Document:

exv10w67

 

EXHIBIT
10.67

AMENDMENT

TO

FLOWSERVE CORPORATION

AMENDED AND RESTATED DIRECTOR CASH DEFERRAL PLAN

1. Preamble. Flowserve Corporation (“Flowserve”) established the Flowserve Corporation
Long-Term Incentive Plan (the “Original Plan”), which was amended and restated November 1, 1993.
Effective October 1, 2000, the Original Plan was amended and restated as two plans, the Flowserve
Long-Term Stock Incentive Plan and the Flowserve Incentive Plan. The Long-Term Cash Incentive Plan
was restated as the Amended and Restated Director Cash Deferral Plan (the “Plan”) on January 19,
2001. Since such restatement, section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), has been enacted and has become effective with respect to the Plan. The Plan will be
amended in 2006 for overall compliance with section 409A of the Code. In the interim, Question and
Answer 20 of Internal Revenue Service Notice 2005-1 permits distribution of certain amounts without
respect to the otherwise applicable limitations of section 409A. By this amendment, Flowserve
intends to accomplish amendment of the Plan to provide for such distributions. Section 9 of the
Plan permits the Organization and Compensation Committee of the Board of Directors of Flowserve to
amend the Plan.

2. Amendment. Pursuant to Section 9 of the Plan, the Plan is hereby amended by adding the
following Section 7(d) to the Plan, to follow Section 7(c) and to precede Section 8:

     “(d) 2005 DISTRIBUTION. Notwithstanding anything to the contrary in this
Plan, the entire amount credited to the unsecured Deferred Compensation Cash
accounts of former Director Robert Frazer and of current Director Diane Harris
will be distributed in full to such former Director and to such current Director
prior to December 31, 2005. Such distribution will be includible in the
reportable taxable income of such former Director and such current Director for
the taxable year 2005. This distribution is in accordance with Question and
Answer 20 of Internal Revenue Service Notice 2005-1, and shall terminate the
participation of such former Director in the Plan, and terminate the prior
deferrals. Such distribution shall be made in cash, as required by Section 7(a).”

3. Effect of Amendment. Except as amended by this First Amendment to Flowserve Corporation
Amended and Restated Director Cash Deferred Plan, the Plan, as amended and restated January 19,
2001, shall remain in full force and effect.

	 	 	 	 	 	 	 
	 	 	FLOWSERVE CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	Pension and Investment Committee
	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Blinn, Member
	 

	 	 	 	 	 	 
	Executed December 14, 2005
	 	 	 	 	 	 

1exv10w68

 

EXHIBIT
10.68

AMENDMENT

TO

THE DURIRON COMPANY, INC.

RETIREMENT COMPENSATION PLAN FOR DIRECTORS

1. Preamble. Effective January 1, 1989, Duriron Company, Inc. (“Duriron”), the predecessor
of Flowserve Corporation (“Flowserve”) established the Duriron Company, Inc. Retirement
Compensation Plan for Directors (the “Plan”). Subsequent to the Plan’s adoption, section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”), has been enacted and has become
effective with respect to the Plan. The Plan will be amended in 2006 for overall compliance with
section 409A of the Code. In the interim, Question and Answer 20 of Internal Revenue Service
Notice 2005-1 permits distribution of certain amounts without respect to the otherwise applicable
limitations of section 409A. By this amendment, Flowserve intends to accomplish amendment of the
Plan to provide for such distributions.

2. Amendment. Pursuant to Section 6 of the Plan and the delegation of the authority to
amend the Plan by Flowserve’s Board of Directors to Flowserve’s Organization and Compensation
Committee of the Board of Directors, the Plan is hereby amended by adding the following Section
4(g) to the Plan, to follow Section 4(f) and to precede Section 5:

     “(g) 2005 DISTRIBUTION. Notwithstanding anything to the contrary in this
Plan, the entire amount credited to the Accounts/accrued benefits of former
Director Robert Frazer and of current Director Diane Harris will be distributed in
full to such former Director and to such current Director prior to December 31,
2005. Such distribution will be includible in the reportable taxable income of
such former Director and such current Director for the taxable year 2005. This
distribution is in accordance with Question and Answer 20 of Internal Revenue
Service Notice 2005-1, and shall terminate the participation of such former
Director and such current Director in the Plan.”

3. Effect of Amendment. Except as amended by this Amendment to The Duriron Company, Inc.
Retirement Compensation Plan for Directors, the Plan, as previously amended on July 1, 1989, shall
remain in full force and effect.

	 	 	 	 	 	 	 
	 	 	FLOWSERVE CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	Pension and Investment Committee
	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Blinn, Member
	 

	 	 	 	 	 	 
	Executed December 14, 2005
	 	 	 	 	 	 

1exv10w69

 

EXHIBIT
10.69

AMENDMENT TO

THE DURIRON COMPANY, INC.

AMENDED AND RESTATED DIRECTOR DEFERRAL PLAN

1. Preamble. The Duriron Company, Inc., predecessor to Flowserve Corporation (the
“Flowserve”) established a Director Deferral Plan (the “Plan”). Effective July 1, 1995, the Plan
was amended and restated in the entirety. Since the most recent amendment, section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), has been enacted and has become effective
with respect to the Plan. The Plan will be amended in 2006 for overall compliance with section
409A of the Code. In the interim, Question and Answer 20 of Internal Revenue Service Notice 2005-1
permits distribution of certain amounts without respect to the otherwise applicable limitations of
section 409A. By this amendment, Flowserve intends to accomplish amendment of the Plan to provide
for such distributions. Section 9 of the Plan permits Flowserve to amend the Plan.

2. Amendment. Pursuant to Section 9 of the Plan, the Plan is hereby amended by adding the
following Section 7(d), to follow Section 7(c) and precede Section 8:

     “(d) 2005 DISTRIBUTION. Notwithstanding anything to the contrary in this
Plan, the entire amount credited to the unsecured Deferred Shares account and the
entire amount credited to the deferred cash account of former Director Robert
Frazer will be distributed in full to such former Director prior to December 31,
2005. The entire amount credited to the deferred cash account of current Director
Diane Harris will be distributed in full to such Director prior to December 31,
2005. Such distributions will be includible in the reportable taxable income of
such former Director and such current Director for the taxable year 2005. This
distribution is in accordance with Question and Answer 20 of Internal Revenue
Service Notice 2005-1, shall terminate the participation of such former Director
in the Plan, and shall terminate such deferrals for such current Director. Such
distributions shall be made in cash or kind, as applicable.”

3. Effect of Amendment. Except as amended by this current Amendment to The Duriron
Company, Inc. Amended and Restated Director Deferral Plan, the Plan, as heretofore amended, shall
remain in full force and effect.

	 	 	 	 	 	 	 
	 	 	FLOWSERVE CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	Pension and Investment
Committee
	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Blinn, Member
	 

	 	 	 	 	 	 
	Executed December 14, 2005
	 	 	 	 	 	 

1exv10w70

 

EXHIBIT
10.70

AMENDMENT

TO

FLOWSERVE CORPORATION

DEFERRED COMPENSATION PLAN

1. Preamble. Flowserve Corporation (“Flowserve”) established a deferred compensation plan,
most recently amended and restated as the Flowserve Deferred Compensation Plan (the “Plan”)
effective June 1, 2000. Since such restatement, section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”), has been enacted and has become effective with respect to the Plan. The
Plan will be amended in 2006 for overall compliance with section 409A of the Code. In the interim,
Question and Answer 20 of Internal Revenue Service Notice 2005-1 permits distribution of certain
amounts without respect to the otherwise applicable limitations of section 409A. By this
amendment, Flowserve intends to accomplish amendment of the Plan to provide for such distributions.
Section 9.01 of the Plan permits the Organization and Compensation Committee of the Board of
Directors of Flowserve to amend the Plan.

2. Amendment. Pursuant to Section 9 of the Plan, the Plan is hereby amended by adding the
following Section 7.09 to the Plan, to follow Section 7.08 and to precede Article VIII:

     “SECTION 7.09 2005 DISTRIBUTION. Notwithstanding anything to the contrary in
this Plan, the entire amount credited to the Deferral Account of each of former
employee Participant William Jordan and current employee Ronald F. Shuff will be
distributed in full to such Plan Participants prior to December 31, 2005. Such
distribution will be includible in the reportable taxable income of such
Participants for the taxable year 2005. This distribution is in accordance with
Question and Answer 20 of Internal Revenue Service Notice 2005-1, and shall
terminate the participation of such former employee Participant William Jordan in
the entirety and shall terminate the deferrals of current employee Ronald F. Shuff
solely with respect to such amounts. Such distributions shall be made in a single
lump sum in cash to each such Participant, as required under Section 7.01.”

3. Effect of Amendment. Except as amended by this First Amendment to Flowserve Corporation
Deferred Compensation Plan, the Plan, as amended effective June 1, 2000, shall remain in full force
and effect.

	 	 	 	 	 	 	 
	 	 	FLOWSERVE CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	Pension and Investment Committee
	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Blinn, Member
	 

	 	 	 	 	 	 
	Executed December 14, 2005
	 	 	 	 	 	 

1

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