Document:

Exhibit

EXHIBIT 10.14

FLOWSERVE CORPORATION 
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Amended and Restated Effective as of November 2, 2018
The Flowserve Corporation Supplemental Executive Retirement Plan, as amended and restated effective as of November 2, 2018, (the “Plan”) is set forth below. The Plan is sponsored by Flowserve Corporation for certain eligible officers and is exempt from the participation, vesting, funding and fiduciary requirements of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
ARTICLE I
PURPOSE

		
	1.1.
	Purpose of the Plan. The primary purpose of the Company in establishing this Plan is to provide additional retirement benefits to Eligible Executive Officers.

1.2.Effective Date.  The Plan, which is effective November 2, 2018, is an amendment and restatement of the Flowserve Corporation Senior Supplemental Executive Retirement Plan, which was most recently amended and restated effective November 12, 2007 (the “Prior Plan”).  The Plan shall apply generally to any Participant who did not terminate employment prior to November 2, 2018.  Except as otherwise provided herein, any Eligible Executive Officer who is a Participant and who terminated employment prior to November 2, 20018, shall be entitled to those benefits, if any, provided by the Prior Plan, as modified, where appropriate, to comply with the requirements of Section 409A of the Code and the guidance issued thereunder as then in effect. 

ARTICLE II
DEFINITIONS

		
	2.1.
	Definitions. Whenever used in the Plan, the following terms shall have the respective meanings set forth below:

(a)“Beneficiary” means one or more persons, trusts, estates or other entities, designated in accordance with the procedures established by the Committee, that are entitled to receive benefits under this Plan upon the death of a Participant.

(b)“Board” or “Board of Directors” means the Board of Directors of the Company.

(c)“Change in Control” shall mean the occurrence of any of the following:

(i)    On the date any “Person” (as defined in subparagraph (v) below) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person) ownership of stock of the Company possessing thirty percent (30%) or more of the total voting power of the stock of the Company (the “Voting Stock”); other than an acquisition (1) directly from the Company; (2) by the Company or any corporation, partnership, trust or other entity controlled by the Company (a “Subsidiary”); (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary; (4) any acquisition by any corporation pursuant to a reorganization, merger or consolidation, if, following such reorganization, merger or consolidation, the conditions described in subparagraph (iii)(1) and (2) are satisfied; or (5) by any Person who is considered to own stock of the Company constituting thirty percent (30%) or more of the Voting Stock immediately prior to such additional acquisition.  Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired ownership of stock of the Company possessing thirty percent (30%) or more of the Voting Stock as a result of the acquisition of the Voting Stock, which, by reducing the number of shares of Voting Stock, increases the proportional number of shares owned by the Subject Person; provided, however, that if following such acquisition of shares of Voting Stock by the Company, the Subject Person acquires additional Voting Stock which increases the percentage ownership of the Subject Person to an amount that would constitute thirty percent (30%) of the then outstanding Voting Stock (excluding any shares of Voting Stock previously acquired by the Company), then a Change in Control shall then be deemed to have occurred; or

Flowserve Corporation Supplemental Executive Retirement Plan
Amended and Restated Effective November 2, 2018

EXHIBIT 10.14

FLOWSERVE CORPORATION 
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(ii)    On the date a majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the Board before the date of the appointment or election; provided, however, that any such director shall not be considered to be endorsed by the Board if his or her initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation; or
(iii)    On the date of consummation of a reorganization, merger, or consolidation, in each case, immediately following which a Person owns stock of the Company that, together with stock held by such Person prior to such reorganization, merger or consolidation, constitutes more than fifty percent (50%) of the total fair market value of the Company; unless, following such reorganization, merger or consolidation: (1) more than fifty percent (50%) of the then outstanding Voting Stock is owned, directly or indirectly, by all or substantially all of the individuals and entities who were the owners of the Voting Stock immediately prior to such reorganization, merger or consolidation, in substantially the same proportions as their ownership immediately prior to such reorganization, merger or consolidation; or (2) (A)  officers of the Company as of the effective date of such reorganization, merger or consolidation constitute at least three-quarters (3/4) of the officers of the ultimate parent company of the corporation resulting from such reorganization, merger or consolidation; (B) elected members of the Board as of the effective date of such reorganization, merger or consolidation constitute at least three quarters (3/4) of the board of directors of the ultimate parent company of the corporation resulting from such reorganization, merger or consolidation; and (C) the positions of Chairman of the board of directors, the Chief Executive Officer and the President of the corporation resulting from such reorganization, merger or consolidation are held by individuals with the same positions at the Company as of the effective date of such reorganization, merger or consolidation.
(iv)    On the date any Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions, unless such assets have been acquired by a corporation with respect to which, following such acquisition, (a) more than fifty percent (50%) of, respectively, the then outstanding shares of stock of such corporation and the combined voting power of the then outstanding voting stock of such corporation (or any parent thereof) entitled to vote generally in the election of directors is then owned, directly or indirectly, by all or substantially all of the individuals and entities who were the owners, respectively, of outstanding stock of the Company and the Voting Stock immediate prior to such acquisition, in substantially the same proportions as their ownership immediately prior to such acquisition; (b) no Person (excluding the Company and any employee benefit plan (or related trust) of the Company or a Subsidiary or any Person owning immediately prior to such acquisition, directly or indirectly, twenty percent (20%) or more of all of the outstanding shares of stock of the Company or the Voting Stock, owns, directly or indirectly, twenty percent (20%) or more of all of the then outstanding stock of such corporation or the combined voting power of the then outstanding voting stock of such corporation (or any parent thereof) entitled to vote generally in the election of directors and (c) at least two-thirds (2/3) of the members of the board of directors of such corporation (or any parent thereof) were members of the Company’s Board at the time of the execution of the initial agreement or action of the Board providing for such acquisition of the Company’s assets.  For purposes of this subparagraph (iv), gross fair market value means the value of the assets of the Company or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.  Notwithstanding the foregoing, no Change in Control shall be deemed to occur when there is such a sale or transfer to (1) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s then outstanding stock; (2) an entity, at least fifty percent (50%) of the total value or voting power of the stock of which is owned, directly or indirectly, by the Company; (3) a Person that owns directly or indirectly, at least 50% of the total value or voting power of the outstanding stock of the Company; or (4) an entity, at least fifty percent (50%) of the total value or voting power of the stock of which is owned, directly or indirectly, by a Person that owns, directly or indirectly, at least fifty percent (50%) of the total value or voting power of the outstanding stock of the Company.  For purposes of the foregoing, a Person’s status is determined immediately after the asset transfer.

Flowserve Corporation Supplemental Executive Retirement Plan
Amended and Restated Effective November 2, 2018

EXHIBIT 10.14

FLOWSERVE CORPORATION 
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(v)    For purposes of subparagraphs (i), (ii), (iii) and (iv) above, “Person” shall have the meaning given in Section 7701(a)(1) of the Code.  Person shall include more than one Person acting as a group as defined by the Final Treasury Regulations issued under Section 409A of the Code.
		
	(d)
	“Code” means the Internal Revenue Code of 1986, as amended, and any successor provision thereto.

		
	(e)
	 “Committee” means the Organization & Compensation Committee of the Board of Directors of the Company.

		
	(f)
	“Company” means Flowserve Corporation and any subsidiary participating in the Qualified Plan.

		
	(g)
	“Compensation” means base salary plus annual incentive pay.

		
	(h)
	“Effective Date” means November 2, 2018, the effective date of the Plan as amended and restated.  

		
	(i)
	“Eligible Executive Officer” means any person who is (i) a Participant in the Qualified Plan;(ii) an Executive Officer of the Company or an employee who is not an Executive Officer of the Company but who was a Participant in this Plan on November 1, 2018; and (iii) designated by the Committee to participate in the Plan.

		
	(j)
	“Participant” means any Eligible Executive Officer who is designed by the Committee as a Participant in this Plan.

(k)“Predecessor Plan” means either the Flowserve Corporation Benefit Equalization Pension Plan (Flowserve Equalization Plan) or the BW/IP International Supplemental Executive Retirement Plan (BW/IP SERP).

(l)“Qualified Plan” means the Flowserve Corporation Pension Plan, as amended from time to time, or any successor to this Plan, and any other qualified pension plan that may be designated by the Committee.

(m)“Separation from Service” means a Participant dies, retires, or otherwise suffers a termination of employment, as determined in accordance with the requirements of Section 409A of the Code and the final regulations issued thereunder.  For purposes of the Plan, a Participant shall not be considered to have separated from service while the Participant is on military leave, sick leave or other bona fide leave of absence if the period of such leave of absence does not exceed six months, or, if longer, so long as the Participant retains the right to reemployment with the Company or its subsidiaries under an applicable statute or by contract. A leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Company or any of its subsidiaries. If the period of leave exceeds six months and the Participant does not retain a right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period.  Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the Participant to be unable to perform the duties of his or her position of employment or any substantially similar position of employment, a 29-month period of absence shall be substituted for the six-month period in the immediately preceding sentence. 

Any other term used in this Plan which is defined in the Qualified Plan shall have the meaning set forth therein.

ARTICLE III
PARTICIPATION

3.1.Participation. An employee shall become a Participant as of the first day of the calendar month coincident with or next following the date he or she first becomes an Eligible Executive Officer (the “Entry Date”), provided that he or she remains a member of the select group of officers for whom this Plan is designed through his or her Entry Date.

Flowserve Corporation Supplemental Executive Retirement Plan
Amended and Restated Effective November 2, 2018

EXHIBIT 10.14

FLOWSERVE CORPORATION 
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

ARTICLE IV
BENEFITS FOR PARTICIPANTS

4.1.Eligibility.  A Participant or the Beneficiary of a Participant shall be eligible to receive benefits under this Plan; provided, however, the Company may in its discretion restrict on a prospective basis the classification of persons who are eligible to receive benefits under this Plan.

4.2.Amount of Benefits. Each Eligible Executive Officer shall have a cash balance account.  The cash balance account is a bookkeeping account that the Company uses to record an Eligible Executive Officer’s opening cash balance account, contribution credits and interest credits earned under the Plan and is not in an actual account having Plan assets allocated to it.

		
	(a)
	Contribution Credits. The Company adds annual contribution credits equal to 5% of Compensation.  

		
	(b)
	Interest Credits. The Company adds interest credits based upon the Eligible Executive Officer’s beginning of quarter cash balance account plus 50% of Company contribution credits (other than any discretionary company contribution credits made pursuant to Section 4.3) for the quarter at the interest rate for interest credits under the Qualified Plan.

4.3.Discretionary Company Contribution.  In addition to the company contribution credits made pursuant to Section 4.2(a) above, the Company, in its sole and absolute discretion, may, but is not required to, credit any additional amount it desires to any Participant’s account under this Plan.  The amount so credited to a Participant may be smaller or larger than the amount credited to any other Participant for a plan year, and the amount credited to any Participant for a plan year may be zero, even though one or more other Participants may receive a contribution from the Company for that plan year; provided, however, the Company shall determine the amount credited to each Participant in a manner that does not violate any applicable nondiscrimination law.  Any discretionary contribution made in accordance with this Section 4.3, if any, shall be credited on a date or dates to be determined by the Committee, in its sole discretion.

4.4.Transitional Benefit.  For each Eligible Executive Officer who was in employment and eligible to participate in the Plan on July 1, 1999 but before May 16, 2007, his or her opening cash balance account was determined as follows:

		
	(a)
	Eligible Executive Officers with at least eighty (80) “age and credited service” points (as defined under the Qualified Plan), who were participating in a Predecessor Plan on July 1, 1999, have an opening cash balance account structured to provide a total projected age sixty-two (62) benefit approximately equal to the benefit from the Predecessor Plan, assuming actual bonus is 100% of target.

		
	(b)
	Eligible Executive Officers who were not in a defined benefit plan on July 1, 1999, have an opening cash balance account equal to 5% of 1998 compensation times years of service with the Company (including BW/IP, Inc. and Durco International, Inc.) for each year as an executive officer of the Company.

		
	(c)
	Eligible Executive Officers who commenced participation in the Plan after July 1, 1999 and prior to May 16, 2007, have an opening cash balance account equal to 5% of current Compensation times years of service with the Company (including BW/IP, Inc. and Durco International, Inc.).

4.5.Commencement and Form. Subject to the provisions of this Article IV, a Participant will receive benefits under the Plan in the form of a lump sum payment on the date of his or her Separation from Service or as soon as administratively practicable thereafter.  Notwithstanding the foregoing or any other provision of this Plan to the contrary, if a Participant who is entitled to payments under this Plan is a “specified employee”, as defined in Section 1.409A-1(i) of the final regulations issued under Section 409A of the Code, any payment under this Plan shall be made in a lump sum on the date which is six (6) months following the date of the Participant’s Separation from Service, or if earlier, on the date of the Participant’s death.  All payments that are delayed for six (6) months as provided in this Section 4.5 shall continue to accrue interest credits under Section 4.2 for the period from the Participant’s Separation from Service until the date such payment is actually made.

Flowserve Corporation Supplemental Executive Retirement Plan
Amended and Restated Effective November 2, 2018

EXHIBIT 10.14

FLOWSERVE CORPORATION 
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

ARTICLE IV
BENEFITS FOR PARTICIPANTS

5.1.Vesting Schedule.  A Participant shall be vested in one-third of his or her accrued benefits under this Plan for each full year of participation in this Plan for his or her first three (3) years of participation.   After three (3) full years of participation in the Plan, a Participant shall be 100% vested in all future benefits accrued under this Plan.  If a Participant ceases to be eligible for this Plan prior to his or her third (3rd) full year of participation, he or she shall not receive vesting credit for purposes of this Plan for any period of ineligibility.  If a Participant becomes eligible to participate in this Plan again following a period of ineligibility, he or she will receive credit for his or her prior full years of participation in the Plan.  No vesting credit shall be given for partial years of participation.

5.2.Change in Control Vesting.  In the event of a Change in Control, the Eligible Executive Officer shall immediately be fully vested in his or her benefit under the Plan.

ARTICLE VI
ADMINISTRATION

6.1.Administration. The Committee shall be responsible for the general administration of the Plan and the carrying out of the provisions thereof, and shall have all rights and powers required in connection therewith, including the right to establish rules for the administration of the Plan and the methods to be used in calculating benefits.  The Committee shall have the discretionary power and authority to interpret and administer the Plan according to its terms, including the power to construe and interpret the Plan, to supply any omissions therein, to reconcile and correct any errors or inconsistencies, to decide any questions in the administration and application of the Plan, and to make equitable adjustments for any mistakes or errors in the administration and application of the Plan.  The Committee shall have such additional powers as may be necessary to discharge its duties and responsibilities hereunder.

6.2.Application for Benefits. The Committee shall determine a Participant’s or Beneficiary’s eligibility for benefits. Each Participant or Beneficiary claiming a benefit under the Plan shall complete an application form and file it with the Committee or an administrator designated by the Committee.  The Committee shall take action on all applications for benefits within ninety (90) days of receipt.  If an application is approved, the Committee shall determine, or cause to be determined, the applicant’s benefits under the Plan.

6.3.Claims Procedure. If an application for benefits is denied or benefits are forfeited, in whole or in part, the following claims procedure shall be applicable:

		
	(a)
	The Committee will provide the claimant with a written notice of denial, setting forth (i) an explanation as to why the claim was denied or benefit forfeited, (ii) the provisions of the Plan upon which the denial or forfeiture was based, and (iii) an explanation of the Plan’s claims procedure.  If the Committee does not deny a claim on its merits, but rejects the application for failure to furnish certain necessary material or information, the written notice to the claimant will explain what additional material is needed and why, and advise the claimant that he or she may refile a proper application.

		
	(b)
	Within sixty (60) days after the receipt of the Committee’s notice of denial or forfeiture, the claimant must file a written notice of appeal of the denial or forfeiture of benefits with the Committee.  In addition, within such appeal period, the claimant may review pertinent documents at such reasonable times and places as the Committee may specify and may submit any additional written material pertinent to the appeal, and the claimant shall be entitled to appear before the Committee to present his or her claim.

		
	(c)
	The Committee will make a written decision on the appeal not later than sixty (60) days after its receipt of the notice of appeal, unless special circumstances require an extension of time, in which case a decision will be given as soon as possible, but not later than one hundred-twenty (120) days after receipt of the notice of appeal.  The decision on the appeal will be in writing and shall include specific reasons for the decision, making specific reference to the provisions of the Plan upon which the decision was based.

Flowserve Corporation Supplemental Executive Retirement Plan
Amended and Restated Effective November 2, 2018

EXHIBIT 10.14

FLOWSERVE CORPORATION 
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

In the event the Committee fails to take any action on the claimant’s initial application for benefits within ninety (90) days after receipt, the application will be deemed denied, and the applicant’s appeal rights under this Section 6.3 will be in effect as of the end of such period.
ARTICLE VII
FINANCING

7.1.Financing of Benefits.      No Participant shall be required or permitted to make any contribution under the Plan.  The Company may provide security for payment of benefits using any method approved by the Committee for this purpose that is subject to the claims of the Company’s general unsecured creditors.  As an alternative to and notwithstanding the above, the Company may elect to directly pay such benefits to a Participant, subject to the approval of the Committee.  For a Participant terminating employment as a result of a Change in Control, vested benefits shall be funded in such manner as shall be determined by the Committee, provided that at all times such funding method shall be subject to the claims of the Company’s general unsecured creditors.

7.2.Unsecured General Creditor.  Notwithstanding anything to the contrary contained herein, no Participant or Beneficiary (or any of their heirs, successors, or assigns) shall have any legal or equitable rights, interests or claims in any property or assets of the Company or its subsidiaries.  For purposes of the payment of benefits under this Plan, any and all assets of the Company and its subsidiaries shall be, and shall remain, the general, unpledged, unrestricted assets of the Company and its subsidiaries, as applicable.  The Company and its subsidiaries obligations under this Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.

ARTICLE VIII
GENERAL PROVISIONS

8.1.Non-Alienation of Benefits. No benefit which shall be payable under this Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, garnishment, encumbrance, or charge by a Participant, Beneficiary or survivor or anyone claiming under any of them except pursuant to a “Qualified Domestic Relations Order”, as such term is defined under ERISA.  If a Participant, Beneficiary or survivor or anyone claiming under any of them shall attempt to or shall subject in any manner any benefit which shall be payable under this Plan to anticipation, alienation, sale, transfer, assignment, pledge, garnishment, encumbrance, or charge, his or her interest in any such benefit shall terminate and the Committee shall hold or apply it to or for the benefit of such person, his or her spouse, children or other dependents, or any of them as the Committee may decide.  

8.2.Incompetency. Every person receiving or claiming benefits under the Plan shall be conclusively presumed to be mentally competent and of age until the Committee receives written notice, in a form and manner acceptable to it, that such person is incompetent, and that a guardian, conservator, statutory committee, or other person legally vested with the care of his or her estate has been appointed. In the event that the Committee finds that any person to whom a benefit is payable under the Plan is unable to properly care for his or her affairs, then any payment due (unless a prior claim therefore shall have been made by a duly appointed legal representative) may be paid to the spouse, a child, a parent, or a brother or sister, or to any person deemed by the Committee to have incurred expense for such person otherwise entitled to payment.  In the event a guardian or conservator or statutory committee of the estate of any person receiving or claiming benefits under the Plan shall be appointed by a court of competent jurisdiction, payment shall be made to such guardian or conservator or statutory committee, provided that proper proof of appointment is furnished in a form and manner suitable to the Committee. Any payment made under the provision of this Section 8.2 shall be a complete discharge of liability therefore under the Plan.

8.3.Employment Rights. The establishment of the Plan shall not be construed as conferring any legal rights upon any Eligible Executive Officer or any other person for a continuation of employment, nor shall it interfere with the rights of the Company to discharge any person or to treat him or her without regard to the effect which such treatment might have upon him or her as a person covered by this Plan.

Flowserve Corporation Supplemental Executive Retirement Plan
Amended and Restated Effective November 2, 2018

EXHIBIT 10.14

FLOWSERVE CORPORATION 
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

8.4.Notices. Any notice required or permitted to be given hereunder to an Eligible Executive Officer, a Participant or Beneficiary will be properly given if delivered or mailed, postage prepaid, to the Eligible Executive Officer or Beneficiary at the last post office address as shown on the Company’s records.  Any notice to the Company shall be properly given or filed if delivered or mailed, postage prepaid, to the Corporate Secretary of the Company at its principal place of business.

8.5.Waiver of Notice. Any notice required hereunder may be waived by the person entitled thereto.

8.6.Action by Company. Any action required or permitted to be taken hereunder by the Company shall be taken by the Committee, or by any person or persons or committee otherwise authorized by its Board of Directors.

8.7.Uniform Rules. In administrating the Plan, the Committee will apply uniform rules to all Eligible Executive Officers similarly situated.

8.8.Notice of Address. Any payment to a Participant, or in case of his or her death to his or her Beneficiary or survivor, at the last known post office address of the distributee on file with the Company, shall constitute a complete acquittance and discharge to the Company with respect thereto unless the Company shall have received prior written notice of any change in the condition, status or location of the distributee.  The Company shall have no duty or obligation to search for or ascertain the whereabouts of any Eligible Executive Officer or Beneficiary.

8.9.Record. The records of the Company with respect to the Plan shall be conclusive on all Eligible Executive Officers, beneficiaries and survivors, and all other persons whomsoever.

8.10.No Individual Liability. It is declared to be the express purpose and intention of the Plan that no liability whatever shall attach to or be incurred by the shareholders, officers, or directors of the Company, or any representatives appointed hereunder by the Company, under or by reason of any of the terms or conditions of the Plan.

8.11.Illegality of Particular Provision. If any particular provision of this Plan shall be found to be illegal or unenforceable, such provision shall not affect the other provisions thereof, but the Plan shall be construed in all respects as if such invalid provision were omitted.

8.12.Status of Plan.  The Plan is intended to be a plan that is not qualified within the meaning of Section 401(a) of the Code and that “is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1), and as such it is intended that the Plan be exempt from the participation, vesting, funding, and fiduciary responsibility requirements of Title I of ERISA.  This Plan is also intended to qualify for simplified reporting under U.S. Department of Labor Regulation Section 2530.104-23, which provides for an alternative method of compliance for plans described in such regulation.  The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent.

8.13.Tax Withholding.  The Company and its subsidiaries shall have the right to deduct from all amounts paid in cash or other form under this Plan any Federal, state, local or other taxes required by law to be withheld. 

ARTICLE IX
AMENDMENT AND TERMINATION

9.1.Amendment and Termination. The Company expects the Plan to be permanent, but since future conditions affecting the Company cannot be anticipated or foreseen, the Company must necessarily and does hereby reserve the right to amend or terminate the Plan at any time by action of its Board of Directors, provided, however, that no amendment or termination may change the time and form of payment to be made under the provisions of the Plan as in effect before such amendment or termination, except as otherwise permitted under Section 409A of the Code and the regulations issued thereunder.  Notwithstanding any of the foregoing provisions of this Section 9.1 or any other terms and conditions of the Plan to the contrary, the Committee reserves the right, in its sole discretion, to amend the Plan in any manner it deems necessary or desirable in order to comply with or otherwise address issues resulting from Section 409A of the Code.

Flowserve Corporation Supplemental Executive Retirement Plan
Amended and Restated Effective November 2, 2018

EXHIBIT 10.14

FLOWSERVE CORPORATION 
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

9.2.Contingencies Affecting the Company. In the event of a merger or consolidation of the Company, or the transfer of substantially all of the assets of the Company to another corporation, such successor corporation shall be substituted for the Company under the terms and provisions of the Plan.

9.3.Protected Benefits. If the Plan is amended or terminated, the full benefits payable to each retired Eligible Executive Officer, Beneficiary or survivor shall not be reduced.  A Participant who is in active service at the time of Plan amendment or termination shall be entitled to no less than the benefits he or she has accrued under the Plan to the date of such amendment or termination.  The time and manner of payment of benefits subsequent to such date shall remain subject to the terms and conditions of the Plan, as they may have been amended.  Subject to the foregoing provision, the Eligible Executive Officer shall have a contractual right to all benefits applicable to him or her under the Plan.  

9.4.Reimbursement of Legal Fees and Expenses.  In the event that a Participant brings a legal action after a “Change in Control” as defined in Section 2.l(c) to enforce any of his or her rights hereunder, the Company shall reimburse the Eligible Executive Officer for his or her actual documented legal fees and expenses in bringing such action, provided that (i) such action is based upon an actual bona fide claim for damages under applicable law, as determined by the Committee based on the facts and circumstances and in accordance with the requirements of Section 409A of the Code (and the regulations issued thereunder); (ii) the Participant provides written documentation to the Company of such legal fees and expenses no later than one hundred eight (180) days following the close of the taxable year in which such expenses were incurred; and (iii) it is judicially determined that such action was not frivolous or brought in bad faith.  Any reimbursement of legal fees and expenses made pursuant to the immediately preceding sentence in one taxable year shall not affect the legal fees and expenses eligible for reimbursement pursuant to this Section 9.4 in any other taxable year.  Reimbursement of legal fees and expenses pursuant to this Section 9.4 shall be made by the Company no later than the last day of the Participant’s taxable year following the taxable year in which the fees or expenses were incurred.

ARTICLE X
APPLICABLE LAW
10.1.Applicable Law.  The Plan shall be governed by and construed according to the law of the State of Texas, except to the extent otherwise preempted by ERISA, or any other Federal law.

********
IN WITNESS WHEREOF, Flowserve Corporation has caused this instrument to be executed by its duly authorized officer, this 2nd day of November, 2018.
FLOWSERVE CORPORATION

/s/ Lanesha Minnix                            
                
Lanesha Minnix
Sr. Vice President and Chief Legal Officer

Flowserve Corporation Supplemental Executive Retirement Plan
Amended and Restated Effective November 2, 2018Exhibit

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

Amended and Restated Effective November 2, 2018
Article I
Introduction

Flowserve Corporation established and adopted the Flowserve Corporation Executive Officer Severance Plan (the “Plan”), effective as of January 1, 2007, to provide financial and transitional assistance to Eligible Executive Officers who separate from the Company or a Subsidiary due to a Reduction-in-Force or due to a termination of employment without Cause in order to assure the Company of the continued attention and dedication to duty of Eligible Executive Officers and to ensure the continued availability of service by Eligible Executive Officers during periods of work force reduction or reorganization.  The Plan was formerly known as the Flowserve Corporation Officer Severance Plan.  The Company previously amended and restated the Plan effective January 1, 2010, June 1, 2012, and February 14, 2017.  The Company hereby amends and restates the Plan as set forth herein effective as of November 2, 2018 (the “Effective Date”).  The Plan is intended to constitute an “employee welfare benefit plan,” as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Except as otherwise provided below, as of the Effective Date, the Plan replaces any and all severance pay plans, policies, practices, arrangements or programs, written or unwritten, that the Company may have had in effect for its Eligible Executive Officers from time to time prior to the Effective Date; any Eligible Executive Officer whose employment is terminated on or after the Effective Date shall not be entitled to any severance benefits other than those set forth herein.  Notwithstanding the foregoing, nothing in the Plan shall adversely affect the rights an individual Eligible Executive Officer may have to severance payments under the Flowserve Corporation Change in Control Severance Plan (or any successor plan thereto) (the “CIC Plan”) or any written agreement executed by and between the Company or a Subsidiary and that Eligible Executive Officer (a “Severance Agreement”), including, without limitation, any restrictive covenant agreement by and between the Company or a Subsidiary and an Eligible Executive Officer (a “Restrictive Covenant Agreement”); provided, however, that in the event any Eligible Executive Officer that is a party to a Severance Agreement or who is eligible for benefits under the CIC Plan suffers a termination of employment and is entitled to and is receiving the severance benefits intended to be provided under his or her Severance Agreement or the CIC Plan, such Eligible Executive Officer shall not be entitled to receive severance benefits pursuant to the Plan, unless such Eligible Executive Officer is entitled to severance benefits pursuant to a Restrictive Covenant Agreement, in which case, such Eligible Executive Officer shall receive benefits under such agreement first, and then shall be eligible for benefits under the Plan to the extent such benefits are not duplicative of the benefits previously paid pursuant to such agreement, with the maximum severance benefits payable to such Eligible Executive Officer under both the Plan and such agreement equal to the maximum aggregate benefit payable to such Eligible Executive Officer under the Plan.

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

Article II
Definitions

The words used in the Plan shall have the respective meanings set forth below.  Except as otherwise indicated by the context, the definition of any term herein in the singular shall also include the plural, and vice versa.
Section 2.1Administrator means the Chief Human Resources Officer of the Company, or, if the claim for benefits hereunder affects the Chief Human Resources Officer of the Company, such entity or individual as may be designated by the Organization and Compensation Committee.

Section 2.2Appeals Administrator means the Chief Executive Officer of the Company, or, if the claim for benefits hereunder affects the Chief Executive Officer, such entity or individual as may be designated by the Organization and Compensation Committee.

Section 2.3Cause means: (a) the willful and continued failure by an Eligible Executive Officer to substantially perform his or her duties with the Company or a Subsidiary (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Eligible Executive Officer by the Company’s board of directors (the “Board”) which specifically identifies the manner in which the Board believes that he or she has not substantially performed his or her duties; or (b) the willful engaging by an Eligible Executive Officer in conduct materially and demonstrably injurious to the Company, monetarily or otherwise; provided, however, that if the Eligible Executive Officer has entered into an employment agreement that is binding as of the date of the event or action otherwise determined to be “Cause,” and if such employment agreement defines “Cause,” such definition of “Cause” shall apply.  No act, or failure to act, shall be considered “willful” if, in the Eligible Executive Officer’s sole judgment, the action or omission was done, or omitted to be done, in good faith and with a reasonable belief that his or her action or omission was in the best interest of the Company.  Notwithstanding the foregoing, the Eligible Executive Officer shall not be deemed to have terminated for Cause unless and until there shall have been delivered to him or her a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters (3/4) of the entire authorized membership of the Board (excluding the Eligible Executive Officer, if applicable), at a meeting of the Board, called and held for the purpose (after reasonable notice to the Eligible Executive Officer and an opportunity for the Eligible Executive Officer, together with counsel, to be heard before the Board), finding that in the good faith opinion of the Board the Eligible Executive Officer was guilty of conduct set forth above in clause (a) or (b) of this Section 2.3, and specifying the particulars thereof in detail.

Section 2.4Code means the Internal Revenue Code of 1986, as amended.

Section 2.5Company means Flowserve Corporation, a New York corporation, and its successors and assigns.

Section 2.6Disability means a long-term disability as defined in and meeting the terms and conditions of the appropriate plan of the Company or a Subsidiary that provides long-term disability benefits to the Company’s or a Subsidiary’s eligible employees (or, as set forth in any successor plans), as applicable to the Eligible Executive Officer, or, if no long-term disability plan is in place or is applicable to the Eligible Executive Officer, a physical or mental condition resulting from bodily injury, disease, or mental disorder which prevents the Eligible Executive Officer from performing his or her duties of employment for a period of six (6) continuous months, as determined in good faith by the Administrator, based upon medical reports or other evidence satisfactory to the Administrator.

Section 2.7Eligible Executive Officer means an Executive Officer or an employee who served in an Interim Chief Financial Officer role for Company during the two year period prior to November 2, 2018 who is (a) terminated by the Company or a Subsidiary in connection with a Reduction-in-Force, or (b) terminated by the Company or a Subsidiary without Cause; provided, however, in each case, if a Subsidiary has not adopted the Plan pursuant to Article V hereof, no Executive Officer of that Subsidiary shall be an Eligible Executive Officer.

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

Section 2.8Executive Officer means any Vice President or higher of the Company who has been appointed by the Company’s Board of Directors as an Executive Officer.

Section 2.9Organization and Compensation Committee means the Organization and Compensation Committee established and appointed by the Board of Directors.

Section 2.10Plan means the Flowserve Corporation Executive Officer Severance Plan, as set forth herein, formerly known as the Flowserve Corporation Officer Severance Plan.

Section 2.11Reduction-in-Force means the separation of an Executive Officer from employment with the Company or a Subsidiary because of a work force reduction, restructuring, or other cost containment or business decision as designated by the Administrator, in its sole and absolute discretion, from time to time.

Section 2.12Separation from Service means a termination of services provided by an Eligible Executive Officer to the Company or a Subsidiary whether voluntarily or involuntarily, other than for death or Disability, as determined by the Administrator in accordance with Treas. Reg. § 1.409A-1(h).  

Section 2.13Severance Benefit means a benefit to which an Eligible Executive Officer may become entitled pursuant to Article III hereof.

Section 2.14Special End of Service.  Special End of Service shall mean the voluntary termination of an Eligible Executive Officer’s employment for any reason other than death, Disability, Reduction-In-Force or Cause on or after the date the Eligible Executive Officer attains both (i) age 55 and (ii) 10 years of service with the Company or a Subsidiary.

Section 2.15Specified Employee means any Eligible Executive Officer who meets the definition of “specified employee,” as defined in the regulations issued under Section 409A of the Code and using the identification methodology selected by the Organization and Compensation Committee from time to time in accordance with Treas. Reg. § 1.409A-1(i).  

Section 2.16Subsidiary means any entity in which the Company, directly or indirectly, holds a majority of the voting power or profits or capital interest of such entity.

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

Article III
Severance Benefits

Section  3.1Eligibility for Severance Benefits.

(a)An Eligible Executive Officer shall be entitled to receive a Severance Benefit in accordance with this Article III only if the Administrator, in its reasonable discretion, determines that:

(i)the Eligible Executive Officer’s employment with the Company or a Subsidiary has been involuntarily terminated as the result of a Reduction-in-Force or without Cause.  For purposes of clarity, an Eligible Executive Officer shall be entitled to receive a Severance Benefit only if such termination constitutes an involuntary Separation from Service;

(ii)the Severance Benefit described herein is not otherwise duplicative of payments already owed to the Eligible Executive Officer under an employment, pre-existing retention, severance, change-in-control, or other special compensation agreement or pursuant to any applicable laws;

(iii)the Eligible Executive Officer has not otherwise received and accepted an offer of employment with (A) the Company, (B) a Subsidiary, (C) another company providing services to the Company or a Subsidiary, or (D) any other company that entered into an agreement with the Company or a Subsidiary to purchase, acquire, or transfer the stock or assets of the Company, a Subsidiary, or a group, function or part of the Company or a Subsidiary;

(iv)the Eligible Executive Officer has not otherwise declined an offer of employment, the terms of which would have permitted the Eligible Executive Officer to continue employment within fifty (50) miles of the location in which the Eligible Executive Officer performed substantially all of his or her services immediately prior to the Reduction-in-Force, with (A) the Company, (B) a Subsidiary, (C) another company providing services to the Company or a Subsidiary, or (D) any other company that entered into an agreement with the Company or a Subsidiary to purchase, acquire, or transfer the stock or assets of the Company, a Subsidiary, or a group, function or part of the Company or a Subsidiary;

(v)the Eligible Executive Officer has not terminated from the Company or a Subsidiary for any of the following reasons:

(A)death,

(B)Disability,

(C)resignation,

(D)Special End of Service, or

(E)discharge for Cause;

(vi)the Eligible Executive Officer continues to comply with the provisions of any written agreement in effect between the Eligible Executive Officer and the Company or a Subsidiary that contains non-competition, confidentiality and/or non-solicitation 

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

provisions, including, without limitation, the terms and conditions of any Restrictive Covenant Agreement; and

(vii)the Eligible Executive Officer has executed and timely provided a release and covenant not to sue in a form reasonably satisfactory to the Company.

(b)Notwithstanding anything herein to the contrary, if an Eligible Executive Officer has otherwise satisfied the criteria described in Section 3.1(a) above and is rehired by the Company or a Subsidiary, such Eligible Executive Officer’s entitlement to further Severance Benefit payments shall cease immediately, unless the Administrator, in its sole and absolute discretion, determines that the relationship between the former Eligible Executive Officer and the Company or a Subsidiary for whom services are being provided constitutes a non-employee consulting relationship and that continued payment of such benefits is permitted by applicable law without adverse consequences to either the Company or the Subsidiary or the Eligible Executive Officer, including, without limitation, under Section 409A of the Code, as determined by the Administrator in its sole and absolute discretion.  Regardless of the nature of a former Eligible Executive Officer’s relationship with the Company or Subsidiary, if such former Eligible Executive Officer provides services to or for the Company or a Subsidiary following a Reduction-in-Force, such former Eligible Executive Officer shall not be obligated to repay any Severance Benefits that have been paid pursuant to the Plan.

Section  3.2Salary Continuation.

(a)Salary continuation benefits paid to an Eligible Executive Officer who has satisfied the applicable requirements reflected in Section 3.1 above shall be based upon the amounts determined under Section 3.2(b) below and shall continue until the earlier of:

(i)the date that is twenty-four (24) months following the Eligible Executive Officer’s termination of employment, or

(ii)the date the Eligible Executive Officer fails to comply with the provisions of any written agreement in effect between the Eligible Executive Officer and the Company or a Subsidiary that contains non-competition, confidentiality and/or non-solicitation provisions, including, without limitation, the terms and conditions of any Restrictive Covenant Agreement.

(b)The amount of each salary continuation benefit payment that shall be paid to an Eligible Executive Officer during the applicable salary continuation period described in Section 3.2(a) above shall be calculated by the Administrator, in its sole and absolute discretion, by dividing the Eligible Executive Officer’s annual base salary (excluding all bonuses and financial perquisites) immediately prior to the Eligible Executive Officer’s termination of employment by the number of regularly scheduled paydays on which the Eligible Executive Officer would have otherwise been paid during the year if a termination of employment had not occurred; provided, however, that if an Eligible Executive Officer is on an approved short-term disability leave or on designated leave pursuant to the Family and Medical Leave Act or other similar law, such Eligible Executive Officer’s salary continuation benefits shall be based upon the Eligible Executive Officer’s salary immediately preceding the inception of the leave.

(c)Salary continuation benefits shall commence on the date that would have otherwise been the Eligible Executive Officer’s next regularly scheduled payday following the later of (i) the Eligible Executive Officer’s termination of employment or (ii) the expiration of the revocation period provided in the release executed by the Eligible Executive Officer in connection with the Plan (provided that if the time period for executing and returning the release begins in one taxable year and ends in a second taxable year, such salary continuation benefits shall not commence until the second taxable year).  Notwithstanding the foregoing, if the Eligible Executive Officer is a Specified 

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

Employee, to the extent any amount payable pursuant to this Section 3.2 is subject to, and not otherwise exempt from the requirements of Section 409A of the Code, no payment of such amount shall be made before the first day after the end of the six (6) month period immediately following the date on which the Eligible Executive Officer experiences a Separation from Service, or if earlier, on the date of the Eligible Executive Officer’s death.

(d)Each amount that is paid to an Eligible Executive Officer pursuant to this Section 3.2 shall be treated as a separate payment for purposes of Section 409A of the Code.

Section  3.3Annual Incentive Plan Equivalent Bonus.

(a)In addition to the salary continuation benefit described in Section 3.2 above, each Eligible Executive Officer who is terminated by the Company or a Subsidiary in connection with a Reduction-in-Force or without Cause shall be entitled to receive a lump-sum supplemental severance payment, as described in this Section 3.3(a).  The supplemental severance payment shall be substantially equivalent to the amount of such Eligible Executive Officer’s target bonus opportunity under the Flowserve Corporation Annual Incentive Plan (and never in any event higher than the Eligible Executive Officer’s target bonus opportunity), provided that the Company actually satisfies the threshold performance results established under the Flowserve Corporation Annual Incentive Plan for the performance period in which the Eligible Executive Officer’s termination of employment occurs.  The Eligible Executive Officer shall not receive a Flowserve Corporation Annual Incentive Plan payment for the performance period in which the Eligible Executive Officer’s termination of employment occurs.

(b)Payment of a supplemental severance payment described in Section 3.3(a) above, shall be made at the same time as payments are made under the Flowserve Corporation Annual Incentive Plan; provided, however, that if the Eligible Executive Officer is a Specified Employee, to the extent any amount payable pursuant to this Section 3.3 is subject to, and not otherwise exempt from the requirements of Section 409A of the Code, no payment of such amount shall be made before the first day after the end of the six (6) month period immediately following the date on which the Eligible Executive Officer experiences a Separation from Service, or if earlier, on the date of the Eligible Executive Officer’s death.

Section  3.4Stock Plan Participation.

(a)In addition to the salary continuation benefit described in Section 3.2 above and the supplemental severance payment described in Section 3.3 above, each Eligible Executive Officer who is terminated by the Company or a Subsidiary in connection with a Reduction-in-Force or without Cause shall continue to remain eligible to receive a pro-rated amount of the performance shares or units, as applicable, granted under the Company’s Equity and Incentive Compensation Plan or a successor plan (the “Equity Plan”) that are outstanding on his or her termination date and that has a performance cycle that will end in the year that contains the termination date based on the number of months completed for the performance cycle.  Whether the performance shares or units, as applicable, ultimately vest on the vesting date will be determined by the Board in its normal course of business in accordance with the terms and conditions of the Equity Plan.

(b)In addition to the salary continuation benefit described in Section 3.2 above, the supplemental severance payment described in Section 3.3 above, and the pro-rated amount for the performance shares or units, as applicable, each Eligible Executive Officer who is terminated by the Company or a Subsidiary in connection with a Reduction-in-Force or without Cause who has an outstanding restricted stock award that would otherwise vest within ninety (90) calendar days after the Eligible Executive Officer’s termination date will be eligible to receive a cash payment in lieu of such restricted stock award.  The cash payment in lieu of the restricted stock award will be calculated by multiplying (1) the number of shares that would otherwise vest within ninety (90) calendar days 

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

after the Eligible Executive Officer’s termination date by (2) the average closing price per share of the Company’s Common Stock on the applicable national stock exchange during the last twenty (20) trading days in the month preceding the Eligible Executive Officer’s termination date, unless there are less than twenty (20) trading days in the month preceding the Eligible Executive Officer’s termination date, and then the total number of trading days in the month preceding the Eligible Executive Officer’s termination date. The amount payable pursuant to this Section 3.4(b) shall be paid in a lump sum within sixty (60) days of the Eligible Executive Officer’s date of termination.

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

Article IV
Claims Procedures

Section 4. 1Initial Claim.  If an individual makes a written request alleging a right to receive benefits under the Plan or alleging a right to receive an adjustment in benefits being paid under the Plan, the Administrator shall treat it as a claim for benefits.  All claims for benefits under the Plan shall be sent in writing to the Administrator and must be received within thirty (30) days after the effective date of the Eligible Executive Officer’s termination of employment.  If the Administrator, in its sole and absolute discretion, determines that a claimant is not entitled to receive all or any part of the benefits claimed, the Administrator will inform the claimant in writing of its determination and an explanation regarding the reason for its determination.

Section 4. 2Initial Claim Determination.

(a)Once the Administrator makes a determination regarding a claim, the Administrator will send, by means of U.S. mail, hand delivery or e-mail, a written notice providing:

(i)the Administrator’s determination,

(ii)the basis for the determination (along with appropriate references to pertinent provisions on which the denial is based),

(iii)a description of any additional material or information necessary to perfect the claim and an explanation of why such material is necessary, and

(iv)the procedure that must be followed to obtain a review of the determination, including a description of the appeals procedure and how to bring a civil action for benefits under section 502(a) of ERISA.

(b)The initial claim determination notice described above will be provided within a reasonable period of time, but no later than ninety (90) days from the day the Administrator received the claim, unless grounds for an extension (reflected in Section 4.2(c) below) exist.

(c)Grounds for an extension may arise in certain instances when the Administrator, for reasons beyond its control, cannot make a determination within the initial ninety (90) day period.  In such situations, the Administrator, acting in its sole and absolute discretion, may extend the initial ninety (90) day period for up to an additional ninety (90) days (for a total of 180 days); provided the Administrator:

(i)determines that an extension is necessary due to matters beyond its control, and

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

(ii)provides the claimant with written notice (which may be communicated by mail, hand delivery, or e-mail) prior to the expiration of the initial determination period that:
(A)an extension is necessary,

(B)the reason for the extension, and

(C)when a determination is expected to be rendered.

Section 4. 3Appeal of a Denied Claim.

(a)If a claim for benefits is denied, either in whole or in part, and the claimant wants to contest such denial, the claimant must appeal the Administrator’s denial by requesting a review of the claim by the Appeals Administrator.  A claimant has the following rights if a claim for benefits is denied (whether in whole or in part):

(i)an opportunity to request an appeal,

(ii)the ability to submit written comments, documents, records and other information in connection with the appeal, and

(iii)reasonable access to, and copies of, all documents, records, and other information relevant to the denied claim at no charge.

(b)If a claimant chooses to file an appeal of a claim that was denied in whole or in part, the request for review must be received within sixty (60) days of the date in which the claimant received notice from the Administrator indicating that the initial claim was denied.

(c)The review of an initial adverse determination by the Appeals Administrator will take into account all comments, documents, records and other information that has been submitted, without regard to whether such information was submitted and considered by the Administrator in the initial determination.

(d)In reviewing appeals, no deference will be given to an initial adverse benefit determination by the Administrator, and the review itself will be conducted by an appropriate named fiduciary who is neither the individual who made the adverse benefit determination that is the subject of the appeal nor the subordinate of such individual.

(e)If, following an appeal, a claim is denied, either in whole or in part, after a review of the appeal and any additional information that a claimant has submitted, a notice containing the following information (which will be provided in writing by U.S. mail, hand delivery, or e-mail) will be provided within a reasonable 

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

period of time, but not later than sixty (60) days from the date that a request for a review was received, unless grounds for an extension reflected in Section 4.3(f) below exist:

(i)the specific reason or reasons for the decision, including any adverse determinations,

(ii)references to the specific provisions on which the determination was based,

(iii)a statement describing how to request reasonable access to, and copies of, all documents, records, and other information that is relevant to the denied claim (free of charge),

(iv)a description of any voluntary appeals procedure, if any, and how to obtain information about such procedure, and

(v)the ability to bring a cause of action for benefits under section 502(a) of ERISA.

(f)Grounds for an extension may arise in certain instances when, due to events beyond the Appeals Administrator’s control, a decision cannot be made within the initial sixty (60) day period.  In such situations, the initial sixty (60) day period may be extended for up to an additional sixty (60) days (for a total of one-hundred and twenty (120) days); provided:

(i)a determination is made that an extension is necessary due to matters beyond the Appeals Administrator’s control, and

(ii)the claimant is provided with written notice (which may be communicated by mail, hand delivery, or e-mail) prior to the expiration of the initial determination period that:

(A)an extension is necessary,

(B)the reason for the extension, and

(C)when a determination is expected to be rendered.

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

Article V
Adoption of the Plan by Subsidiaries

The Plan may be adopted by any Subsidiary if the Organization and Compensation Committee or its delegate approves such adoption.  Upon such adoption, the provisions of the Plan shall be fully applicable to the Eligible Executive Officers of that Subsidiary.  At any time that a Subsidiary ceases to qualify as a Subsidiary, it shall no longer be eligible to participate hereunder and any Eligible Executive Officers in its employ shall no longer be eligible to receive benefits under the Plan.  

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

Article VI
Amendment and Termination

Section 6. 1Amendment and Termination.  Although the Company expects to continue the Plan for a five (5) year period from the Effective Date, the Plan may be amended, changed, replaced, extended or terminated by the Organization and Compensation Committee or its delegate at any time, in its sole and absolute discretion.  The Organization and Compensation Committee or its delegate shall have full authority to amend any provision of the Plan to reduce, eliminate or alter benefits payable hereunder, or to alter, in any way, the criteria for eligibility to participate herein.

Section 6. 2Form of Amendment.  The form of any Amendment of the Plan shall be a written instrument signed by any person authorized to sign by the Organization and Compensation Committee or its delegate.  An amendment of the Plan in accordance with the terms hereof shall automatically effect a corresponding amendment to the rights of all Eligible Executive Officers hereunder.

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

Article VII
Miscellaneous

Section  7.1Employment Status.  The Plan does not constitute a contract of employment or impose upon the Company or any Subsidiary any obligation to retain the Eligible Executive Officer as an employee, to change or not change the status of the Eligible Executive Officer’s employment, or to change the Company’s policies or those of its Subsidiaries regarding termination of employment.

Section  7.2Validity and Severability.  The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section  7.3Governing Law.  To the extent not preempted by ERISA, the Plan and all provisions hereunder shall be governed by, administered under, and construed in accordance with the laws of the state of Texas, without giving effect to principles of conflict of law.

Section  7.4Funding.  The Plan is funded through the general assets of the Company and all payments of Severance Benefits with respect to a particular Eligible Executive Officer shall be paid from the general assets of the Company.  Neither the Company nor the Administrator shall have any obligation to establish a trust or fund for the payment of benefits under the Plan or to insure any of the benefits under the Plan.  None of the officers, members of the Board, or agents of the Company, any Subsidiary or the Administrator guarantees in any manner the payment of benefits hereunder.

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

EXHIBIT 10.20
FLOWSERVE CORPORATION
EXECUTIVE OFFICER SEVERANCE PLAN

Article VIII
General Information

Section 8.1   Official Plan Name.                Flowserve Corporation Executive 
                      Officer Severance Plan

		
	Section 8.2   Official Plan Name.    
	Flowserve Corporation

5215 N. O’Connor Blvd.
Irving, TX 75039
(972) 443-6500

Section 8.3   Employer Identification Number.       31-0267900
 
Section 8.4   Plan Number.               504

Section 8.5   Plan Yea.                                                  January 1 through December 31

		
	Section 8.6   Type of Plan.   
	Welfare benefit plan providing severance benefits to certain officers in the event of a reduction-in-force or termination without Cause.

Section 8.7   Type of Administration.                            The Plan is administered by the Plan Administrator.

Section 8.8   Claims Administrator.                              The Plan Administrator for the Flowserve Corporation Executive
Officer Severance Plan:

Flowserve Corporation
5215 N. O’Connor Blvd.
Irving, TX 75039
(972) 443-6500

Section 8.9   Agent for Service of 
Legal Process.                                      Flowserve Corporation
General Counsel 
5215 N. O’Connor Blvd.
Irving, TX 75039
(972) 443-6500

Section 8.10   Funding.                                                 The Plan is funded through the general assets of the Company.

IN WITNESS WHEREOF, the Company has caused this instrument to be executed this 2nd day of November, 2018.
FLOWSERVE CORPORATION
/s/ Lanesha Minnix                                
Lanesha Minnix
Sr. Vice President and Chief Legal Officer

Flowserve Corporation Executive Officer Severance Plan         
Amended and Restated Effective November 2, 2018

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