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                                                                  EXHIBIT 10.41

                                  AMENDMENT #1
                                (THE "AMENDMENT")
                                       TO
                          AMENDED EMPLOYMENT AGREEMENT
                            (THE "AMENDED AGREEMENT")
                                 BY AND BETWEEN
                              FLOWSERVE CORPORATION
                                 (THE "COMPANY")
                                       AND
                               BERNARD G. RETHORE
                                  ("EXECUTIVE")

This Amendment is entered into this 29th day of February, 2000 between Executive
and the Company.

1.  Paragraph 3 of the Amended Agreement shall be revised and restated in its
    entirety as follows:

    3. Executive's Position and Duties During First Employment Period. During
    the First Employment Period, the Executive's position and duties shall be
    those set out in this Paragraph. From the date of execution of this Amended
    Agreement through December 31, 1999, the Executive shall continue to serve
    as the Company's Chief Executive Officer and Board Chairman on the same
    terms and conditions as set forth in Paragraph 3 of the Agreement, which
    terms and conditions are incorporated by reference as if fully set out
    herein. Effective January 1, 2000, the Executive shall resign as Chief
    Executive Officer. From January 1, 2000, through April 20, 2000, the
    Executive shall serve as non-executive Board Chairman and shall be expected
    to perform services for the Company up to 10 days a month. He shall continue
    to be paid $2,500 per month for the costs associated with temporary living
    and commuting to and from his permanent residence in Arizona and the
    Company's headquarters. Effective immediately after the Company's Annual
    Meeting of Shareholders on April 20, 2000, the Executive shall resign as
    non-Executive Board Chairman, at which time he shall be given the honorary
    title of Chairman of the Board Emeritus. During the remainder of the First
    Employment Period extending from such time on April 20, 2000 to July 31,
    2000 (the "Special Transition Period"), Executive shall be released from any
    further obligations to perform services for the Company or to commute to the
    Company's headquarters in Dallas.

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2.  Paragraph 5 of the Amended Agreement shall be revised and restated in its
    entirety as follows:

        5.        Executive's Compensation During First Employment Period.

                      (a) During the First Employment Period, the Executive
                      shall continue to be entitled to compensation as set out
                      in Paragraph 5 of the Agreement, which Paragraph is
                      incorporated by reference as if fully set out herein,
                      subject to the following special provisions governing the
                      Special Transition Period. In addition, the Executive
                      shall be entitled to his reasonable legal fees in
                      negotiating this Amended Agreement.

                      (b) During the Special Transition Period, Executive's
                      compensation shall be continued as set forth in Paragraph
                      5, subject only to the following modifications:

                             (i) Executive shall be granted, effective April 20,
                      2000 at the then applicable Company common stock closing
                      price, a final non qualified stock option covering 35,000
                      shares of Company common stock under the Company's 1999
                      Stock Option Plan, which shall be in full satisfaction of
                      any Company obligation to provide any further stock
                      option, restricted stock or other stock-based compensation
                      during either the First Employment Term or Second
                      Employment Term.

                             (ii) In lieu of the "Office and Support Staff" to
                      be provided Executive under Section 5(g) of the Agreement,
                      the Company shall pay

                                 (I) Executive the lump sum of $9,000 to provide
                                 Executive with support in maintaining an office
                                 in the Phoenix area and

                                 (II) Executive's expenses, in an amount not to
                                 exceed $5,000, in terminating his lease of his
                                 Dallas apartment and in relocating his personal
                                 belongings from Dallas to Phoenix.

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3.   Section 6(c) shall be revised and restated in its entirety as follows:

                      (c) Bonus. For each fiscal year, the Executive shall have
                      an annual bonus opportunity with a minimum target bonus of
                      no less than 75% of his base salary payable pursuant to
                      Subparagraph (a) during such fiscal year, provided that in
                      the event the Company meets or exceeds applicable year
                      2000 financial targets, as set forth in the annual
                      incentive plans for senior company officers and the
                      Executive, the Executive shall receive as his bonus
                      payment for the year 2000 an amount equal to (i) the year
                      2000 bonus payment plus (ii) an additional payment equal
                      to the amount by which his 1999 bonus was reduced from its
                      original calculation by the Compensation Committee in
                      February 2000

The remainder of the Amended Agreement shall remain unchanged and in full force
and effect.

IN WITNESS WHEREOF, the parties have executed this Amendment effective this 29th
of February, 2000.

<TABLE>
<CAPTION>
ATTEST:                                 FLOWSERVE CORPORATION

<S>                                     <C>
/s/ Ronald F. Shuff                     By: /s/ Hugh K. Coble
-------------------------------             -------------------------------
Signature  Ronald F. Shuff              Title: Chairman-Executive Committee
                                            -------------------------------

Vice President-Secretary
   and General Counsel                  EXECUTIVE
-------------------------------
Title

                                        /s/ Bernard G. Rethore
                                        -------------------------------
                                        Bernard G. Rethore
</TABLE><PAGE>   1

                                                                   EXHIBIT 10.44

            Amendment No. 1 to Employment Agreement (the "Agreement")
                               Dated July 22, 1997
                                 by and between
                    Flowserve Corporation (the "Company") and
                                           ("Executive")

The Company and Executive hereby agree to the following amendment to their
Agreement dated July 22, 1997:

Termination Following Change in Control

1.   Paragraph 2 is hereby amended effective immediately by adding the following
     sentence which shall become new Section 3(E):

          (E)"Notwithstanding anything in this Agreement to the contrary, if
          your employment is terminated by the Company prior to a change in
          control, where a change in control in fact occurs, and you reasonably
          demonstrate that such termination was at the request of a third party
          who effectuates such change in control, or that such termination was
          directly related to or in anticipation of such change in control,
          then, for all purposes of this Agreement, you shall be entitled all
          payments and benefits provided under this Agreement."

2.   All the other provisions of the Agreement shall remain in full force and
     effect and unchanged, subject to the specific addition noted above.

Flowserve Corporation                             Executive

By: /s/ Kevin E. Sheehan                          By:
    --------------------------------                 ---------------------------
    Kevin E. Sheehan
    Chairman, Compensation Committee

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         Amendment #2 to Agreement dated July 22, 1997 (the "Agreement")
                 between                           ("You")
                                       and
                      Flowserve Corporation (the "Company")

Effective January 1, 1999, Section 5 (i) (b) of the Agreement shall be revised
and restated in its entirety as follows:

(b)  In lieu of any further salary and incentive compensation payments to you
     for periods subsequent to the Date of Termination, an amount (the
     "Additional Compensation Payment") equal to 300% of the sum of (x) your
     annual base salary at the rate in effect as of the Date of Termination (or,
     if higher, at the rate in effect at the time of the change in control) and
     (y);

     (i)  for periods beginning after December 31, 1998 and ending before
          January 1, 2000, the greater of (1) the average annual amount awarded
          to you under any incentive compensation plans or arrangements for the
          two fiscal years immediately preceding the fiscal year during which
          the Date of Termination occurs (whether or not fully paid) or (2) the
          average of the target incentives ("Target Incentives") under any such
          compensation plans or arrangements in effect for the year of the Date
          of Termination, and the following two calendar years, provided that
          the Target Incentives for the following two calendar years shall be,
          where not established prior to such change in control, the greater of
          the applicable Target Incentives of such compensation plans or
          arrangements for either the year of the change in control or Date of
          Termination, where differing;

     (ii) for periods beginning after January 1, 2000, the average of such
          Target Incentives, as defined and calculated above.

Effective March 1, 1999, Paragraph 5 (iv) and (v) shall be revised as follows:

I.   Paragraph 5 (iv) shall be amended by adding the following sentence at the
     end of the current text, which shall otherwise remain unchanged, of this
     Paragraph:

          "For purposes of clarification only, the Company's obligation to pay
          the Supplemental Pension Benefit shall in no way be affected if the
          Company elects to structure the Qualified Plan as a "cash balance"
          plan, as such term may be defined by applicable federal government
          regulations."

II.  Paragraph 5 (v) shall be amended by adding the following sentence at the
     end of the current text, which shall otherwise remain changed, of this
     Paragraph:

          "However, if the Company was providing you a monthly car allowance, in
          lieu of actually providing a car, at the time of such Notice of
          Termination, then the Company shall instead pay you a lump sum, in
          addition to all other payments due to you hereunder, equal to 24 times
          the greater of the monthly car allowance

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          payable to you at the time of (i) the change of control of the Company
          or (ii) the Date of termination, where differing. Such lump sum shall
          be paid to you in cash on the fifteenth day following the Date of
          Termination."

III. Paragraphs 8(A), 8(B)and 8(C) , collectively called "NON-COMPETITION",
     shall be deleted in their entirety. Any other references to said Paragraphs
     in the Agreement shall be appropriately deleted with the text of the
     Agreement containing any such references to be hereafter interpreted in
     such a way as to eliminate any of the former restrictions upon you of
     Paragraphs 8(A), 8(B), and 8(C).

The remainder of the Agreement shall remain unchanged and in full force and
effect.

FLOWSERVE CORPORATION                             EXECUTIVE

By   /s/ Kevin E. Sheehan
     -----------------------------                ------------------------------
     Kevin E. Sheehan
     Chairman, Compensation Committee

           3/10/99
----------------------------------                ------------------------------
Date                                              Date

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