 126491 | 37785 | 1839345 |
| ***Susan C. Hudson*** <br>Senior Vice President, <br>Chief Legal Officer and <br>Corporate Secretary | 2023 | 417538 |  | 696265 | 490568 | 80944 | 30516 | 1715832 |
| ***Kirk R. Wilson*** <br>Senior Advisor | 2025 | 518269 |  | 723714 | 305025 | 82192 | 62517 | 1691717 |
| ***Kirk R. Wilson*** <br>Senior Advisor | 2024 | 490308 |  | 702715 | 354250 | 213713 | 16082 | 1777068 |
| ***Kirk R. Wilson*** <br>Senior Advisor | 2023 | 459109 |  | 696265 | 509704 | 147453 | 12936 | 1825467 |

---

*(1)Amounts disclosed reflect actual salary payments during 2025.*

*(2)Represents the grant date fair value of long-term equity incentive awards under the Company's long-term incentive program and, for* 

*Messrs. Rowe and Wilson, Company matching grants received under the ESPP, computed in accordance with FASB ASC 718* 

*"Compensation—Stock Compensation", excluding the impact of forfeitures. Stock awards include annual incentive awards granted in the* 

*form of restricted stock units that vest ratably over a three-year period and contingent performance share units. The performance criteria for* 

*the 2025 performance share units are described in further detail under the caption "2025 Executive Compensation Decisions—Long-Term* 

*Incentives" above. The reported value of the performance share units is computed based on the grant date estimate of compensation cost* 

*to be recognized over the three-year period. Payout for the contingent performance awards can range from 0 shares to a maximum of* 

*230% of target (assuming maximum performance and application of the +15% rTSR modifier). Assumptions used in the valuations are* 

*discussed in Notes 1 and 8 to the Company's audited consolidated financial statements for the year ended December 31, 2025 in the* 

*Annual Report.*

*The value of the 2025 stock awards are calculated using a price per share of $62.73, the closing market price of the Company's common* 

*stock as reported by the NYSE on February 13, 2025, the date of the grant, with the exception of Ms. DeBiasio's grant, which was granted* 

*on October 28, 2025 and the value was calculated using a price per share of $52.66, the closing market price of the Company's common* 

*stock as reported by the NYSE on October 28, 2025. The table below sets forth each NEO's long-term equity incentive awards granted* 

*in 2025:*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Restricted**<br>**Stock Units** <br>**(#)**<br>| **Value of**<br>**Restricted**<br>**Stock Units** <br>**($)**<br>| **Performance**<br>**Share Units**<br>**Target**<br>**(#)**<br>| **Performance**<br>**Share Units**<br>**Target** <br>**($)**<sup>(A)</sup><br>| **Performance**<br>**Share Units**<br>**Maximum** <br>**(#)**<br>| **Performance**<br>**Share Units –**<br>**Maximum** <br>**($)**<sup>(B)</sup><br>|
| ***R. Scott Rowe*** | 50456 | 3165105 | 61669 | 4075704 | 141839 | 8897542 |
| ***Amy B. Schwetz*** | 16818 | 1054993 | 16818 | 1111502 | 38681 | 2426484 |
| ***Lamar L. Duhon*** | 8809 | 552589 | 8809 | 582187 | 20261 | 1270954 |
| ***Alice DeBiasio*** | 13513 | 711595 |  |  |  |  |
| ***Susan C. Hudson*** | 6407 | 401911 | 6407 | 423439 | 14736 | 924396 |
| ***Kirk R. Wilson*** | 5606 | 351664 | 5606 | 370501 | 12894 | 808828 |

---

---

| | | |
|:---|:---|:---|
| **54** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

Summary Compensation Table

*(A)The contingent performance share units vest based on the achievement of ROIC, Free Cash Flow and relative TSR metrics. The* 

*amounts disclosed in this column have a fair value of $66.09 per unit calculated using the Monte Carlo simulation. Ms. DeBiasio did* 

*not receive any performance share units.*

*(B)The maximum potential value of the contingent performance share units assumes a 230% payout after application of the rTSR* 

*payout modifier and is based on the $62.73 per share closing market price as reported by the NYSE on February 13, 2025, the date of* 

*the grant.*

*(3)The amounts in this column represent the earned annual cash incentive awards under the Company's Annual Incentive Plan for the* 

*applicable year.*

*(4)This column includes the following components for the Named Executive Officers for 2025, calculated at the aggregate incremental cost to* 

*the Company.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Deﬁned Contribution**<br>**Retirement Plan**<br>**Contributions**<sup>(A)</sup> <br>**($)**<br>| **Insurance**<br>**Premiums**<sup>(B)</sup> <br>**($)**<br>| **Other** <br>**($)**<br>| **Relocation**<br>**Benefits**<sup>(C)</sup><br>**($)**<br>| **Security**<br>**Benefit**<br>**($)**<br>| **Personal Use**<br>**of Aircraft**<sup>(D)</sup><br>**($)**<br>| **Total**<br>**($)**<br>|
| ***R. Scott Rowe*** | 215812 | 2034 | 4245<sup>(E)</sup> |  | 23954 | 58184 | 304229 |
| ***Amy B. Schwetz*** | 112639 | 1564 | 17490<sup>(F)</sup> |  |  |  | 131693 |
| ***Lamar L. Duhon*** | 85250 | 2347 | 17490<sup>(F)</sup> |  |  |  | 105087 |
| ***Alice DeBiasio*** | 952 | 90 |  | 38143 |  |  | 39185 |
| ***Susan C. Hudson*** | 64494 | 639 | 21516<sup>(G)</sup> |  |  |  | 86649 |
| ***Kirk R. Wilson*** | 56775 | 1962 | 3780<sup>(E)</sup> |  |  |  | 62517 |

---

*(A)Reflects 401(k) savings and SRSP contributions.*

*(B)Reflects annual premiums for group term life insurance.*

*(C)Reflects relocation expenses paid in connection with Ms. DeBiasio's relocation, including a tax gross-up of $13,143.*

*(D)Reflects non-business use of company chartered aircraft.*

*(E)Reflects amounts attributable to an annual physical exam.*

*(F)Reflects amounts attributable to annual financial counseling.*

*(G)Reflects amounts attributable to an annual physical exam ($4,026) and annual financial counseling ($17,490).*

*(5)Represents a one-time signing bonus paid in connection with Ms. DeBiasio's hiring, subject to repayment if she resigns her employment* 

*other than for Good Reason or is terminated for Just Cause prior to October 13, 2027.*

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **55** |

---

**EXECUTIVE COMPENSATION**

2025 Grants of Plan-Based Awards

**2025 Grants of Plan-Based Awards**

The following table sets forth certain information with respect to 2025 plan-based awards granted to the Named Executive

Officers during the year ended December 31, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Grant Date** | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan** <br>**Award**<sup>(1)</sup> | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan** <br>**Award**<sup>(1)</sup> | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan** <br>**Award**<sup>(1)</sup> | **Estimated Future Payouts Under** <br>**Equity Incentive Plan Award**<sup>(2)</sup> | **Estimated Future Payouts Under** <br>**Equity Incentive Plan Award**<sup>(2)</sup> | **Estimated Future Payouts Under** <br>**Equity Incentive Plan Award**<sup>(2)</sup> | **All Other Stock** <br>**Awards:**<br>**Number of**<br>**Shares of Stock** <br>**or Units**<br>**(#)** | **Grant Date**<br>**Fair Value**<br>**of Stock and**<br>**Option Awards**<br>**($)**<sup>(3)</sup> |
| **Name** | **Grant Date** | **Threshold**<br>**($)**<br>| **Target**<br>**($)**<br>| **Maximum** <br>**($)**<br>| **Threshold**<br>**(#)**<br>| **Target** <br>**(#)**<br>| **Maximum** <br>**(#)**<br>| **All Other Stock** <br>**Awards:**<br>**Number of**<br>**Shares of Stock** <br>**or Units**<br>**(#)** | **Grant Date**<br>**Fair Value**<br>**of Stock and**<br>**Option Awards**<br>**($)**<sup>(3)</sup> |
| ***R. Scott Rowe*** |  | 345313 | 1625000 | 3737500 |  |  |  |  |  |
| ***R. Scott Rowe*** | 2/13/2025 |  |  |  | 26209 | 61669 | 141839 |  | 4075704<br><sup>(4)</sup> |
| ***R. Scott Rowe*** | 2/13/2025 |  |  |  |  |  |  | 50456<br><sup>(5)</sup> | 3165105 |
| ***R. Scott Rowe*** | 1/2/2025 |  |  |  |  |  |  | 10<br><sup>(6)</sup> | 554 |
| ***R. Scott Rowe*** | 2/3/2025 |  |  |  |  |  |  | 13<br><sup>(6)</sup> | 831 |
| ***R. Scott Rowe*** | 3/3/2025 |  |  |  |  |  |  | 10<br><sup>(6)</sup> | 554 |
| ***R. Scott Rowe*** | 4/1/2025 |  |  |  |  |  |  | 11<br><sup>(6)</sup> | 554 |
| ***R. Scott Rowe*** | 5/1/2025 |  |  |  |  |  |  | 13<br><sup>(6)</sup> | 577 |
| ***R. Scott Rowe*** | 6/2/2025 |  |  |  |  |  |  | 12<br><sup>(6)</sup> | 577 |
| ***R. Scott Rowe*** | 7/1/2025 |  |  |  |  |  |  | 11<br><sup>(6)</sup> | 577 |
| ***R. Scott Rowe*** | 8/1/2025 |  |  |  |  |  |  | 1<br><sup>(6)</sup> | 81 |
| ***Amy B. Schwetz*** |  | 170000 | 800000 | 1840000 |  |  |  |  |  |
| ***Amy B. Schwetz*** | 2/13/2025 |  |  |  | 7148 | 16818 | 38681 |  | 1111502<br><sup>(4)</sup> |
| ***Amy B. Schwetz*** | 2/13/2025 |  |  |  |  |  |  | 16818<br><sup>(5)</sup> | 1054993 |
| ***Lamar L. Duhon*** |  | 101203 | 476250 | 1095375 |  |  |  |  |  |
| ***Lamar L. Duhon*** | 2/13/2025 |  |  |  | 3744 | 8809 | 20261 |  | 582187<br><sup>(4)</sup> |
| ***Lamar L. Duhon*** | 2/13/2025 |  |  |  |  |  |  | 8809<br><sup>(5)</sup> | 552589 |
| ***Alice DeBiasio*** |  | 17932 | 84384 | 194083 |  |  |  |  |  |
| ***Alice DeBiasio*** | 10/28/2025 |  |  |  |  |  |  | 13513 | 711595<br><sup>(4)</sup> |
| ***Susan C. Hudson*** |  | 78094 | 367500 | 845250 |  |  |  |  |  |
| ***Susan C. Hudson*** | 2/13/2025 |  |  |  | 2723 | 6407 | 14736 |  | 423439<br><sup>(4)</sup> |
| ***Susan C. Hudson*** | 2/13/2025 |  |  |  |  |  |  | 6407<br><sup>(5)</sup> | 401911 |
| ***Kirk R. Wilson*** |  | 78094 | 367500 | 845250 |  |  |  |  |  |
| ***Kirk R. Wilson*** | 2/13/2025 |  |  |  | 2383 | 5606 | 12894 |  | 370501<br><sup>(4)</sup> |
| ***Kirk R. Wilson*** | 2/13/2025 |  |  |  |  |  |  | 5606<br><sup>(5)</sup> | 351664 |
| ***Kirk R. Wilson*** | 1/2/2025 |  |  |  |  |  |  | 2<br><sup>(6)</sup> | 115 |
| ***Kirk R. Wilson*** | 2/3/2025 |  |  |  |  |  |  | 3<br><sup>(6)</sup> | 173 |
| ***Kirk R. Wilson*** | 3/3/2025 |  |  |  |  |  |  | 2<br><sup>(6)</sup> | 115 |
| ***Kirk R. Wilson*** | 4/1/2025 |  |  |  |  |  |  | 2<br><sup>(6)</sup> | 115 |
| ***Kirk R. Wilson*** | 5/1/2025 |  |  |  |  |  |  | 3<br><sup>(6)</sup> | 121 |
| ***Kirk R. Wilson*** | 6/2/2025 |  |  |  |  |  |  | 2<br><sup>(6)</sup> | 121 |
| ***Kirk R. Wilson*** | 7/1/2025 |  |  |  |  |  |  | 2<br><sup>(6)</sup> | 121 |
| ***Kirk R. Wilson*** | 8/1/2025 |  |  |  |  |  |  | 2<br><sup>(6)</sup> | 121 |
| ***Kirk R. Wilson*** | 9/2/2025 |  |  |  |  |  |  | 3<br><sup>(6)</sup> | 182 |
| ***Kirk R. Wilson*** | 10/1/2025 |  |  |  |  |  |  | 2<br><sup>(6)</sup> | 121 |
| ***Kirk R. Wilson*** | 11/3/2025 |  |  |  |  |  |  | 2<br><sup>(6)</sup> | 121 |
| ***Kirk R. Wilson*** | 12/1/2025 |  |  |  |  |  |  | 2<br><sup>(6)</sup> | 121 |

---

*(1)Under the Annual Incentive Plan, the primary performance measures are internally defined metrics approved by the O&C Committee. The* 

*performance criteria for these awards are discussed in "2025 Executive Compensation Decisions—Annual Incentive Plan" above. Actual* 

*amounts payable under the Annual Incentive Plan, if any, can range from 25% (Threshold) to 200% (Maximum) of the target amounts for* 

*the Named Executive Officers based upon the extent to which performance under the foregoing criteria meets, exceeds or is below the* 

*target. In addition, the payment is subject to a strategic goals payout modifier which may increase or decrease the payout by +/-15%.* 

*(2)The number of shares listed reflects PSUs granted under the Company's long-term incentive program that could be earned if the threshold,* 

*target, or maximum performance goals are attained. The performance criteria for these awards are discussed in "2025 Executive* 

*Compensation Decisions—Long-Term Incentives" above.*

*(3)These amounts represent the fair value, as determined under FASB ASC Topic 718, of the stock awards based on the grant date fair value* 

*estimated by the Company for financial reporting purposes, excluding the effect of estimated forfeitures.*

*(4)Represents the fair value on the date of grant of PSUs, excluding the effect of estimated forfeitures and using the Monte Carlo simulation.* 

*During the performance period, earned and unearned compensation expense is adjusted based on changes in the expected achievement* 

*of the performance targets.*

*(5)The amounts shown reflect the number of annual RSUs granted to each Named Executive Officer under the Company's long-term* 

*incentive plan.*

*(6)The amounts shown reflect shares contributed by the Company as a 15% match to the shares the Named Executive Officer purchased* 

*under the Company's ESPP.*

---

| | | |
|:---|:---|:---|
| **56** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

Outstanding Equity Awards at Year-End 2025

**Outstanding Equity Awards at Year-End 2025**

The following table sets forth information with respect to outstanding equity awards held as of December 31, 2025, by the

Named Executive Officers.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Stock Award** | **Stock Award** | **Stock Award** | **Stock Award** |
| **Name** | **Number of Shares or Units**<br>**of Stock that Have Not**<br>**Vested**<br>**(#)**<br>| **Market Value of Shares or**<br>**Units of Stock that Have**<br>**Not Vested**<sup>(1)</sup><br>**($)**<br>| **Equity Incentive Plan**<br>**Awards: Number of**<br>**Unearned Shares, Units or**<br>**Other Rights that Have Not**<br>**Vested**<br>**(#)**<br>| **Equity Incentive Plan**<br>**Awards: Market or Payout**<br>**Value of Unearned Shares,**<br>**Units or Other Rights that**<br>**Have Not Vested**<sup>(1)</sup> <br>**($)**<br>|
| ***R. Scott Rowe*** | 129000<sup>(2)</sup> | 8950029 |  |  |
| ***R. Scott Rowe*** | 193907<sup>(3)</sup> | 13453243 | 206558<sup>(4)</sup> | 14330974 |
| ***R. Scott Rowe*** |  |  | 143619<sup>(5)</sup> | 9964270 |
| ***Amy B. Schwetz*** | 43117<sup>(6)</sup> | 2991457 |  |  |
| ***Amy B. Schwetz*** | 58660<sup>(3)</sup> | 4069818 | 58598<sup>(4)</sup> | 4065508 |
| ***Amy B. Schwetz*** |  |  | 39167<sup>(5)</sup> | 2717397 |
| ***Lamar L. Duhon*** | 21457<sup>(7)</sup> | 1488678 |  |  |
| ***Lamar L. Duhon*** | 26072<sup>(3)</sup> | 1808845 | 29299<sup>(4)</sup> | 2032756 |
| ***Lamar L. Duhon*** |  |  | 20515<sup>(5)</sup> | 1423328 |
| ***Alice DeBiasio*** | 13513<sup>(8)</sup> | 937532 |  |  |
| ***Alice DeBiasio*** |  |  |  |  |
| ***Susan C. Hudson*** | 16356<sup>(9)</sup> | 1134799 |  |  |
| ***Susan C. Hudson*** | 21182<sup>(3)</sup> | 1469627 | 22706<sup>(4)</sup> | 1575372 |
| ***Susan C. Hudson*** |  |  | 14921<sup>(5)</sup> | 1035220 |
| ***Kirk R. Wilson*** | 14170<sup>(10)</sup> | 983106 |  |  |
| ***Kirk R. Wilson*** | 21182<sup>(3)</sup> | 1469627 | 19775<sup>(4)</sup> | 1371984 |
| ***Kirk R. Wilson*** |  |  | 13056<sup>(5)</sup> | 905798 |

---

*(1)Calculated using a price per share of $69.38, the closing market price of the Company's common stock as reported by the NYSE on* 

*December 31, 2025, the last trading date of the Company's last completed fiscal year. The RSU and contingent performance share unit* 

*amounts include dividend equivalents accrued on the "target" award, which will vest only to the same extent as the underlying award,* 

*if at all.*

*(2)29,079 RSUs vested on February 17, 2026 and 41,446 RSUs vested on March 1, 2026, in each case including accrued dividend* 

*equivalents. Mr. Rowe's remaining RSUs vest as follows: 41,446 shares of RSUs on March 1, 2027 and 17,029 RSUs on March 1, 2028.*

*(3)These represent 2023 contingent performance share units under the Company's long-term incentive program, plus accrued dividend* 

*equivalents. The targets set for the 2023 plan were based on: 1) ROIC improvement goals compared to the Company's long-term ROIC* 

*targets; and 2) Free Cash Flow as a percent of net income, including a secondary measure of relative TSR which could increase or* 

*decrease the award 15% compared to that of the PPG for the same period. Payouts could range from 0 shares to a maximum of 230% of* 

*the target. In February of 2026, these awards were certified based on performance through December 31, 2025 and vested at 214.8% of* 

*target on February 12, 2026 and are reflected at such level in the table above.*

*(4)These represent 2024 contingent performance share units under the Company's long-term incentive program, plus accrued dividend* 

*equivalents. The targets set for the 2024 plan are based on: 1) ROIC improvement goals compared to the Company's long-term ROIC* 

*targets; and 2) Free Cash Flow as a percent of net income, including a secondary measure of relative TSR which can increase or decrease* 

*the award 15% compared to that of the PPG for the same period. Payouts can range from 0 shares to a maximum of 230% of the target. In* 

*accordance with SEC requirements, these contingent performance share units are shown at maximum in this table.*

*(5)These represent 2025 contingent performance share units under the Company's long-term incentive program, plus accrued dividend* 

*equivalents. The targets set for the 2025 plan are based on: 1) ROIC improvement goals compared to the Company's long-term ROIC* 

*targets; and 2) Free Cash Flow as a percent of net income, including a secondary measure of relative TSR which can increase or decrease* 

*the award up to 15% compared to that of the PPG for the same period. Payouts can range from 0 shares to a maximum of 230% of the* 

*target. In accordance with SEC requirements, these contingent performance share units are shown at maximum in this table.*

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **57** |

---

**EXECUTIVE COMPENSATION**

2025 Option Exercises and Stock Vested

*(6)9,103 RSUs vested on February 17, 2026 and 14,169 RSUs vested on March 1, 2026, including accrued dividend equivalents.* 

*Ms. Schwetz's remaining RSUs vest as follows: 14,169 RSUs on March 1, 2027 and 5,676 RSUs on March 1, 2028.*

*(7)4,045 RSUs vested on February 17, 2026 and 7,220 RSUs vested on March 1, 2026, including accrued dividend equivalents. Mr. Duhon's* 

*remaining RSUs vest as follows: 7,219 RSUs on March 1, 2027 and 2,973 RSUs on March 1, 2028.*

*(8)4,505 RSUs vest on October 28, 2026, including accrued dividend equivalents. Ms. DeBiasio's remaining RSUs vest as follows: 4,504* 

*RSUs on October 28, 2027 and 4,504 on October 28, 2028.*

*(9)3,287 RSUs vested on February 17, 2026 and 5,454 RSUs vested on March 1, 2026, including accrued dividend equivalents. Ms. Hudson's* 

*remaining RSUs vest as follows: 5,453 RSUs on March 1, 2027 and 2,162 RSUs on March 1, 2028.*

*(10)3,188 RSUs vested on February 17, 2026 and 4,581 RSUs vested on March 1, 2026, including accrued dividend equivalents. Mr. Wilson's* 

*remaining RSUs were forfeited upon his termination of employment, in accordance with the RSU award agreements.*

**2025 Option Exercises and Stock Vested**

The following table sets forth certain information with respect to stock options exercised and restricted stock unit vesting

during the fiscal year ended December 31, 2025, with respect to the Named Executive Officers.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Option Awards** | **Option Awards** | **Stock Award** | **Stock Award** |
| **Name** | **Number of Shares**<br>**Acquired on**<br>**Exercise** <br>**(#)**<sup>(1)</sup><br>| **Value Realized**<br>**Upon Exercise** <br>**($)**<sup>(2)</sup><br>| **Number of Shares**<br>**Acquired on**<br>**Vesting**<br>**(#)**<sup>(3)</sup><br>| **Value Realized on**<br>**Vesting** <br>**($)**<br>|
| ***R. Scott Rowe*** | 114943 | 2518413 | 156116 | 9528768 |
| ***Amy B. Schwetz*** |  |  | 47014 | 2861705 |
| ***Lamar L. Duhon*** |  |  | 17622 | 1065361 |
| ***Alice DeBiasio*** |  |  |  |  |
| ***Susan C. Hudson*** |  |  | 13261 | 791596 |
| ***Kirk R. Wilson*** |  |  | 16764 | 1024215 |

---

*(1)This column reflects the number of shares acquired on exercise of stock options during the fiscal year ended December 31, 2025.*

*(2)This column reflects the difference between the market value of the shares on the date of the exercise and the exercise price of the* 

*stock options.*

*(3)The number of shares reported includes shares that were surrendered during the fiscal year ended December 31, 2025, to pay for taxes* 

*upon the vesting of restricted stock units and performance share units.*

---

| | | |
|:---|:---|:---|
| **58** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**EXECUTIVE COMPENSATION**

2025 Pension Benefits

**2025 Pension Benefits**

The following table sets forth certain information as of December 31, 2025, with respect to potential payments under our

pension plans for each Named Executive Officer. Please refer to "Executive Compensation—Other Benefits" above for a

narrative description of the material factors necessary to an understanding of our pension plans.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Plan Name**<sup>(1)</sup> | **Number of Years**<br>**Credited Service (#)**<br>| **Present Value of**<br>**Accumulated Beneﬁt ($)**<br>| **Payments During**<br>**Last Fiscal Year ($)**<br>|
| ***R. Scott Rowe*** | Qualified—Cash Balance | 8.8 | 194665 |  |
| ***R. Scott Rowe*** | Non-Qualified—SMRP | 8.8 | 1552092 |  |
| ***R. Scott Rowe*** | Non-Qualified—SERP | 8.8 | 1205672 |  |
| ***Amy B. Schwetz*** | Qualified—Cash Balance | 5.8 | 109018 |  |
| ***Amy B. Schwetz*** | Non-Qualified—SMRP | 5.8 | 351536 |  |
| ***Amy B. Schwetz*** | Non-Qualified—SERP | 5.8 | 398776 |  |
| ***Lamar L. Duhon*** | Qualified—Cash Balance | 4 | 71689 |  |
| ***Lamar L. Duhon*** | Non-Qualified—SMRP | 4 | 123228 |  |
| ***Lamar L. Duhon*** | Non-Qualified—SERP | 4 | 187720 |  |
| ***Alice DeBiasio*** | Qualified—Cash Balance | N/A |  |  |
| ***Alice DeBiasio*** | Non-Qualified—SMRP | N/A |  |  |
| ***Alice DeBiasio*** | Non-Qualified—SERP | N/A |  |  |
| ***Susan C. Hudson*** | Qualified—Cash Balance | 9.7 | 153895 |  |
| ***Susan C. Hudson*** | Non-Qualified—SMRP | 9.7 | 90734 |  |
| ***Susan C. Hudson*** | Non-Qualified—SERP | 9.7 | 144043 |  |
| ***Kirk R. Wilson*** | Qualified—Cash Balance | 38.6 | 468268 |  |
| ***Kirk R. Wilson*** | Non-Qualified—SMRP | 38.6 | 637479 |  |
| ***Kirk R. Wilson*** | Non-Qualified—SERP | 38.6 | 383457 |  |

---

*(1)The Company sponsors cash balance designed pension plans for eligible employees. Each executive accumulates a notional amount* 

*derived from the plan provisions; each Named Executive Officer's account balances as of December 31, 2025, are presented above.* 

*Assumptions used in the valuations are discussed in Note 13 to the Company's audited consolidated financial statements for the year* 

*ended December 31, 2025 in the Annual Report. The SERP was frozen to new participants as of September 2023 and the Qualified Plan* 

*and SMRP were frozen to future accruals as of January 1, 2025.*

**2025 Nonqualified Deferred Compensation Benefits**

The following table sets forth certain information as of December 31, 2025, with respect to benefits accrued under our

Supplemental Retirement Savings Plan ("SRSP"), a non-qualified deferred compensation plan that was first made

available to eligible U.S. executives, including each Named Executive Officer effective January 1, 2025. Please refer to

"Executive Compensation—Other Benefits" above for a narrative description of the SRSP.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Executive**<br>**Contributions in 2025** <br>**($)**<sup>(1)</sup><br>| **Registrant**<br>**Contributions in 2025**<br>**($)**<sup>(1)</sup><br>| **Aggregate**<br>**Earnings in**<br>**2025**<br>**($)**<br>| **Aggregate**<br>**Withdrawals/**<br>**Distributions**<br>**($)**<br>| **Aggregate**<br>**balance at 2025**<br>**Year-End**<br>**($)**<br>|
| ***R. Scott Rowe*** |  | 193062 |  |  | 193062 |
| ***Amy B. Schwetz*** |  | 89889 |  |  | 89889 |
| ***Lamar L. Duhon*** |  | 62500 |  |  | 62500 |
| ***Alice DeBiasio*** |  |  |  |  |  |
| ***Susan C. Hudson*** |  | 41744 |  |  | 41744 |
| ***Kirk R. Wilson*** |  | 34025 |  |  | 34025 |

---

*(1)Participant contributions to the SRSP are not permitted. The Company provides a discretionary employer contribution to the plan for each* 

*year in an amount equal to 6.5% of each participant's eligible compensation in excess of applicable IRS limits. Although accrued as of* 

*December 31, 2025, this amount was credited to the SRSP account for each participant in early 2026.*

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **59** |

---

**EXECUTIVE COMPENSATION**

Quantification of Potential Payments

**Quantification of Potential Payments**

The following table sets forth the estimated value of the potential payments to each of the NEOs, other than Mr. Wilson,

assuming the executive's employment had terminated on December 31, 2025, under the scenarios outlined below. The

payments made to Mr. Wilson in connection with his termination of employment on January 9, 2026 are described below.

For the events of termination involving a change in control, we assumed that the change in control also occurred on

December 31, 2025. In addition to the payments set forth in the following tables, the NEOs may receive certain payments

upon their termination or a change in control pursuant to our Qualified Pension Plan, SERP, SMRP and SRSP. Previously

vested amounts and contributions made to such plans by each NEO are disclosed in the "2025 Pension Benefits" and the

"2025 Nonqualified Deferred Compensation Benefits" tables above.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Payout ($)** | **Payout ($)** | **Payout ($)** | **Payout ($)** | **Payout ($)** |
| <br>**Triggering Event** | <br>**Compensation Component** | **R. Scott** <br>**Rowe**<br>| **Amy B.**<br>**Schwetz**<br>| **Lamar L.**<br>**Duhon**<br>| **Alice** <br>**DeBiasio**<br>| **Susan C.**<br>**Hudson**<br>|
| Death | Life Insurance (1.5x base salary;<br>third party payment, max $1.5 million)<br>| 1500000 | 1200000 | 952500 | 825000 | 787500 |
| Death | Immediate vesting of outstanding equity awards<sup>(2)</sup> | 19513178 | 5940547 | 2991323 | 937532 | 2269839 |
| Death | **Total** | **21013178** | **7140547** | **3943823** | **1762532** | **3057339** |
| Disability | Short-term and long-term disability benefit to age 65 <br>(third party payment)<br>| 2814667 | 3460667 | 2373333 | 5448667 | 3936000 |
| Disability | Immediate vesting of outstanding equity awards<sup>(1)</sup> | 19513178 | 5940547 | 2991323 | 937532 | 2269839 |
| Disability | **Total** | **22327845** | **9401213** | **5364656** | **6386199** | **6205839** |
| Retirement | Vesting of outstanding equity awards |  |  |  |  |  |
| Retirement | **Total** | **—** | **—** | **—** |  | **—** |
| Termination Without <br>Cause by the <br>Company Not in <br>Connection with <br>Change in Control | Termination payment (2x base salary) | 2500000 | 1600000 | 1270000 | 1100000 | 1050000 |
| Termination Without <br>Cause by the <br>Company Not in <br>Connection with <br>Change in Control | Termination payment (target annual incentive award) | 1625000 | 800000 | 476250 | 385000 | 367500 |
| Termination Without <br>Cause by the <br>Company Not in <br>Connection with <br>Change in Control | Vesting of outstanding equity<sup>(2)</sup> | 4892890 | 1614557 | 781510 | 312479 | 606405 |
| Termination Without <br>Cause by the <br>Company Not in <br>Connection with <br>Change in Control | **Total** | **9017890** | **4014557** | **2527760** | **1797479** | **2023905** |
| Change in Control—<br>Termination Without <br>Cause by the <br>Company or <br>Constructive <br>Termination | Termination payment (base salary times <br>applicable multiplier)<br>| 3750000 | 1600000 | 1270000 | 1100000 | 1050000 |
| Change in Control—<br>Termination Without <br>Cause by the <br>Company or <br>Constructive <br>Termination | Termination payment (target annual incentive award <br>times applicable multiplier)<br>| 4875000 | 1600000 | 952500 | 770000 | 735000 |
| Change in Control—<br>Termination Without <br>Cause by the <br>Company or <br>Constructive <br>Termination | Immediate vesting of outstanding equity awards<sup>(1)</sup> | 19513178 | 5940547 | 2991323 | 937532 | 2269839 |
| Change in Control—<br>Termination Without <br>Cause by the <br>Company or <br>Constructive <br>Termination | Supplemental pension benefit | 887268 | 247388 | 152667 |  | 129889 |
| Change in Control—<br>Termination Without <br>Cause by the <br>Company or <br>Constructive <br>Termination | Health & welfare benefit | 64881 | 42713 | 39012 | 40116 | 3006 |
| Change in Control—<br>Termination Without <br>Cause by the <br>Company or <br>Constructive <br>Termination | Excise tax and gross-up payment |  |  |  |  |  |
| Change in Control—<br>Termination Without <br>Cause by the <br>Company or <br>Constructive <br>Termination | **Total** | **29090327** | **9430648** | **5405502** | **2847648** | **4187734** |

---

*(1)For equity awards, these amounts are calculated assuming that the market price per share of the Company's common stock on the date of* 

*event was equal to the closing price of the Company's common stock on December 31, 2025 ($69.38).*

*(2)For equity awards, these amounts were calculated using the treatment set forth under the Executive Officer Severance Plan and using the* 

*market price per share of the Company's common stock on December 31, 2025 ($69.38). The treatment of outstanding equity awards upon* 

*a termination of employment without cause not in connection with a change in control is discussed in "2025 Executive Compensation* 

*Decisions—Other Benefits" above.*

**Mr. Wilson Termination of Employment**

Mr. Wilson's termination of employment on January 9, 2026 constituted a termination without cause as defined in the

Executive Officer Severance Plan. Accordingly, he received: (1) cash severance of $1,050,000 payable over 24 months

following his termination date; (2) $367,500 in respect of his target AIP award for 2026, which will be paid in early 2027,

assuming the Company achieves at least threshold performance for each metric under the 2026 AIP, and (3) continued

vesting of 7,768 RSUs, which were scheduled to vest within 90 days of his termination date, and 5,636 PSUs, which

reflects a pro-rata portion of his target 2024-2026 PSUs, subject to performance conditions.

---

| | | |
|:---|:---|:---|
| **60** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**PAY VERSUS PERFORMANCE**

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of

Regulation S-K, we are providing the following information about the relationship between executive "compensation

actually paid" (as calculated under SEC regulations) and certain financial performance of the Company. For further

information concerning the Company's pay for performance philosophy and how the Company aligns executive

compensation with Company performance, refer to "Executive Compensation – Compensation Discussion and Analysis."

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PEO = Principal Executive Ofﬁcer** <br>**NEO = Named Executive Officer** | **PEO = Principal Executive Ofﬁcer** <br>**NEO = Named Executive Officer** | **PEO = Principal Executive Ofﬁcer** <br>**NEO = Named Executive Officer** | **PEO = Principal Executive Ofﬁcer** <br>**NEO = Named Executive Officer** | **PEO = Principal Executive Ofﬁcer** <br>**NEO = Named Executive Officer** | **Value of Initial Fixed $100** <br>**Investment Based on:** | **Value of Initial Fixed $100** <br>**Investment Based on:** | | |
| **Year** | **Summary**<br>**Compensation**<br>**Table ("SCT")**<br>**Total for**<br>**PEO**<sup>(1)</sup><br>| **Compensation**<br>**Actually Paid**<br>**(CAP) to**<br>**PEO**<sup>(2)</sup><br>| **Average SCT**<br>**Total for Non-**<br>**PEO NEOs**<sup>(3)</sup><br>| **Average CAP**<br>**to Non-PEO**<br>**NEOs**<sup>(4)</sup><br>| **Total**<br>**Shareholder**<br>**Return**<br>**("TSR")**<sup>(5)</sup><br>| **Peer Group**<br>**TSR**<sup>(6)</sup><br>| **Net Income**<br>**($M)**<sup>(7)</sup><br>| **Adjusted**<br>**Operating**<br>**Income**<sup>(8)</sup><br>|
| 2025 | $10914232 | $19310009 | $2375551 | $3509485 | $208.76 | $189.03 | $346 | $700 |
| 2024 | $10599087 | $25781556 | $2554994 | $4916881 | $170.49 | $158.48 | $283 | $514 |
| 2023 | $10583487 | $15439805 | $2392478 | $2962426 | $120.16 | $135.11 | $187 | $463 |
| 2022 | $8702893 | $6339788 | $2028865 | $1628059 | $87.51 | $114.42 | $189 | $200 |
| 2021 | $12478106 | $8468743 | $2420811 | $1933079 | $84.90 | $121.10 | $126 | $284 |

---

*(1)The dollar amounts reported are the amounts in the "Total" column of the Summary Compensation Table in each applicable year.*

*(2)The dollar amounts reported represent the amount of "compensation actually paid", as computed in accordance with SEC rules. The* 

*dollar amounts do not reflect the actual amount of compensation earned by or paid during the applicable year. In accordance with SEC* 

*rules, the following adjustments were made to the Summary Compensation total compensation to determine the compensation actually paid* 

*for 2025:*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Reported**<br>**Total for PEO**<br>| **Reported Value of**<br>**Equity Awards**<sup>(a)</sup><br>| **Equity Award**<br>**Adjustments**<sup>(b)</sup><br>| **Reported Value of**<br>**Change in Pension**<sup>(c)</sup><br>| **Change in Pension**<br>**Adjustments**<sup>(d)</sup><br>| **CAP to PEO** |
| 2025 | $10914232 | $(7245114) | $15640891 | $(227101) | $227101 | $19310009 |

---

*(a)The reported value of equity awards represents the total of the amounts reported in the "Stock Awards" column in the Summary* 

*Compensation Table for the applicable year.*

*(b)The valuation assumptions used to determine fair values as of each applicable year-end or vesting date did not materially differ from* 

*those used to determine fair value at the time of grant. The amounts deducted or added in calculating the equity award adjustments* 

*are as follows:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Year End Fair Value**<br>**of Equity Awards**<br>**Granted in the Year**<br>| **Year over Year Change**<br>**in Fair Value of**<br>**Outstanding and**<br>**Unvested Equity Awards**<br>**Granted in Prior Years**<br>| **Change from Prior Year**<br>**End to Vesting Date in**<br>**Fair Value of Equity**<br>**Awards Granted in Prior**<br>**Years that Vested in the**<br>**Year**<br>| **Total Equity Award**<br>**Adjustments**<br>|
| 2025 | $8126634 | $6932676 | $581581 | $15640891 |

---

*(c)The value shown represents the aggregate change in the actuarial present value of accumulated benefits under defined benefit* 

*pension plans as reported in the "Change in Pension Value and Non-Qualified Deferred Compensation Earnings" column in the* 

*Summary Compensation Table for the applicable year.*

*(d)The change in pension adjustments for each applicable year reflects the service cost attributable to services rendered during the* 

*applicable year.*

*(3)The dollar amounts reported represent the average of the amounts reported for the Company's named executive officers ("NEOs") as a* 

*group (excluding our CEO) in the "Total" column of the Summary Compensation Table in each applicable year. The NEOs included for* 

*purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025, Amy Schwetz, Lamar Duhon, Alice* 

*DeBiasio, Susan Hudson, and Kirk Wilson; (ii) for 2024 and 2023, Amy Schwetz, Lamar Duhon, Kirk Wilson and Susan Hudson; (iii) for* 

*2022 and 2021, Amy Schwetz, Elizabeth Burger, Keith Gillespie, and Tamara Morytko; and (iv) for 2020, Amy Schwetz, Elizabeth Burger,* 

*Keith Gillespie, Lanesha Minnix and John Roueche.*

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **61** |

---

**PAY VERSUS PERFORMANCE**

*(4)The dollar amounts reported represent the average amount of "compensation actually paid" to the applicable non-PEO NEOs as a group* 

*(as described in footnote (3), as computed in accordance with SEC rules. The dollar amounts do not reflect the actual average amount* 

*of compensation earned by or paid to the NEOs as a group during the applicable year. In accordance with the SEC rules, the following* 

*adjustments were made to average total compensation for the NEOs as a group for each year to determine the compensation actually paid:*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Average**<br>**Reported SCT**<br>**Total for**<br>**non-PEO NEOs**<br>| **Average**<br>**Reported Value**<br>**of Equity**<br>**Awards**<sup>(a)</sup><br>| **Average Equity**<br>**Award**<br>**Adjustments**<sup>(b)</sup><br>| **Average**<br>**Reported Value**<br>**of Change in**<br>**Pension**<sup>(c)</sup><br>| **Average Change**<br>**in Pension**<br>**Adjustments**<sup>(d)</sup><br>| **Average CAP to**<br>**Non-PEO NEOs**<br>|
| 2025 | $2375551 | $(1112385) | $2246319 | $(65134) | $65134 | $3509485 |

---

*(a)The average reported value of equity awards represents the average total of the amounts reported in the "Stock Awards" column in the* 

*Summary Compensation Table for the applicable year for non-PEO NEOs.*

*(b)The amounts deducted or added in calculating the total average equity award adjustments for non-PEO NEOs are as follows:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Average Year End**<br>**Fair Value of Equity**<br>**Awards Granted in**<br>**the Year**<br>| **Year over Year Average**<br>**Change in Fair Value of**<br>**Outstanding and Unvested**<br>**Equity Awards Granted in**<br>**Prior Years**<br>| **Change from Prior Year**<br>**End to Vesting Date in**<br>**Fair Value of Equity**<br>**Awards Granted in Prior**<br>**Years that Vested in the**<br>**Year**<br>| **Total Average**<br>**Equity Award**<br>**Adjustments**<br>|
| 2025 | $1272749 | $907528 | $66042 | $2246319 |

---

*(c)The value shown represents the average aggregate change in the actuarial present value of accumulated benefits under defined* 

*benefit pension plans as reported in the "Change in Pension Value and Non-Qualified Deferred Compensation Earnings" column in the* 

*Summary Compensation Table for the applicable year for non-PEO NEOs.*

*(d)The average change in pension adjustments for each applicable year reflects the service cost attributable to services rendered during* 

*the applicable year for non-PEO NEOs.*

*(5)Cumulative TSR is calculated by dividing (a) the sum of the cumulative amount of dividends for the measurement period, assuming* 

*dividend reinvestment, and the difference between the Company's share price at the end and the beginning of the measurement period by* 

*(b) the Company's share price at the beginning of the measurement period. The beginning of the measurement period for all rows in the* 

*table is December 31, 2020.*

*(6)The peer group used for this purpose is the S&P 500 Industrials Index.*

*(7)The dollar amounts reported represent the amount of net income reflected in the Company's audited financial statements for the* 

*applicable year.*

*(8)Represents the Company's Adjusted Operating Income as used in determining incentive compensation payouts under the Company's* 

*Annual Incentive Plan. For information on how this is calculated from our audited financial statements, see Annex I: Reconciliation of* 

*Reported Results to Non-GAAP Financial Results.*

**Financial Performance Measures**

As described in greater detail in the "Compensation Discussion and Analysis," the Company's executive compensation

program reflects a variable pay-for-performance philosophy. The metrics that the Company uses for both our long-term

and short-term incentive awards are selected with an objective to incentivize our NEOs to increase the value of our

enterprise for our shareholders. The most important financial performance measures used by the Company to link

executive "compensation actually paid" to the Company's NEOs, for the most recently completed fiscal year, to the

Company's performance are as follows:

• Relative Total Shareholder Return

• Adjusted Operating Income

• Return on Invested Capital

• Free Cash Flow as a % of Adjusted Net Income

---

| | | |
|:---|:---|:---|
| **62** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**PAY VERSUS PERFORMANCE**

**Analysis of the Information Presented in the Pay versus Performance Table**

As described in more detail in the section "Compensation Discussion and Analysis," the Company's executive

compensation program reflects a variable pay-for-performance philosophy. While the Company utilizes several

performance measures to align executive compensation with Company performance, all such Company measures are not

presented in the Pay versus Performance table. Moreover, the Company generally seeks to incentivize long-term

performance, and therefore does not specifically align the Company's performance measures with "compensation actually

paid" (as computed in accordance with SEC rules) for a particular year. In accordance with SEC rules, the Company is

providing the following graphical presentations of the relationships between information presented in the Pay versus

Performance table.

**Compensation Actually Paid, Cumulative TSR and Cumulative TSR of the Peer Group**

![03_FLS_BAR_Pay VS TSR.jpg](fls-20260331_g96.jpg)

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **63** |

---

**PAY VERSUS PERFORMANCE**

**Compensation Actually Paid and Net Income**

![03_FLS_BAR_Pay VS Net Income.jpg](fls-20260331_g97.jpg)

**Compensation Actually Paid and Adjusted Operating Income**

![03_FLS_BAR_Pay VS Adjusted OI.jpg](fls-20260331_g98.jpg)

---

| | | |
|:---|:---|:---|
| **64** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

## CEO PAY RATIO FOR FISCAL YEAR 2025
**Pay Ratio**

Our CEO to median-compensated employee pay ratio has been calculated in accordance with the applicable rules under

the Dodd-Frank Wall Street Reform and Consumer Protection Act and is a reasonable estimate calculated in a manner

consistent with Item 402(u) of Regulation S-K. Mr. Rowe had 2025 total compensation of $10,914,232, which reflects the

total compensation reported in the "Summary Compensation Table" in this proxy statement. Our median employee's

annual total compensation for 2025 was $74,349, calculated using the same methodology as used in the calculation of

our CEO's compensation discussed above. As a result, the annual total compensation for our CEO in 2025 was

approximately **147 times** that of our median employee's annual total compensation.

**Identification of Median Employee**

In 2025, we identified the median employee by examining the total target cash compensation for all employees who were

employed by the Company or its consolidated subsidiaries on October 1, 2025, excluding our CEO.

Total target cash compensation was calculated by totaling an employee's annual base salary and target incentive

compensation. We did not make any assumptions, adjustments, or estimates with respect to total target cash

compensation. We used total target cash compensation and excluded annual equity awards for our calculations because

we do not widely distribute annual equity awards to employees.

**Annual Total Compensation**

After identifying the median employee based on total target cash compensation, we calculated annual total compensation

for such employee using the same methodology we use for our Named Executive Officers as set forth in the

"Summary Compensation Table" in this proxy statement.

The SEC's rules for identifying the median compensated employee and calculating the pay ratio based on that

employee's annual total compensation allow companies to adopt a variety of methodologies, to apply certain exclusions,

and to make reasonable estimates and assumptions that reflect their employee populations and compensation practices.

As a result, the pay ratio reported by other companies may not be comparable to the pay ratio reported above, as other

companies have different employee populations and compensation practices and may utilize different methodologies,

exclusions, estimates and assumptions in calculating their own pay ratios.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **65** |

---

**PROPOSAL TWO:**

**ADVISORY VOTE TO APPROVE** 

**EXECUTIVE COMPENSATION**

At each annual meeting, the Board provides shareholders the opportunity to cast an advisory vote on the compensation of

our Named Executive Officers, pursuant to Schedule 14A of the Securities Exchange Act of 1934 (as amended, the

"Exchange Act"). This proposal, commonly known as a "Say on Pay" proposal, gives our shareholders the opportunity to

endorse or not endorse our executive compensation programs and policies and the compensation paid to our Named

Executive Officers. At our 2023 Annual Meeting, our shareholders voted in favor of holding Say on Pay votes on an

annual basis, and we currently hold Say on Pay votes every year. We expect that our next Say on Pay vote following the

2026 Annual Meeting will be held at our 2027 Annual Meeting of Shareholders provided our Board does not change our

annual Say on Pay frequency.

The Board values the opinions of the Company's shareholders as expressed through their votes and other

communications. This Say on Pay vote is advisory, meaning that it is not binding on the O&C Committee or Board. This

vote will not affect any compensation already paid or awarded to any Named Executive Officer, nor will it overrule any

decisions the Board has made. Nonetheless, the O&C Committee and the Board will review and carefully consider the

outcome of the advisory vote on executive compensation when making future decisions regarding our executive

compensation programs and policies.

We generally design our executive compensation programs to implement our core objectives of attracting and retaining

key leaders, rewarding current performance, driving future performance and aligning the long-term interests of our

executives with those of our shareholders. Shareholders are encouraged to read the Compensation Discussion and

Analysis ("CD&A") section of this proxy statement. In the CD&A, we have provided shareholders with a description of our

compensation programs, including the philosophy and strategy underpinning the programs, the individual elements of the

compensation programs and how our compensation plans are administered.

The Board believes that the Company's executive compensation programs use appropriate structures and sound pay

practices that are effective in achieving our core objectives. Accordingly, the Board recommends that you vote in favor of

the following resolution:

*"RESOLVED, that the Flowserve Corporation shareholders approve, on an advisory basis, the compensation of the* 

*Company's named executive officers as described in the section of this Proxy Statement entitled* 

*'Executive Compensation'."*

---

| | |
|:---|:---|
| ![02_FLS_Check.jpg](fls-20260331_g65.jpg)<br>| **The Board recommends that you vote "FOR"** <br>**the approval of this advisory vote on** <br>**Executive Compensation.**<br>|

---

---

| | | |
|:---|:---|:---|
| **66** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**CERTAIN RELATIONSHIPS AND** 

**RELATED TRANSACTIONS**

**Related Party Transaction Policy**

The Company has adopted a written policy for approval of transactions between the Company and its directors, director

nominees, executive officers, greater-than-5% beneficial owners and their respective immediate family members, where

the amount involved in the transaction exceeds or is expected to exceed $120,000 in a single calendar year.

The policy provides that the CG&N Committee reviews transactions subject to the policy and determines whether or not to

approve or ratify (in certain limited circumstances where pre-approval was not feasible) those transactions. In doing so,

the CG&N Committee takes into account, among other factors it deems appropriate, whether the transaction is on terms

that are no less favorable to the Company than terms generally available to an unaffiliated third-party under the same or

similar circumstances and the extent of the related person's interest in the transaction. In addition, the Board has

delegated authority to the Chairman of the CG&N Committee to pre-approve or ratify transactions (in certain limited

circumstances where pre-approval was not feasible) where the aggregate amount involved is expected to be less than

$1 million. A summary of any new transactions pre-approved by the Chairman is provided to the full CG&N Committee for

its review in connection with each regularly scheduled CG&N Committee meeting.

The CG&N Committee has considered and adopted standing pre-approvals under the policy for limited transactions with

related persons. Pre-approved transactions include:

• business transactions with other companies in which a related person's only relationship is as an employee, director or

less-than-10% beneficial owner if the amount of business falls below the thresholds in the NYSE's listing standards

and the Company's director independence standards; and

• charitable contributions, grants or endowments to a charitable organization where a related person is an employee if

the aggregate amount involved does not exceed the greater of $1 million or 2% of the organization's total

annual receipts.

Since January 1, 2025, there were no reportable related person transactions, and there are currently no proposed

transactions in excess of $120,000 in which the Company was or is to be a participant and in which any related person

has or will have a direct or indirect material interest.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **67** |

---

**SECURITY OWNERSHIP OF DIRECTORS AND** 

**CERTAIN EXECUTIVE OFFICERS**

The following table sets forth as of March 17, 2026, ownership of Company common stock by director nominees,

members of the Board, each executive officer individually and all members of the Board and all executive officers as a

group. Except pursuant to applicable community property laws and except as otherwise indicated, each shareholder

identified possesses sole voting and investment power with respect to his or her shares.

---

| | | |
|:---|:---|:---|
| **Name of Beneficial Owner** | **Amount and Nature of**<br>**Beneficial Ownership**<sup>(1)</sup><br>| **Total** |
| **Directors** |  |  |
| ***Sujeet Chand*** | 1000 | 26853<sup>(2)</sup><br> \* |
| ***Ruby R. Chandy*** | 2574 | 35767<sup>(3)</sup><br> \* |
| ***Gayla J. Delly*** | 21496 | 67477<sup>(4)</sup><br> \* |
| ***John L. Garrison*** |  | 37041<sup>(5)</sup><br> \* |
| ***Cheryl H. Johnson*** | 1623 | 12856<sup>(6)</sup><br> \* |
| ***Michael C. McMurray*** | 3099 | 17033<sup>(7)</sup><br> \* |
| ***Thomas B. Okray*** | 10762 | 10762<br> \* |
| ***R. Scott Rowe*** | 507596 | 507596<br> \* |
| ***Brian D. Savoy*** |  | —<br> \* |
| ***Ross B. Shuster*** | 3099 | 3099<br> \* |
| ***Kenneth I. Siegel*** |  | 18500<sup>(8)</sup><br> \* |
| **Named Executive Ofﬁcers**<sup>(9)</sup> |  |  |
| ***Alice M. DeBiasio*** |  | —<br> \* |
| ***Lamar L. Duhon*** | 37723 | 37723<br> \* |
| ***Susan C. Hudson*** | 24681 | 24681<br> \* |
| ***Amy B. Schwetz*** | 102390 | 102390<br> \* |
| ***Kirk R. Wilson*** | 37332 | 37332 |
| **All members of the Board and executive ofﬁcers as a** <br>**group (15 individuals)**<sup>(10)</sup><br>| **716043** | **901778**<sup>(11)</sup><br> \* |

---

*\*Less than 1%.*

*(1)Beneficial ownership has been determined in accordance with Rule 13d-3 under the Exchange Act and, unless otherwise indicated,* 

*represents securities for which the beneficial owner has sole voting and investment power. For each person or group, also includes any* 

*securities that person or group has the right to acquire within 60 days pursuant to stock options under certain Company stock option and* 

*incentive plans.*

*(2)Includes 25,853 shares that have been deferred under the director stock deferral plan and/or a Company stock plan. Mr. Chand does not* 

*possess any voting or investment power over these deferred shares.*

*(3)Includes 33,193 shares that have been deferred under the director stock deferral plan and/or a Company stock plan. Ms. Chandy does not* 

*possess any voting or investment power over these deferred shares.*

*(4)Includes 45,981 shares that have been deferred under the director stock deferral plan and/or a Company stock plan. Ms. Delly does not* 

*possess any voting or investment power over these deferred shares.*

*(5)Represents shares that have been deferred under the director stock deferral plan and/or a Company stock plan. Mr. Garrison does not* 

*possess any voting or investment power over these deferred shares.*

*(6)Includes 11,233 shares that have been deferred under the director stock deferral plan and/or a Company stock plan. Ms. Johnson does not* 

*possess any voting or investment power over these deferred shares.*

*(7)Includes 13,934 shares that have been deferred under the director stock deferral plan and/or a Company stock plan. Mr. McMurray does* 

*not possess any voting or investment power over these deferred shares.*

*(8)Represents shares that have been deferred under the director stock deferral plan and/or a Company stock plan. Mr. Siegel does not* 

*possess any voting or investment power over these deferred shares.*

*(9)Mr. Klopfer was appointed President, Flowserve Pumps Division effective April 11, 2026 and therefore is not included as an executive* 

*officer as of March 17, 2026.*

*(10)Totals exclude Mr. Wilson as he is no longer an executive officer as of March 17, 2026.*

*(11)Includes 185,735 shares that have been deferred under various Company plans for which no member of the group possesses voting or* 

*investment power.*

---

| | | |
|:---|:---|:---|
| **68** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**SECURITY OWNERSHIP OF CERTAIN** 

**BENEFICIAL OWNERS**

The following shareholders reported to the SEC that they beneficially own more than 5% of the Company's outstanding

common stock. The number of shares beneficially owned is presented as of the date noted below, and is based on stock

ownership reports on Schedule 13G filed with the SEC and subsequently provided to us, and the percentage of beneficial

ownership is based on the number of shares of common stock outstanding as of March 17, 2026. We know of no other

shareholder holding more than 5% of the Company's common stock.

---

| | |
|:---|:---|
| **Name and Address of Beneﬁcial Owner** | **Percent of** <br>**Class**<br>|
| BlackRock, Inc.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 Hudson Yards <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10001<br>11394326<sup>(2)</sup> | 8.6% |
| D1 Capital Partners L.P.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 West 57th Street, 36th Floor<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10019<br>7479351<sup>(3)</sup> | 5.7% |

---

*(1)Beneficial ownership has been determined in accordance with Rule 13d-3 under the Exchange Act and, unless otherwise indicated,* 

*represents securities for which the beneficial owner has sole voting and investment power.*

*(2)Based on a Schedule 13G/A filed with the SEC on April 23, 2025. The filing indicates sole voting power for 11,129,975 shares, shared* 

*voting power for 0 shares, sole dispositive power for 11,394,326 shares and shared dispositive power for 0 shares*

*(3)Based on a Schedule 13G filed with the SEC on November 14, 2025 by D1 Capital Partners L.P. and Daniel Sundheim. The filing indicates* 

*each of D1 Capital Partners L.P. and Mr. Sundheim has shared voting power and shared dispositive power for 7,479,351 shares. D1* 

*Capital Partners L.P. is a registered investment adviser and serves as the investment manager of private investment vehicles and accounts,* 

*including D1 Capital Partners Master LP (the "Investment Vehicle"), and may be deemed to beneficially own the shares of Common Stock* 

*held by the Investment Vehicle and/or its subsidiary. Mr. Sundheim indirectly controls D1 Capital Partners L.P. and may be deemed to* 

*beneficially own the shares of Common Stock held by the Investment Vehicle and/or its subsidiary.*

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **69** |

---

**EQUITY COMPENSATION PLAN INFORMATION**

The following table provides certain information about our common stock that may be issued under the Flowserve

Corporation 2010 Equity and Incentive Compensation Plan (the "2010 Plan"), the Flowserve Corporation 2020 Long-Term

Incentive Plan (the "2020 Plan") and the Flowserve Corporation Employee Stock Purchase Plan (the "ESPP") as of

December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of Securities to Be** <br>**Issued Upon Exercise**<br>**of Outstanding Options,**<br>**Warrants and Rights**<br>| **Weighted-Average Exercise** <br>**Price of Outstanding Option,**<br>**Warrants and Rights**<sup>(1)</sup><br>| **Number of Securities Remaining**<br>**Available for Future Issuance**<br>**Under Equity Compensation**<br>**Plans (Excluding Securities**<br>**Reﬂected in the First Column)**<sup>(2)</sup><br>|
| Equity compensation <br>plans approved by <br>securities holders<br>| 1551677 |  | 9395105 |
| Equity compensation <br>plans not approved <br>by securities holders<br>|  |  |  |
| TOTAL | 1551677 |  | 9395105 |

---

*(1)These amounts represent the weighted average exercise price for the total number of outstanding options. No such value is included for* 

*RSUs or PSUs.*

*(2)The shares of common stock reflected in this column include 5,457,089 shares available for issuance under the 2020 Plan and 3,938,016* 

*shares available for issuance under the ESPP.*

---

| | | |
|:---|:---|:---|
| **70** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**DELINQUENT SECTION 16(A) REPORTS**

Section 16(a) of the Exchange Act requires the Company's directors, executive officers and any person beneficially

owning more than 10% of the Company's common stock to file reports of ownership and any changes in ownership with

the SEC. Based solely on the Company's review of such reports filed with the SEC and representations provided to the

Company by persons required to file reports under Section 16 of the Exchange Act, the Company's directors, executive

officers and greater than 10% beneficial owners timely complied with their Section 16(a) filing requirements during 2025,

except that late Forms 4 were filed for each of Mr. Rowe and Mr. Wilson with respect to shares acquired under the

non-qualified Flowserve Corporation 2024 Employee Stock Purchase Plan in nine and eleven monthly, prescheduled

transactions (each separately reportable), respectively, that were previously inadvertently not disclosed. For Mr. Rowe,

the number of shares acquired through such transactions ranged from 10 shares to 102 shares. For Mr. Wilson, the

number of shares acquired through such transactions ranged from seven shares to 26 shares.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **71** |

---

**PROPOSAL THREE:**

**RATIFICATION OF APPOINTMENT OF** 

**PRICEWATERHOUSECOOPERS LLP TO SERVE AS** 

**OUR INDEPENDENT AUDITOR FOR 2026**

The Audit Committee has appointed PricewaterhouseCoopers LLP ("PwC") to serve as our independent registered public

accounting firm for 2026.

We are asking our shareholders to ratify the appointment of PwC as our independent registered public accounting firm for

2026. Although shareholder ratification is not required by our By-Laws or otherwise, the Board is submitting this proposal

for ratification because we value our shareholders' views on the Company's independent registered public accounting firm

and as a matter of good corporate practice. In the event that our shareholders fail to ratify the selection, it will be

considered as a direction to the Audit Committee to consider the selection of a different firm, though the Company may

nonetheless determine to retain PwC. Even if the selection is ratified, the Audit Committee in its discretion may select a

different independent registered public accounting firm at any time during the year if it determines that such a change

would be in the best interests of the Company and its shareholders.

---

| | |
|:---|:---|
| ![02_FLS_checkmark.jpg](fls-20260331_g99.jpg)<br>| **The Board recommends that you vote** <br>**"FOR" the ratification of appointment of** <br>**PricewaterhouseCoopers to serve as our** <br>**independent auditor for 2026.**<br>|

---

---

| | | |
|:---|:---|:---|
| **72** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**OTHER AUDIT INFORMATION**

**Relationship with Independent Registered Public Accounting Firm**

PwC has served as the Company's independent registered public accounting firm since 2000. In this role, PwC audits the

financial statements of the Company. Representatives from PwC are expected to be present at the Annual Meeting and

available to respond to appropriate questions from shareholders. They will have the opportunity to make a statement if

they desire to do so.

**Audit and Non-Audit Fees and Services**

The following table summarizes the aggregate fees (excluding value added taxes) for professional services incurred by

the Company for the audits of its 2025 and 2024 financial statements and other fees billed to the Company by PwC in

2025 and 2024. In general, the Company retains PwC for services that are logically related to or natural extensions of

services performed by independent auditors.

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Audit Fees<sup>(1)</sup> | $9708000 | $9311000 |
| Audit-Related Fees<sup>(2)</sup> | 398000 | 37000 |
| **Total Audit-Related Fees** | **10106000** | **9348000** |
| Tax Compliance | 295000 | 243000 |
| **Total Tax Fees**<sup>(3)</sup> | **295000** | **243000** |
| **All Other Fees**<sup>(4)</sup> | **5000** | **10000** |
| **TOTAL FEES**<sup>(5)</sup> | **$10406000** | **$9601000** |

---

*(1)Fees for the years ended December 31, 2025 and 2024 consist of the audit of the Company's consolidated financial statements,* 

*including effectiveness of internal controls over financial reporting, reviews of the Company's quarterly financial statements, and subsidiary* 

*statutory audits.*

*(2)Audit-related fees consist of other attestation services, pension plan audit procedures and transaction support services.*

*(3)Tax fees consist of tax audit defense and compliance services.*

*(4)All other fees consist of accounting research and disclosure software licenses and compilation services.*

*(5)2025 Total Fees include $661,000 of fees related to the 2024 audit that were billed, approved and paid in 2025.*

**Audit Committee Approval Policy**

The Audit Committee approves all proposed services and related fees to be rendered by the Company's independent

registered public accounting firm prior to their engagement. Services to be provided by the Company's independent

registered public accounting firm generally include audit services, audit-related services and certain tax services. Each

year, the Audit Committee discusses the scope of the audit plan with its independent registered public accounting firm and

all audit and audit-related services, tax services, and other services for the upcoming fiscal year are provided to the Audit

Committee for pre-approval. The services, which may be provided in the upcoming twelve-month period, are grouped into

significant categories substantially in the format shown above. The Audit Committee is updated on the status of all

services and related fees on a periodic basis or more frequently as matters warrant. All of the fees described above were

pre-approved by the Audit Committee.

The Audit Committee approves the scope and timing of the external audit plan for the Company and focuses on any

matters that may affect the scope of the audit or the independence of the Company's independent registered public

accounting firm. In that regard, the Audit Committee receives certain representations from the Company's independent

registered public accounting firm regarding their independence and permissibility under the applicable laws and

regulations of any services provided to the Company outside the scope of those otherwise allowed. The Audit Committee

also approves the internal audit plan for the Company.

The Audit Committee may delegate its approval authority to the Chairman of the Audit Committee to the extent allowed by

law. In the case of any delegation, the Chairman must disclose all approval determinations to the full Audit Committee as

soon as possible after such determinations have been made.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **73** |

---

**REPORT OF THE AUDIT COMMITTEE**

The Audit Committee of the Board of Directors of the Company is composed of five independent directors:

Thomas B. Okray (Chairman), Sujeet Chand, Ruby R. Chandy, Brian D. Savoy and Kenneth I. Siegel. Carlyn Taylor

served on the Audit Committee until her resignation in February 2025. Ms. Chandy joined the Audit Committee in

February 2025 and Mr. Savoy joined the Audit Committee in March 2026. The Audit Committee operates under a

written charter adopted by the Board. The Audit Committee met seven times in 2025 and discussed matters,

explained in more detail below, with the independent auditors, internal auditors and members of management.

**Roles and Responsibilities**

Management has primary responsibility for the Company's internal controls and the financial reporting process. The

independent auditors are responsible for performing an independent audit of the Company's consolidated financial

statements in accordance with the standards of the Public Company Accounting Oversight Board ("PCAOB") and issuing

a report on this audit. In addition, the independent auditors are responsible for auditing the Company's internal control

over financial reporting and issuing a report on the effectiveness of internal control over financial reporting. The Audit

Committee's responsibility is to proactively monitor and oversee this process, including the engagement of the

independent auditors, the pre-approval of their annual audit plan and the review of their annual audit report. In addition,

the Audit Committee reviews, monitors and evaluates how the Company and management implement new accounting

principles generally accepted in the United States ("GAAP") and use non-GAAP measures.

**Committee Oversight of Financial Statements**

In this context, the Audit Committee has reviewed, and met and held detailed discussions with management on the

Company's consolidated financial statements. Management represented to the Audit Committee that the Company's

consolidated financial statements were prepared in accordance with GAAP and that these statements fairly present the

financial condition and results of operations of the Company for the period described. The Audit Committee has relied

upon this representation without any independent verification, except for the work of PwC, the Company's independent

registered public accounting firm. The Audit Committee also discussed these statements with PwC, both with and without

management present, and has relied upon their reported opinion on these financial statements.

**Required Communications with PwC**

The Audit Committee further discussed with PwC matters required to be discussed by standards, including applicable

requirements of the PCAOB and the Commission, and critical audit matters. In addition, the Audit Committee received

from PwC the written disclosures and letter required by applicable requirements of the PCAOB regarding PwC's

communications with the Audit Committee concerning its independence and has discussed with PwC its independence

from the Company and its management.

**Recommendation**

Based on these reviews and discussions, including the Audit Committee's specific review with management of the

Company's Annual Report and based upon the representations of management and the report of the independent

auditors to the Audit Committee, the Audit Committee recommended to the Board that the audited consolidated financial

statements be included in the Company's Annual Report filed with the SEC.

Thomas B. Okray, Chairman

Sujeet Chand

Ruby R. Chandy

Brian D. Savoy

Kenneth I. Siegel

---

| | | |
|:---|:---|:---|
| **74** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**PROPOSAL FOUR:**

**SHAREHOLDER SAY ON STOCK REPURCHASES**

John Chevedden, 2215 Nelson Ave., No. 205, Redondo Beach, CA 90278, the owner of 120 shares of the Company's

common stock, has stated that he intends to present the following proposal at the Annual Meeting. The Company is not

responsible for the content of the proposal. **If properly presented at the Annual Meeting, the Board unanimously** 

**recommends a vote "AGAINST" the following proposal.**

**Shareholder Proposal**

**Proposal 4 – Shareholder Say on Stock Repurchases**

![04_FLS_shareholder rights.jpg](fls-20260331_g100.jpg)

Shareholders ask Flowserve (FLS) to conduct an annual advisory shareholder vote regarding Flowserve stock

repurchases on the same ballot that Flowserve uses for its Say on Executive Pay Proposal.

Stock repurchases have become more common in recent years and surpassed dividends 20-years ago in dollar amount.

Downsides of stock repurchases include using cash that could be invested in growth and artificially inflating earnings per

share (EPS) to boost executive pay. Stock repurchases can also signal a lack of future growth prospects, and companies

may use debt to finance them, potentially creating financial instability.

FLS repurchased over $140 million worth of shares during Q3 2025 alone. As of October 2025, FLS had $200 million of

authorization still available under its share repurchase plan.

Please vote yes:

**Support for Say on Stock Repurchases – Proposal 4**

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **75** |

---

**PROPOSAL FOUR: SHAREHOLDER SAY ON STOCK REPURCHASES**

**Recommendation of the Board**

The Board has carefully considered this proposal and believes that it is not in the best interests of the Company and its

shareholders. The Board is committed to responsible stewardship of the Company and its resources. As part of this

commitment, the Board has developed a transparent and disciplined capital allocation strategy that consistently returns

excess capital to our shareholders in a balanced and thoughtful manner designed to maximize long-term value. In

addition, the Board and management routinely engage with our shareholders to understand their perspectives and obtain

their feedback on a range of issues, including the Board's capital allocation strategy. Given this existing strategy and the

meaningful opportunities that shareholders have to provide input, the Board believes that the annual advisory shareholder

vote on share repurchases requested by the proposal is unnecessary. Moreover, implementation of the proposal would

interfere with the Board's ability to exercise its responsibility to help ensure that the Company's capital allocation strategy

best serves the long-term interests of the Company and all our shareholders.

Accordingly, the Board recommends that you vote "AGAINST" Proposal 4 for the following reasons.

**The proposal would inappropriately interfere with our Board's ability to determine the proper allocation of capital** 

**that is in the best long-term interests of our shareholders and the Company.**

The Board recognizes that decisions regarding the deployment of the Company's capital—whether through investments in

growth, acquisitions, maintaining cash reserves, or returning value to shareholders through dividends or share

repurchases—are among its most important and fundamental responsibilities. Under Company policy, decisions with

respect to material capital allocation (including authorization of repurchase programs) are reserved to the Board in order

to help ensure alignment with the Company's objectives and long-term shareholder value.

In fulfilling this responsibility, the Board carefully evaluates a range of factors, including the Company's short- and

long-term strategic goals, market conditions, and the need to maintain financial flexibility. The Board's approach has

consistently prioritized balancing investments in future growth with the return of capital to shareholders. As part of its

disciplined capital allocation strategy, the Board considers ongoing investments in research and development, strategic

and programmatic acquisitions, as well as other initiatives that support our growth strategy, the Flowserve Business

System and the Company's ability to create long-term value. The Board believes that implementation of an annual

advisory shareholder vote on share repurchases would inappropriately interfere with its role in determining the capital

allocation strategy that is best suited to address the long-term interests of all shareholders and the Company.

**The Company has a strong track record of prudent capital investment, and we have consistently returned excess** 

**capital to our shareholders in a manner designed to maximize long-term value.**

Over the past 20 years, the Company has consistently returned excess capital to shareholders, using a balanced mix of

dividends and share repurchases. During that period, approximately 38.3% of the capital returned was in the form of cash

dividends, providing our shareholders with reliable and meaningful cash returns, while 61.7% has been returned through

share repurchases, allowing the Company to adapt to market conditions and invest opportunistically on behalf of

shareholders. The Company has paid a dividend every year since 2007, including through multiple economic downturns,

demonstrating a clear commitment to recurring shareholder returns. The Board's authorized share repurchase programs,

along with the payment of substantial dividends, allow the Company to adjust its capital allocation strategy in response to

prevailing circumstances such as acquisitions, cash flow, debt and leverage levels, and market opportunities.

**As part of our active, year-round engagement program, our shareholders already have meaningful opportunities** 

**to share their views on our strategic initiatives, including our capital allocation strategy.** 

The Company routinely engages with our shareholders to better understand their views, carefully considering the

feedback we receive and taking action when appropriate. In 2025, we proactively reached out to shareholders

representing approximately 63% of our common shares outstanding to offer them the opportunity to discuss their views

with members of management and to solicit feedback on a wide range of topics. Accordingly, an annual advisory

shareholder vote on share repurchases would be unnecessary and duplicative of our existing engagement efforts.

---

| | | |
|:---|:---|:---|
| **76** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**PROPOSAL FOUR: SHAREHOLDER SAY ON STOCK REPURCHASES**

During prior engagement discussions, shareholders have, at times, indicated support for share repurchases when

circumstances warrant. Accordingly, the Board's approach to capital allocation seeks to respect that preference while

safeguarding the flexibility needed to act in the long-term interests of the Company and all shareholders. Contrary to the

proposal's suggestions, the use of share repurchases does not reflect a lack of confidence in the Company's future

growth prospects. Rather, the Company's repurchases of stock are one of several tools used to enhance shareholder

value, and, importantly, the Company does not use debt to finance these repurchases.

For these reasons, the Board believes that adoption of the policy requested by the policy is not necessary or in our

shareholders' best interests because it would inappropriately interfere with the ability of our Board to return excess capital

to our shareholders in the manner best aligned with the Company's strategic objectives and the creation of long-term

shareholder value.

---

| | |
|:---|:---|
| ![02_FLS_crossmark.jpg](fls-20260331_g101.jpg)<br>| **The Board recommends that you vote** <br>**"AGAINST" this shareholder proposal.**<br>|

---

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **77** |

---

**GENERAL VOTING AND MEETING INFORMATION**

**Frequently Asked Questions About the Annual Meeting & Proxy Materials**

**Proxy Materials**

**Why am I receiving this proxy statement?**

We are first providing these proxy materials to shareholders on or about April 2, 2026, in connection with the solicitation

by the Board of proxies to be voted at the Annual Meeting, which will be held on May 14, 2026, and at any adjournments

or postponements of this scheduled meeting.

**How can I access the proxy materials electronically or sign up for electronic delivery?**

**IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SHAREHOLDER** 

**MEETING TO BE HELD ON MAY 14, 2026**

We may furnish proxy materials, including this proxy statement and the Company's annual report for the year ending

December 31, 2025, to our shareholders by providing access to such documents on the Internet instead of mailing printed

copies. Most shareholders will not receive printed copies of the proxy materials unless they request them. Instead, a

Notice of Internet Availability of Proxy Materials ("Notice of Internet Availability"), which was mailed to most of our

shareholders, will explain how you may access and review the proxy materials and how you may submit your proxy on the

Internet. If you would like to receive a paper or electronic copy of our proxy materials, please follow the instructions

included in the Notice of Internet Availability. Shareholders who requested paper copies of proxy materials or previously

elected to receive proxy materials electronically did not receive the Notice of Internet Availability and are receiving the

proxy materials in the format requested.

This proxy statement and the Company's annual report for the year ending December 31, 2025, are available

electronically on our hosted website at **https://www.proxyvote.com**.

To access and review the materials made available electronically:

1. Go to **https://www.proxyvote.com** and input the 16-digit control number from the Notice of Internet Availability or

proxy card.

2. Click the "2026 Proxy Statement" in the right column.

3. Have your proxy card or voting instructions available.

We encourage you to review all of the important information contained in the proxy materials before voting.

**Who will bear the cost of this solicitation, and how will proxies be solicited?**

The Company bears the full cost of soliciting proxies, which will be conducted primarily by mail. The Company has also

retained Alliance Advisors to aid in the solicitation of proxies by mail, telephone, facsimile, e-mail and personal solicitation

and will request brokerage houses and other nominees, fiduciaries and custodians to forward soliciting materials to

beneficial owners of the Company's common stock. For these services, the Company will pay Alliance Advisors a fee of

$14,500 plus reimbursement for reasonable out-of-pocket expenses. Brokerage firms and other custodians, nominees

and fiduciaries are reimbursed by the Company for reasonable out-of-pocket expenses that they incur to send proxy

materials to shareholders and solicit their votes. In addition to this mailing, proxies may be solicited, without extra

compensation, by our officers and employees, by mail, telephone, facsimile, electronic mail and other methods

of communication.

**Why did my household only receive one set of proxy materials?**

To reduce the expenses of delivering duplicate proxy materials, we deliver one Notice of Internet Availability and, if

applicable, annual report and proxy statement, to multiple shareholders sharing the same mailing address unless

otherwise requested. We will promptly send a separate annual report and proxy statement to a shareholder at a shared

address upon request at no cost. Shareholders with a shared address may also request that we send a single copy in the

future if we are currently sending multiple copies to the same address.

---

| | | |
|:---|:---|:---|
| **78** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**GENERAL VOTING AND MEETING INFORMATION**

Frequently Asked Questions About the Annual Meeting & Proxy Materials

Requests related to delivery of proxy materials may be made by calling Investor Relations at (972) 443-6500 or writing to

our principal executive offices at Flowserve Corporation, Attention: Investor Relations, 5215 N. O'Connor Blvd., Suite 700,

Irving, Texas 75039. Shareholders who hold shares in "street name" (as described below) may contact their brokerage

firm, bank, broker-dealer or similar organization to request information about this "householding" procedure.

**Voting**

**Who may vote?**

Shareholders of record at the close of business on March 17, 2026 (the "Record Date") are entitled to vote at the Annual

Meeting. As of the Record Date,127,795,413 shares of common stock were issued and outstanding (excluding treasury

shares). Each shareholder is entitled to one vote for each share owned.

What are the voting requirements and the Board's recommendations on e**ach proposal?**

The following table sets forth the voting standards for each proposal being voted on at the Annual Meeting and the

Board's recommendations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Proposal** | **Board** <br>**Recommendation** | **Required Vote** | **Effect of..** | **Effect of..** |
| **Proposal** | **Board** <br>**Recommendation** | **Required Vote** | **Abstentions** | **Broker Non-**<br>**votes, if any**<br>|
| 1. Election of directors | For each nominee | Majority of the votes cast | No effect | No effect |
| 2. Advisory vote to approve <br>executive compensation<br>| For | Majority of the votes cast | No effect | No effect |
| 3. Ratification of auditors | For | Majority of the votes cast | No effect | No effect |
| 4. Shareholder proposal | Against | Majority of the votes cast | No effect | No effect |

---

Shares that are properly voted via the Internet or by telephone or for which proxy cards are properly executed and

returned will be voted at the Annual Meeting in accordance with the directions given or, in the absence of directions, will

be voted in accordance with the Board's recommendations above. Although the Board expects that the nominees will be

available to serve as directors, if any of them should be unable or for good cause unwilling to serve, the Board may

decrease the size of the Board or may designate substitute nominees, and the proxies will be voted in favor of any such

substitute nominees.

The Company knows of no other matters to be submitted to the shareholders at the Annual Meeting. If any other matters

properly come before the shareholders at the Annual Meeting, it is the intention of the persons named on the enclosed

proxy card to vote the shares represented thereby on such matters in accordance with their best judgment.

**What is the effect of abstentions and broker non-votes?**

If your shares are held through a broker, bank or other nominee, your vote instructs these institutions how you want your

shares to be voted. If you vote on each proposal, your shares will be voted in accordance with your instructions. If

brokers, banks or other nominees do not receive specific instructions, they may only vote on matters for which they have

discretionary power to vote. If you do not provide voting instructions and your broker, bank or other nominee does not

have discretion to vote on the matter, it will result in a "broker non-vote" for the matters on which they do not vote. Broker

non-votes, if any, are not counted as votes cast and will not be counted in determining the outcome of the vote on the

election of directors or on any of the other proposals. Abstentions occur when you provide voting instructions but instruct

your broker, bank or other nominee to abstain from voting on a particular matter instead of voting for or against the matter.

Abstentions are not considered. ***We urge you to vote on ALL voting items.***

**What constitutes a quorum?**

A quorum is necessary to conduct business at the Annual Meeting. The presence, in person or by proxy, of at least a

majority of the total number of outstanding shares of common stock constitutes a quorum. Abstentions, withheld votes,

and broker non-votes are counted as present at the meeting for purposes of determining a quorum.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **79** |

---

**GENERAL VOTING AND MEETING INFORMATION**

Frequently Asked Questions About the Annual Meeting & Proxy Materials

**How do I vote?**

**If your shares are held by a broker, bank or other nominee (i.e., in "street name")**, you will receive instructions from

your nominee, which you must follow in order to have your shares voted. "Street name" shareholders who wish to vote

online during the Annual Meeting and whose voting instruction form or Notice of Internet Availability indicates that they

may vote those shares through **https://www.proxyvote.com** may attend and vote at the Annual Meeting at

**https://www.virtualshareholdermeeting.com/FLS2026** by entering the 16-digit control number indicated on that voting

instruction form or Notice of Internet Availability and other information requested on the log-in page. "Street name"

shareholders who did not receive a 16-digit control number should contact their bank, broker or other nominee at least

five days before the Annual Meeting and obtain a "legal proxy" to be able to participate in or vote online at the meeting.

**If you hold your shares in your own name as a holder of record,** you may vote your shares using one of the methods

described below:

• **Vote by Internet in Advance of the Annual Meeting.** You can vote via the Internet by going to

**https://www.proxyvote.com** and following the on-screen instructions. Internet voting is available 24 hours a day,

7 days a week, until 11:59 p.m., Eastern Time, on May 13, 2026. Have your proxy card available when you access the

Internet website.

• **Vote by Telephone in Advance of the Annual Meeting.** If you received paper copies of the proxy materials, you can

vote by telephone by calling toll-free to 1-800-690-6903 from the United States and Canada and following the voice

instructions. Have your proxy card available when you place your telephone call. Telephone voting is available

24 hours a day, 7 days a week, until 11:59 p.m., Eastern Time, on May 13, 2026.

• **Vote by Mail in Advance of the Annual Meeting.** If you received paper copies of the proxy materials, you may mark

the enclosed proxy card, sign and date it and return it to Broadridge in the enclosed envelope as soon as possible

before the Annual Meeting. Your signed proxy card must be received by Broadridge prior to May 14, 2026, the date of

the Annual Meeting for your vote to be counted at the Annual Meeting. Please note that if you vote by Internet or

telephone, you do not need to return a proxy card.

• **Vote Online During the Annual Meeting.** You may attend the Annual Meeting virtually and vote online at

**https://www.virtualshareholdermeeting.com/FLS2026** by entering the 16-digit control number provided on your

proxy card, voting instruction form or Notice of Internet Availability and other information requested on the log-in page.

**How do I vote if I participate in the Flowserve Corporation Retirement Savings Plan?**

If you are a participant in the Flowserve Corporation Retirement Savings Plan, your vote serves as a voting instruction to

the trustee for this plan.

• To be timely, your vote by telephone or Internet must be received by 11:59 p.m., Eastern Time, on May 12, 2026. If you

do not vote by telephone or Internet, please return your proxy card as soon as possible.

• If you vote in a timely manner, the trustee will vote the shares as you have directed.

• If you do not vote in a timely manner, the trustee will vote your shares in the same proportion as the shares voted by

participants who timely return their cards to the trustee.

**How can I change my vote?**

You may revoke your proxy at any time before it has been exercised at the Annual Meeting by:

• timely mailing in a revised proxy dated later than the prior submitted proxy;

• timely notifying the Corporate Secretary in writing that you are revoking your proxy;

• timely casting a new vote by telephone or the Internet; or

• attending the Annual Meeting virtually and voting online (and by following the instructions under "How do I vote?",

including by entering your 16-digit control number).

**Who will count the votes?**

Broadridge, our independent inspector of elections for the Annual Meeting, will tabulate voted proxies.

---

| | | |
|:---|:---|:---|
| **80** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**GENERAL VOTING AND MEETING INFORMATION**

Frequently Asked Questions About the Annual Meeting & Proxy Materials

**How can I attend the Annual Meeting online?**

Shareholders as of the record date will be able to participate in the Annual Meeting virtually. Shareholders attending the

Annual Meeting will have the opportunity to cast their votes online during the meeting, by following the instructions

provided under "How do I vote?" and ask questions of management and our directors during the question and answer

portion of the Annual Meeting, as described under "May I ask questions prior to or during the Annual Meeting?". Online

check-in will be available approximately 15 minutes before the meeting starts. We encourage you to allow ample time for

check-in procedures.

A guest log-in option will be available in listen-only mode. Anyone wishing to do so may go to

**https://www.virtualshareholdermeeting.com/FLS2026** and enter as a guest. Shareholders who attend the Annual

Meeting online as a guest will not be able to participate in, vote or ask questions during the Annual Meeting.

We will also broadcast the Annual Meeting as a live audio webcast at **ir.ﬂowserve.com** under the "Events &

Presentations" section.

**May I ask questions prior to or during the Annual Meeting?**

Shareholders as of the record date that receive a 16-digit code on their proxy card, voting instruction form or Notice of

Internet Availability (including "street name" shareholders who subsequently obtain a legal proxy and 16-digit control

number) may submit questions in advance of the meeting, beginning on May 9, 2026, by following the instructions at

**https://www.proxyvote.com**.

Shareholders as of the record date who attend and participate in the virtual Annual Meeting at

**https://www.virtualshareholdermeeting.com/FLS2026** using their 16-digit control number (as described above) will

have an opportunity to submit questions online during the meeting. Shareholders attending the meeting online who do not

log-in to the virtual meeting portal with their 16-digit control number and other information requested on the log-in page

may not ask questions or vote their shares during the meeting.

Beginning on April 30, 2026, we will post meeting rules of conduct at **https://www.proxyvote.com**, which will set out the

rules that will govern shareholders' participation in the Annual Meeting. The rules of conduct will provide that each

shareholder will be limited to a total of three questions of no more than one minute each in order to allow sufficient time to

address as many relevant questions that are submitted as possible. We will answer questions relevant to meeting matters

that comply with the meeting rules of conduct during the Annual Meeting, subject to time constraints.

Questions related to personal matters, that are not pertinent to Annual Meeting matters, or that contain derogatory

references to individuals, use offensive language, or are otherwise out of order or not suitable for the conduct of the

Annual Meeting will not be addressed during the meeting. If we receive substantially similar questions, we will group such

questions together and provide a single response to avoid repetition. If there are questions pertinent to Annual Meeting

matters that cannot be answered during the Annual Meeting due to time constraints, management will post answers to

such questions at **https://ir.ﬂowserve.com** following the meeting.

**What if I have technical difficulties or trouble accessing the virtual Annual Meeting website?**

If you encounter any technical difficulties with the virtual meeting website on the meeting day, please call the technical

support number that will be posted on the virtual meeting log-in page. Technical support will be available starting at

9:30 a.m. CDT and until the meeting has finished.

**What if I was not able to attend the Annual Meeting?**

A replay of the meeting will be made available on our website at **https://ir.ﬂowserve.com** under the "Events &

Presentations" section for a limited time after the meeting.

**Where can I find the voting results after the Annual Meeting?**

We intend to announce the preliminary voting results of the proposals at the Annual Meeting and to disclose final voting

results in a Form 8-K to be filed with the SEC within four business days following the Annual Meeting (or, if final results

are not available at the time, within four business days of the date on which final results become available).

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **81** |

---

**GENERAL VOTING AND MEETING INFORMATION**

Frequently Asked Questions About the Annual Meeting & Proxy Materials

**How can I reach the Company to request materials or information referred to in these Questions and Answers?**

**You may order a copy of our Annual Report on Form 10-K for the ﬁscal year ended December 31, 2025, free of** 

**charge, or request other information by mail addressed to:**

Flowserve Corporation

5215 N. O'Connor Blvd.

Suite 700

Irving, Texas 75039

Attention: Investor Relations

This information is also available free of charge on the SEC's website, **https://www.sec.gov**, and our website,

**https://ir.ﬂowserve.com**.

**Shareholder Proposals and Nominations**

**Shareholder Proposals for Inclusion in the 2027 Proxy Statement (Rule 14a-8 Proposals)**

Pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 (the "Exchange Act"), certain shareholder proposals

may be eligible for inclusion in our 2027 proxy statement. Submitting a shareholder proposal does not guarantee that we

will include it in our proxy statement. For a shareholder proposal to be included in our proxy statement, the proposal must

comply with the requirements of Rule 14a-8, including the requirement that shareholder proposals be received no later

than 6:00 p.m. CDT on December 3, 2026. All proposals should be addressed and mailed to the Corporate Secretary at

the address below.

**Director Nominees for Inclusion in the 2027 Proxy Statement (Proxy Access)**

In order for an eligible shareholder or group of shareholders to nominate a director nominee for election at our 2027

Annual Meeting of shareholders pursuant to the proxy access provision of our By-Laws, the shareholder must submit

notice of such nomination and other required information in writing to the Corporate Secretary. Such notice must be

addressed to the Corporate Secretary and delivered to or mailed to and received by the Corporate Secretary between

November 3, 2026 and December 3, 2026. If, however, the 2027 Annual Meeting is held more than 30 days before or

more than 60 days after the anniversary of the 2026 Annual Meeting, the shareholder must submit any such notice and

other required information between (i) 150 calendar days prior to the 2027 Annual Meeting and (ii) the later of 120

calendar days prior to the 2027 Annual Meeting or 10 days following the date on which the date of the 2027 Annual

Meeting is first publicly announced. The nomination and supporting materials must also comply with the procedures and

requirements set forth in our By-Laws for inclusion of director nominees in the proxy statement.

**Other Shareholder Proposals/Nominees to be Presented at the 2027 Annual Meeting**

Alternatively, under the Company's By-Laws, if a shareholder wants to submit a proposal for consideration at our 2027

Annual Meeting, or intends to nominate a person for election to the Board (other than by inclusion in our proxy statement

through Rule 14a-8 of the proxy access provisions of our By-Laws), the shareholder's notice of such business or

nomination must be delivered by registered mail to, or received by, the Corporate Secretary at the address below no

earlier than January 14, 2027 and no later than February 13, 2027. If, however, the 2027 Annual Meeting is held more

than 30 days before or more than 60 days after the anniversary of the 2026 Annual Meeting, the shareholder must submit

any such notice between (i) 120 calendar days prior to the 2027 Annual Meeting and (ii) the later of 90 calendar days prior

to the 2027 Annual Meeting or 10 days following the date on which the date of the 2027 Annual Meeting is

publicly announced.

The shareholder's submission must be made by a registered shareholder on his or her behalf or on behalf of a beneficial

owner of the shares and must comply with the procedures and requirements set forth in our By-Laws, including with

respect to the information that must be included in the submission. In addition, the shareholder must comply with all

procedures and requirements under Rule 14a-19, the SEC's universal proxy rule. The procedures and requirements

under Rule 14a-19 are in addition to, and do not replace or supersede, the requirements under our By-Laws as described

above. For example, the deadline for providing notice to the Company under Rule 14a-19 of a shareholder's intent to

solicit proxies in support of nominees other than the Company's nominees is March 15, 2027 (or, if the 2027 Annual

Meeting is called for a date that is more than 30 days before or more than 30 days after such anniversary date, then

notice must be provided not later than the close of business on the later of 60 calendar days prior to the 2027 Annual

Meeting or the 10th calendar day following the day on which public announcement of the 2027 Annual Meeting is first

made by the Company). However, consistent with SEC guidance, the Company's deadlines under our By-Laws control.

---

| | | |
|:---|:---|:---|
| **82** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**GENERAL VOTING AND MEETING INFORMATION**

Frequently Asked Questions About the Annual Meeting & Proxy Materials

At the 2027 Annual Meeting, we will not entertain any proposals or nominations that do not meet the requirements under

our By-Laws and all applicable law, including Rule 14a-19.

If the shareholder does not comply with the requirements of Rule 14a-4(c)(1) under the Exchange Act, we may exercise

discretionary voting authority under proxies that we solicit to vote in accordance with our best judgment on any such

shareholder proposal or nomination. The By-Laws are posted on the investor relations portion of our website at

**https://ir.ﬂowserve.com** under the "Corporate Governance—Documents & Charters" caption. To make a submission or

to request a copy of the By-Laws, shareholders should contact our Corporate Secretary at our principal executive offices

at the following address:

Flowserve Corporation

5215 N. O'Connor Blvd.

Suite 700

Irving, Texas 75039

Attention: Corporate Secretary

We strongly encourage shareholders to seek advice from knowledgeable legal counsel and contact the Corporate

Secretary before submitting a proposal or a nomination.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **83** |

---

**ANNEX I:**

**RECONCILIATION OF REPORTED RESULTS TO** 

**NON-GAAP FINANCIAL MEASURES**

**Reconciliation of Non-GAAP Measures (Unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Twelve Months Ended** <br>**December 31, 2025** | **Gross Profit** | **Selling,**<br>**General &**<br>**Administrative**<br>**Expense** | **Loss on**<br>**Divestiture of**<br>**Asbestos-**<br>**Related**<br>**Assets**<br>**and**<br>**Liabilities** | **Operating**<br>**Income** | **Other** <br>**Income**<br>**(Expense),** <br>**Net** | **Provision**<br>**for (Benefit**<br>**From)**<br>**Income**<br>**Taxes** | **Net**<br>**Earnings**<br>**(Loss)** | **Effective**<br>**Tax Rate** | **Diluted**<br>**EPS** |  |  |  |  |  |  |  |  |  |  |
| **Twelve Months Ended** <br>**December 31, 2025** | **Gross Profit** | **Selling,**<br>**General &**<br>**Administrative**<br>**Expense** | **Loss on**<br>**Divestiture of**<br>**Asbestos-**<br>**Related**<br>**Assets**<br>**and**<br>**Liabilities** | **Operating**<br>**Income** | **Other** <br>**Income**<br>**(Expense),** <br>**Net** | **Provision**<br>**for (Benefit**<br>**From)**<br>**Income**<br>**Taxes** | **Net**<br>**Earnings**<br>**(Loss)** | **Effective**<br>**Tax Rate** | **Diluted**<br>**EPS** | *(Amounts in thousands* <br>*except per share data)* |  |  |  |  |  |  |  |  |  |
| **Reported** | **Gross Profit** | **Selling,**<br>**General &**<br>**Administrative**<br>**Expense** | **Loss on**<br>**Divestiture of**<br>**Asbestos-**<br>**Related**<br>**Assets**<br>**and**<br>**Liabilities** | **Operating**<br>**Income** | **Other** <br>**Income**<br>**(Expense),** <br>**Net** | **Provision**<br>**for (Benefit**<br>**From)**<br>**Income**<br>**Taxes** | **Net**<br>**Earnings**<br>**(Loss)** | **Effective**<br>**Tax Rate** | **Diluted**<br>**EPS** | *(Amounts in thousands* <br>*except per share data)* | **$1581437** | **$1062100** | **$140092** | **$399924** | **$195663** | **$155596** | **$346247** | **29.6%** | **2.64** |
| *Reported as a percent* <br>*of sales*<br>| **Gross Profit** | **Selling,**<br>**General &**<br>**Administrative**<br>**Expense** | **Loss on**<br>**Divestiture of**<br>**Asbestos-**<br>**Related**<br>**Assets**<br>**and**<br>**Liabilities** | **Operating**<br>**Income** | **Other** <br>**Income**<br>**(Expense),** <br>**Net** | **Provision**<br>**for (Benefit**<br>**From)**<br>**Income**<br>**Taxes** | **Net**<br>**Earnings**<br>**(Loss)** | **Effective**<br>**Tax Rate** | **Diluted**<br>**EPS** | 33.4% | 22.5% | 3.0% | 8.5% | 4.1% | 3.3% | 7.3% |  |  |  |
| Realignment charges<sup>(1)</sup> | 54660 | (3595) |  | 58255 |  | 13687 | 44568 | 23.50% | 0.34 |  |  |  |  |  |  |  |  |  |  |
| Acquisition related<sup>(2)(3)</sup> | 635 | (13895) |  | 14530 |  | 3417 | 11113 | 23.50% | 0.08 |  |  |  |  |  |  |  |  |  |  |
| Purchase accounting step-<br>up and intangible asset <br>amortization<sup>(4)</sup><br>| 9180 | (5200) |  | 14380 |  | 4138 | 10242 | 28.80% | 0.08 |  |  |  |  |  |  |  |  |  |  |
| Discrete items<sup>(5)(6)(7)</sup> | 121 | (31412) |  | 31533 | 13064 | 8609 | 35988 | 19.30% | 0.27 |  |  |  |  |  |  |  |  |  |  |
| Merger transaction costs<sup>(8)</sup> |  | (41197) |  | 41197 |  | 9534 | 31663 | 23.10% | 0.24 |  |  |  |  |  |  |  |  |  |  |
| Merger termination <br>payment<sup>(9)</sup><br>|  |  |  |  | (266000) | (60957) | (205043) | 22.90% | (1.57) |  |  |  |  |  |  |  |  |  |  |
| Discrete tax items<sup>(10)</sup> |  |  |  |  |  | (24860) | 24860 | —% | 0.19 |  |  |  |  |  |  |  |  |  |  |
| Loss on asbestos <br>divestiture<sup>(11)</sup><br>|  |  | (140092) | 140092 |  | 2644 | 137448 | 1.90% | 1.05 |  |  |  |  |  |  |  |  |  |  |
| Below-the-line foreign <br>exchange impacts<sup>(12)</sup><br>|  |  |  |  | 43893 | 4821 | 39072 | 11.00% | 0.30 |  |  |  |  |  |  |  |  |  |  |
| **Adjusted** | **$1646033** | **$966801** | **$—** | **$699911** | **$(13380)** | **$116629** | **$476158** | **18.90%** | **3.64** |  |  |  |  |  |  |  |  |  |  |
| *Adjusted as a percent* <br>*of sales*<br>| 34.8% | 20.4% | —% | 14.8% | (0.3%) | 2.5% | 10.1% |  |  |  |  |  |  |  |  |  |  |  |  |
| **Adjusted Net** <br>**Earnings (Loss)**<br>| **476158** <sup>(a)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Operating cash flow | 505884 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Less: Capital expenditures | (70927) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Free cash ﬂow** | **$434957**<sup>(b)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **As adjusted free cash ﬂow** <br>**conversion rate (b)/(a)**<br>| **91%** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

**<u>Notes:</u>**

Note: Amounts may not calculate due to rounding.

---

| | | |
|:---|:---|:---|
| **84** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

---

**ANNEX I: RECONCILIATION OF REPORTED RESULTS TO NON-GAAP FINANCIAL MEASURES**

(1)Charges represent realignment costs incurred as a result of realignment programs of which $5,300 is non-cash and net of a $6,888 gain

associated with the divestiture of a pump product line.

(2)Charge represents $12,790 of acquisition and integration related costs associated with the MOGAS acquisition.

(3)Charge represents $1,740 of costs associated with merger and acquisition activity.

(4)Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the

MOGAS acquisition.

(5)Charge represents non-cash share-based compensation expense associated with a one-time discretionary restricted stock grant, subject to

three-year cliff vesting, provided to certain employees in conjunction with the freeze of our U.S. Qualified pension plan.

(6)Charge includes $5,141 for a non-cash pension settlement accounting loss incurred in conjunction with the freeze of our U.S. Qualified

pension plan and $7,923 for a non-cash pension settlement accounting loss incurred in conjunction with a United Kingdom based pension

plan.

(7)Charge of $30,100 represents the Q3 2025 non-cash adjustment to our estimated liability for incurred by not reported asbestos claims

based on an annual actuarial study.

(8)Charge represents transaction costs incurred associated with the terminated Chart Industries merger.

(9)Amount represents the Chart Industries merger termination fee paid to Flowserve.

(10)Amount represents a one-time tax charge related to enactment of the One Big Beautiful Bill Act during Q3 2025.

(11)Charge represents the one-time loss associated with the divestiture of our asbestos-related assets and liabilities including $199,000 of cash

funded to the divested entity and $8,335 of transaction costs incurred.

(12)Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the

remeasurement of assets and liabilities that are denominated in a currency other than a site's respective functional currency.

---

| | | |
|:---|:---|:---|
| **2026 PROXY STATEMENT** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **85** |

---

**ANNEX I: RECONCILIATION OF REPORTED RESULTS TO NON-GAAP FINANCIAL MEASURES**

**Reconciliation of Non-GAAP Measures (Unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Twelve Months Ended** <br>**December 31, 2024** | **Gross Profit** | **Selling,**<br>**General &**<br>**Administrative**<br>**Expense** | **Loss on**<br>**Sale of**<br>**Business** | **Operating**<br>**Income** | **Other Income**<br>**(Expense),**<br>**Net** | **Provision**<br>**for (Benefit**<br>**From)**<br>**Income**<br>**Taxes** | **Net**<br>**Earnings**<br>**(Loss)** | **Effective**<br>**Tax Rate** | **Diluted**<br>**EPS** |  |  |  |  |  |  |  |  |  |  |
| **Twelve Months Ended** <br>**December 31, 2024** | **Gross Profit** | **Selling,**<br>**General &**<br>**Administrative**<br>**Expense** | **Loss on**<br>**Sale of**<br>**Business** | **Operating**<br>**Income** | **Other Income**<br>**(Expense),**<br>**Net** | **Provision**<br>**for (Benefit**<br>**From)**<br>**Income**<br>**Taxes** | **Net**<br>**Earnings**<br>**(Loss)** | **Effective**<br>**Tax Rate** | **Diluted**<br>**EPS** | *(Amounts in thousands* <br>*except per share data)* |  |  |  |  |  |  |  |  |  |
| **Reported** | **Gross Profit** | **Selling,**<br>**General &**<br>**Administrative**<br>**Expense** | **Loss on**<br>**Sale of**<br>**Business** | **Operating**<br>**Income** | **Other Income**<br>**(Expense),**<br>**Net** | **Provision**<br>**for (Benefit**<br>**From)**<br>**Income**<br>**Taxes** | **Net**<br>**Earnings**<br>**(Loss)** | **Effective**<br>**Tax Rate** | **Diluted**<br>**EPS** | *(Amounts in thousands* <br>*except per share data)* | **$1434246** | **$978037** | **$12981** | **$462279** | **$(12194)** | **$84929** | **$282759** | **22.0%** | **2.14** |
| *Reported as a percent* <br>*of sales*<br>| **Gross Profit** | **Selling,**<br>**General &**<br>**Administrative**<br>**Expense** | **Loss on**<br>**Sale of**<br>**Business** | **Operating**<br>**Income** | **Other Income**<br>**(Expense),**<br>**Net** | **Provision**<br>**for (Benefit**<br>**From)**<br>**Income**<br>**Taxes** | **Net**<br>**Earnings**<br>**(Loss)** | **Effective**<br>**Tax Rate** | **Diluted**<br>**EPS** | *31.5%* | *21.5%* | *0.3%* | *10.1%* | *(0.3%)* | *1.9%* | *6.2%* |  |  |  |
| Realignment charges<sup>(1)</sup> | 31576 | (4939) | (12981) | 49496 |  | 4884 | 44612 | 9.90% | 0.34 |  |  |  |  |  |  |  |  |  |  |
| Discrete items<sup>(2)(3)(4)</sup> | 2700 | (7500) |  | 10200 |  | 2869 | 7331 | 28.10% | 0.06 |  |  |  |  |  |  |  |  |  |  |
| Acquisition related<sup>(5)</sup> |  | (9944) |  | 9944 |  | 2340 | 7604 | 23.50% | 0.06 |  |  |  |  |  |  |  |  |  |  |
| Discrete asset <br>write downs<sup>(6)(7)</sup><br>|  | (1795) |  | 1795 | 3567 | 1342 | 4020 | 25.00% | 0.03 |  |  |  |  |  |  |  |  |  |  |
| Purchase accounting <br>step up and intangible <br>asset amortization<sup>(8)</sup><br>| 3067 | (1033) |  | 4100 |  | 1300 | 2800 | 31.70% | 0.02 |  |  |  |  |  |  |  |  |  |  |
| Below-the-line foreign <br>exchange impacts<sup>(9)</sup><br>|  |  |  |  | (2302) | (1912) | (390) | 83.10% |  |  |  |  |  |  |  |  |  |  |  |
| **Adjusted** | **$1471589** | **$952826** | **$—** | **$537814** | **$(10929)** | **$95752** | **$348736** | **20.70%** | **$2.63** |  |  |  |  |  |  |  |  |  |  |
| *Adjusted as a percent* <br>*of sales*<br>| *32.3%* | *20.9%* | *—%* | *11.8%* | *(0.2%)* | *2.1%* | *7.7%* |  |  |  |  |  |  |  |  |  |  |  |  |
| **Adjusted Net** <br>**Earnings (Loss)**<br>| **$348736**<sup>(a)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Operating cash flow | 425308 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Less: Capital expenditures | (81019) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Free cash ﬂow** | **$344289**<sup>(b)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **As adjusted free** <br>**cash ﬂow conversion** <br>**rate (b)/(a)**<br>| **99%** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

**<u>Notes:</u>**

Note: Amounts may not calculate due to rounding.

(1)Charges represent realignment costs incurred as a result of realignment programs of which $33,700 is non-cash.

(2)Charge represents a further expense of $2,000 associated with our ongoing financial exposure in Russia that were adjusted for Non-GAAP

measures when established in 2022.

(3)Charge represents a one-time $5,000 discretionary cash transition benefit provided to certain employees in conjunction with the freeze of

our U.S. Qualified pension plan.

(4)Charge represents the $7,200 strategic acquisition of intellectual property related to certain liquefied natural gas technology.

(5)Charge represents acquisition and integration related costs associated with the MOGAS acquisition.

(6)Charge represents a $1,795 non-cash write-down of a software asset.

(7)Charge represents a $3,567 non-cash write-down of a debt investment.

(8)Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the

MOGAS acquisition.

(9)Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the

remeasurement of assets and liabilities that are denominated in a currency other than a site's respective functional currency.

This Proxy Statement includes references to adjusted operating income, which is a "non-GAAP financial measure" as

defined in the Securities Exchange Act of 1934, as amended. Adjusted operating income is calculated as operating

income, plus certain realignment charges, discrete asset write-downs, and acquisition-related expenses. Management

believes this measure presents to our investors an additional useful comparison between current results and results in

prior operating periods and provides investors with a clearer view of the underlying trends of the business and that

accordingly it should be utilized as a performance measure under the Company's executive compensation plans. This

non-GAAP financial measure, which may be inconsistent with similarly captioned measures presented by other

companies, should be viewed in addition to, and not as a substitute for, the Company's reported results prepared in

accordance with GAAP.

---

| | | |
|:---|:---|:---|
| **86** | ![07_FLS_logo.jpg](fls-20260331_g1.jpg)<br>| **2026 PROXY STATEMENT** |

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**ANNEX II:**

**2025-2027 PEER PERFORMANCE GROUP**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1 | 3M Company | 28 | Generac Holdings Inc | 54 | Paycom Software, Inc. |
| 2 | A. O. Smith Corp | 29 | General Dynamics Corporation | 55 | Pentair Ltd |
| 3 | Allegion plc | 30 | General Electric Company | 56 | Quanta Services, Inc. |
| 4 | AMETEK, Inc | 31 | Honeywell International Inc. | 57 | Republic Services, Inc. |
| 5 | Automatic Data Processing, Inc. | 32 | Howmet Aerospace Inc. | 58 | Robert Half Inc. |
| 6 | Axon Enterprise, Inc. | 33 | Hubbell Incorporate | 59 | Rockwell Automation, Inc. <br>Rollins, Inc.<br>|
| 7 | Broadridge Financial Solutions, Inc. | 34 | Huntington Ingalls Industries, Inc. | 60 | Rollins, Inc. |
| 8 | Builders FirstSource, Inc. | 35 | IDEX Corporation | 61 | RTX Corporation  |
| 9 | C.H. Robinson Worldwide, Inc. | 36 | Illinois Tool Works Inc. | 62 | Snap-on Incorporated |
| 10 | Carrier Global Corporation | 37 | Ingersoll Rand Inc. | 63 | Southwest Airlines Co.  |
| 11 | Caterpillar Inc. | 38 | J.B. Hunt Transport Services, Inc. | 64 | Stanley Black & Decker, Inc.  |
| 12 | Ceridian HCM Holding Inc. | 39 | Jacobs Solutions Inc. | 65 | Textron Inc. |
| 13 | Cintas Corporation | 40 | Johnson Controls International  | 66 | The Boeing Company  |
| 14 | Copart, Inc. | 41 | L3Harris Technologies, Inc. | 67 | Trane Technologies plc |
| 15 | CSX Corporation | 42 | Leidos Holdings, Inc. | 68 | TransDigm Group Incorporated |
| 16 | Cummins Inc. | 43 | Lennox International Inc. | 69 | Uber Technologies, Inc. |
| 17 | Deere & Company | 44 | Lockheed Martin Corporation | 70 | Union Pacific Corporation |
| 18 | Delta Air Lines, Inc. | 45 | Masco Corporation | 71 | United Airlines Holdings, Inc.  |
| 19 | Dover Corporation | 46 | Nordson Corporation | 72 | United Parcel Service, Inc.  |
| 20 | Eaton Corporation plc | 47 | Norfolk Southern Corporation | 73 | United Rentals, Inc. |
| 21 | Emerson Electric Co. | 48 | Northrop Grumman Corporation | 74 | Veralto Corporation  |
| 22 | Equifax Inc.  | 49 | Old Dominion Freight Line, Inc. | 75 | Verisk Analytics, Inc. |
| 23 | Expeditors International of <br>Washington, Inc.<br>| 50 | Otis Worldwide Corporation | 76 | W.W. Grainger, Inc.  |
| 24 | Fastenal Company | 51 | PACCAR Inc. | 77 | Waste Management, Inc. |
| 25 | FedEx Corporation | 52 | Parker-Hannifin Corporation | 78 | Westinghouse Air Brake <br>Technologies Corporation<br>|
| 26 | Fortive Corporation | 53 | Paychex, Inc. | 79 | Xylem Inc. |
| 27 | GE Vernova Inc. |  |  |  |  |

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