Document:

EX-4.3

 Exhibit 4.3 

PARAGON 28, INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

This Amended and Restated Investor Rights Agreement (this “Agreement”) is dated as of July 28, 2020, and is
between Paragon 28, Inc., a Colorado corporation (the “Company”), the individuals and entities listed on Exhibit A (each, an “Investor” and collectively, the “Investors”), and
the individuals listed on Exhibit B (each, a “Founder,” and collectively, the “Founders”). 

RECITALS 
 WHEREAS,
certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A Preferred Stock and possess registration rights, information rights, rights of first offer, and other rights pursuant to that certain
Investor Rights Agreement dated as of December 16, 2011, by and among the Company, the Founders and such Existing Investors (the “Prior Agreement”); 

WHEREAS, certain of the Investors (the “New Investors”) are parties to that certain Series B Preferred Stock Purchase
Agreement of even date herewith by and among the Company and the New Investors, under which certain of the Company’s and the New Investors’ obligations are conditioned upon the execution and delivery of this Agreement by the New Investors,
the Founders, the Existing Investors and the Company; and 
 WHEREAS, the New Investors, the Existing Investors, the Founders and the
Company desire to amend and restate the Prior Agreement in its entirety pursuant to this Agreement. 
 NOW, THEREFORE, the New
Investors, the Existing Investors, the Founders and the Company hereby agree that the Prior Agreement shall be amended and restated, and the parties to this Agreement further agree as follows: 

SECTION 1 
 DEFINITIONS

 1.1 Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

(a) “Articles” shall mean the then-existing articles of incorporation of the Company as filed with the Secretary of
State of Colorado. 
 (b) “Commission” shall mean the Securities and Exchange Commission or any other federal agency
at the time administering the Securities Act. 
 (c) “Common Stock” means the Common Stock of the Company. 

(d) “Conversion Stock” shall mean shares of Common Stock issued upon conversion of the Series A Preferred Stock or the
Series B Preferred Stock. 

  
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 (e) “Exchange Act” shall mean the Securities Exchange Act of 1934,
as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

(f) “Holder” shall mean any Investor who holds Registrable Securities and any holder of Registrable Securities to whom
the registration rights conferred by this Agreement have been duly and validly transferred in accordance with Section 2.10 of this Agreement. 

(g) “Indemnified Party” shall have the meaning set forth in Section 2.4(c). 

(h) “Indemnifying Party” shall have the meaning set forth in Section 2.4(c). 

(i) “Qualified Public Offering” shall mean the closing of the sale of shares of Common Stock to the public at a price
equal to at least one and one-half (1.5) times the Series B Original Issue Price (as defined in the Articles) in a firm-commitment underwritten public offering pursuant to an effective registration statement
under the Securities Act resulting in at least $50,000,000 of gross proceeds to the Company and in connection with such offering the Common Stock is listed for trading on the Nasdaq Stock Market’s National Market or the New York Stock Exchange.

 (j) “Initiating Holders” shall mean any Holder or Holders who in the aggregate hold not less than fifty percent
(50%) of the outstanding Registrable Securities. 
 (k) “Investors” shall mean the holders of Series A Preferred
Stock or Series B Preferred Stock. 
 (l) “New Securities” shall have the meaning set forth in Section 4.1(a).

 (m) “Preferred Stock” shall mean shares of Series A Preferred Stock and Series B Preferred Stock. 

(n) “Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion
of the Shares and (ii) any Common Stock issued as a dividend or other distribution with respect to or in exchange for or in replacement of the shares referenced in (i) above; provided, however, that Registrable Securities
shall not include any shares of Common Stock described in clause (i) or (ii) above which have previously been registered or which have been sold to the public either pursuant to a registration statement or Rule 144, or which have been sold in a
private transaction in which the transferor’s rights under this Agreement are not validly assigned in accordance with this Agreement. 

(o) The terms “register,” “registered” and “registration” shall refer
to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of the effectiveness of such registration statement.

 (p) “Registration Expenses” shall mean all expenses incurred in effecting any registration pursuant to this
Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company and one special counsel for the Holders, not to exceed $25,000, blue sky
fees and expenses, and expenses of any regular or special audits incident to or required by any such registration, but shall not include Selling Expenses, fees and disbursements of other counsel for the Holders and the compensation of regular
employees of the Company, which shall be paid in any event by the Company. 

  
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 (q) “Restricted Securities” shall mean any Registrable Securities
required to bear the first legend set forth in Section 2.6(c). 
 (r) “Rule 144” shall mean Rule 144 as
promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(s) “Rule 145” shall mean Rule 145 as promulgated by the Commission under the Securities Act, as such Rule may be
amended from time to time, or any similar successor rule that may be promulgated by the Commission 
 (t) “Rule 415”
shall mean Rule 415 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(u) “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar successor federal statute and
the rules and regulations thereunder, all as the same shall be in effect from time to time. 
 (v) “Selling
Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements
of one special counsel to the Holders included in Registration Expenses). 
 (w) “Series A Preferred Stock” shall
mean the shares of Series A Preferred Stock of the Company. 
 (x) “Series B Preferred Stock” shall mean the shares
of Series B Preferred Stock of the Company. 
 (y) “Shares” shall mean the Company’s Series A Preferred Stock
and Series B Preferred Stock. 
 (z) “Significant Holders” shall have the meaning set forth in Section 3.1.

 SECTION 2 

REGISTRATION RIGHTS 

2.1 Company Registration.  

(a) Company Registration. If the Company shall determine to register any of its securities either for its own account or the
account of a security holder or holders, other than a registration pursuant to Section 2.1, a registration relating solely to employee benefit plans, a registration relating to the offer and sale of debt securities, a registration relating to a
corporate reorganization or other Rule 145 transaction, or a registration on any registration form that does not permit secondary sales, the Company will: 

(i) promptly give written notice of the proposed registration to all Holders; and 

  
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 (ii) use its commercially reasonable efforts to include in such registration (and any
related qualification under blue sky laws or other compliance), except as set forth in Section 2.1(b) below, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written request or requests made by
any Holder or Holders received by the Company within ten (10) days after such written notice from the Company is mailed or delivered. Such written request may specify all or a part of a Holder’s Registrable Securities. 

(b) Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an
underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.1(a)(i). In such event, the right of any Holder to registration pursuant to this Section 2.1 shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company and the other holders of securities of the Company with registration rights to participate therein distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the
representative of the underwriter or underwriters selected by the Company. 
 Notwithstanding any other provision of this Section 2.1,
if the underwriters advise the Company in writing that marketing factors require a limitation on the number of shares to be underwritten, the underwriters may (subject to the limitations set forth below) limit the number of Registrable Securities to
be included in, the registration and underwriting. The Company shall so advise all holders of securities requesting registration, and the number of shares of securities that are entitled to be included in the registration and underwriting shall be
allocated, as follows: (i) first, to the Company for securities being sold for its own account, (ii) second, to the Holders requesting to include Registrable Securities in such registration statement based on the pro rata percentage
of Registrable Securities held by such Holders, assuming conversion and (iii) third, to the Holders requesting to include other Shares in such registration statement based on the pro rata percentage of other Shares held by such, assuming
conversion. 
 Notwithstanding the foregoing, no such reduction shall reduce the value of the Registrable Securities of the Holders included
in such registration below twenty-five percent (25%) of the total value of the securities included in such registration, unless such offering is the Company’s Qualified Public Offering and such registration does not include shares of any other
selling stockholders (excluding shares registered for the account of the Company), in which event any or all of the Registrable Securities of the Holders may be excluded. 

If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such
person shall also be excluded therefrom by written notice from the Company or the underwriter. The Registrable Securities or other securities so excluded shall also be withdrawn from such registration. Any Registrable Securities or other securities
excluded or withdrawn from such underwriting shall be withdrawn from such registration. If shares are so withdrawn from the registration and if the number of shares of Registrable Securities to be included in such registration was previously reduced
as a result of marketing factors pursuant to Section 2.1(b), the Company shall then offer to all persons who have retained the right to include securities in the registration the right to include additional securities in the registration in an
aggregate amount equal to the number of shares so withdrawn, with such shares to be allocated among the persons requesting additional inclusion, in the manner set forth above.  

(c) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 2.1 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. 

  
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 2.2 Expenses of Registration. All Registration Expenses incurred in connection with
registrations pursuant to Section 2.1 shall be borne by the Company. All Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the holders of securities included in such registration pro rata among
each other on the basis of the number of Registrable Securities so registered.  

2.3 Registration Procedures. In the case of each registration effected by the Company pursuant to Section 2, the Company will keep
each Holder advised in writing as to the initiation of each registration and as to the completion thereof. At its expense, the Company will use its commercially reasonable efforts to:  

(a) Keep such registration effective for a period of ending on the earlier of the date which is sixty (60) days from the effective date of
the registration statement or such time as the Holder or Holders have completed the distribution described in the registration statement relating thereto; 

(b) Prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in subsection (a) above;

 (c) Furnish such number of prospectuses, including any preliminary prospectuses, and other documents incident thereto, including any
amendment of or supplement to the prospectus, as a Holder from time to time may reasonably request; 
 (d) Use its reasonable best efforts
to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdiction as shall be reasonably requested by the Holders; provided, that the Company shall not be required
in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions; 

(e) Notify each seller of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing, and following such notification promptly prepare and furnish to such seller a
reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing; 

(f) If (i) a registration made pursuant to a shelf registration statement is required to be kept effective in accordance with this
Agreement after the third anniversary of the initial effective date of the shelf registration statement and (ii) the registration rights of the applicable Holders have not terminated, file a new registration statement with respect to any unsold
Registrable Securities subject to the original request for registration prior to the end of the three year period after the initial effective date of the shelf registration statement, and keep such registration statement effective in accordance with
the requirements otherwise applicable under this Agreement; 

  
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 (g) Use its commercially reasonable efforts to furnish, on the date that such Registrable
Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and reasonably satisfactory to a majority in interest of the Holders requesting registration of Registrable Securities and
(ii) a “comfort” letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an
underwritten public offering, addressed to the underwriters; 
 (h) Provide a transfer agent and registrar for all Registrable Securities
registered pursuant to such registration statement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(i) Otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months, but not more than eighteen months, beginning with the first month after the effective date of the Registration
Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act; and 
 (j) Cause all such
Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the Company are then listed. 

2.4 Indemnification. 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, directors and partners,
legal counsel and accountants and each person controlling such Holder within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification or compliance has been effected pursuant to this Section 2, and
each underwriter, if any, and each person who controls within the meaning of Section 15 of the Securities Act any underwriter, against all expenses, claims, losses, damages and liabilities (or actions, proceedings or settlements in respect
thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any registration statement, any prospectus included in the registration statement, any
issuer free writing prospectus (as defined in Rule 433 of the Securities Act), any issuer information (as defined in Rule 433 of the Securities Act) filed or required to be filed pursuant to Rule 433(d) under the Securities Act or any other document
incident to any such registration, qualification or compliance prepared by or on behalf of the Company or used or referred to by the Company, (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, or (iii) any violation (or alleged violation) by the Company of the Securities Act, any state securities laws or any rule or regulation thereunder applicable to the Company and
relating to action or inaction required of the Company in connection with any offering covered by such registration, qualification or compliance, and the Company will reimburse each such Holder, each of its officers, directors, partners, legal
counsel and accountants and each person controlling such Holder, each such underwriter and each person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or
settling any such claim, loss, damage, liability or action; provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability, or action arises out of or is based on any untrue statement
or omission based upon written information furnished to the Company by such Holder, any of such Holder’s officers, directors, partners, legal counsel or accountants, any person controlling such Holder, such underwriter or any person who
controls any such underwriter, and stated to be specifically for use therein; and provided, further that, the indemnity agreement contained in this Section 2.4(a) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld). 

  
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 (b) To the extent permitted by law, each Holder will, if Registrable Securities held by such
Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify and hold harmless the Company, each of its directors, officers, partners, legal counsel and accountants and each
underwriter, if any, of the Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, each other such Holder, and each of
their officers, directors and partners, and each person controlling each other such Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue statement (or alleged
untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular or other document (including any related registration statement, notification, or the like) incident to any such registration,
qualification or compliance, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and such Holders,
directors, officers, partners, legal counsel and accountants, persons, underwriters, or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or
action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in
reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein; provided, however, that the obligations of such Holder hereunder shall not apply to amounts
paid in settlement of any such claims, losses, damages or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld); and provided that in
no event shall any indemnity under this Section 2.4 exceed the net proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder. 

(c) Each party entitled to indemnification under this Section 2.4 (the “Indemnified Party”)
shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought,
and shall permit the Indemnifying Party to assume the defense of such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting
therefrom, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s expense; and provided further that the failure of
any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2.4, to the extent such failure is not prejudicial. No Indemnifying Party, in the defense of any such claim
or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and as shall be
reasonably required in connection with defense of such claim and litigation resulting therefrom. 
 (d) If the indemnification provided for
in this Section 2.4 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying
such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The
relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a 

  
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material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge,
access to information, and opportunity to correct or prevent such statement or omission. No person or entity will be required under this Section 2.4(d) to contribute any amount in excess of the net proceeds from the offering received by such
person or entity, except in the case of fraud or willful misconduct by such person or entity. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to
contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 
 (e) Notwithstanding the foregoing, to the
extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control. 
 2.5 Information by Holder. Each Holder of Registrable Securities shall furnish to the Company such
information regarding such Holder and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification, or compliance referred to in this
Section 2. 
 2.6 Restrictions on Transfer.  

(a) The holder of each certificate representing Registrable Securities by acceptance thereof agrees to comply in all respects with the
provisions of this Section 2.6. Each Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Restricted Securities, or any beneficial interest therein, unless and until the transferee
thereof has agreed in writing for the benefit of the Company to take and hold such Restricted Securities subject to, and to be bound by, the terms and conditions set forth in this Agreement, including, without limitation, this Section 2.6 and
Section 2.8, and: 
 (i) There is then in effect a registration statement under the Securities Act covering such proposed disposition
and the disposition is made in accordance with the registration statement; or 
 (ii) The Holder shall have given prior written notice to
the Company of the Holder’s intention to make such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, and, if requested by the Company, the Holder shall have
furnished the Company, at the Company’s expense, with (i) an opinion of counsel reasonably satisfactory to the Company to the effect that such disposition will not require registration of such Restricted Securities under the Securities Act
or (ii) a “no action” letter from the Commission to the effect that the transfer of such securities without registration will not result in a recommendation by the staff of the Commission that action be taken with respect thereto,
whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in accordance with the terms of the notice delivered by the Holder to the Company. It is agreed that the Company will not require opinions of
counsel for transactions made pursuant to Rule 144. 
 (b) Notwithstanding the provisions of Section 2.6(a), no such registration
statement, or opinion of counsel, or “no action” letter shall be necessary for (i) a transfer not involving a change in beneficial ownership, or (ii) transactions involving the distribution without consideration of Restricted
Securities by any Holder to (x) a parent, subsidiary or other affiliate of the Holder, if the Holder is a corporation, (y) any of the Holder’s partners, members or other equity owners, or retired partners, retired members or other
equity owners, or to the estate of any of the Holder’s partners, members or other equity 

  
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owners or retired partners, retired members or other equity owners, or (z) a venture capital fund that is controlled by or under common control with one or more general partners or managing
members of, or shares the same management company with, the Holder; provided, in each case, that the Holder shall give written notice to the Company of the Holder’s intention to effect such disposition and shall have furnished the
Company with a detailed description of the manner and circumstances of the proposed disposition. 
 (c) Each certificate representing
Registrable Securities shall (unless otherwise permitted by the provisions of this Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable state
securities laws): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO
REGISTRATION OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE,
INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN AN AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT AMONG THE COMPANY AND THE ORIGINAL HOLDERS OF THESE SHARES, A COPY OF WHICH MAY
BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 
 The Holders consent to the Company making a notation on its records and giving
instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer established in this Section 2.6. 

(d) The first legend referring to federal and state securities laws identified in Section 2.6(c) stamped on a certificate evidencing the
Restricted Securities and the stock transfer instructions and record notations with respect to the Restricted Securities shall be removed and the Company shall issue a certificate without such legend to the holder of Restricted Securities if
(i) those securities are registered under the Securities Act, or (ii) the holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the effect that a sale or transfer of those securities may be made
without registration or qualification. 
 2.7 Rule 144 Reporting. With a view to making available the benefits of certain rules and
regulations of the Commission that may permit the sale of the Restricted Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) Make and keep adequate current public information with respect to the Company available in accordance with Rule 144 under the Securities
Act, at all times from and after ninety (90) days following the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

  
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 (b) File with the Commission in a timely manner all reports and other documents required of
the Company under the Securities Act and the Exchange Act at any time after it has become subject to such reporting requirements; and 
 (c)
So long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety
(90) days following the effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Commission
allowing a Holder to sell any such securities without registration. 
 2.8 Market Stand-Off
Agreement. If requested by the Company and an underwriter of Common Stock (or other securities) of the Company, each Holder shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any
hedging or similar transaction with the same economic effect as a sale, of any Common Stock (or other securities) of the Company held by such Holder (other than those included in the registration) during the one hundred eighty (180) day period
following the effective date of the registration statement for the Company’s Qualified Public Offering filed under the Securities Act, provided that: all officers and directors of the Company and holders of at least one percent (1%) of the
Company’s voting securities are bound by and have entered into similar agreements. The obligations described in this Section 2.8 shall not apply to a registration relating solely to employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction on Form S-4
or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions and may stamp each such certificate with the second legend set forth in Section 2.6(c) with respect to the shares of Common Stock (or
other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. Each Holder agrees to execute a market standoff agreement with said underwriters in customary form consistent with the
provisions of this Section 2.8.  
 2.9 Delay of Registration. No Holder
shall have any right to take any action to restrain, enjoin, or otherwise delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2.  
 2.10 Transfer or Assignment of Registration Rights. The rights to cause the
Company to register securities granted to a Holder by the Company under this Section 2 may be transferred or assigned by a Holder only to a transferee or assignee of not less than 100,000 shares of Registrable Securities (as presently
constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like); provided that (i) such transfer or assignment of Registrable Securities is effected in accordance with the terms of
Section 2.6, the Right of First Refusal and Co-Sale Agreement, and applicable securities laws, (ii) the Company is given written notice prior to said transfer or assignment, stating the name and
address of the transferee or assignee and identifying the securities with respect to which such registration rights are intended to be transferred or assigned and (iii) the transferee or assignee of such rights assumes in writing the
obligations of such Holder under this Agreement, including without limitation the obligations set forth in Section 2.8. 
 2.11
Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of Holders holding 50% of the Registrable Securities, enter into any agreement with any holder or
prospective holder of any securities of the Company giving such holder or prospective holder any registration rights the terms of which are senior to the registration rights granted to the Holders hereunder.  

  
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 2.12 Termination of Registration Rights. Any Holder’s right of inclusion in any
registration pursuant to Section 2.1 shall terminate on the earlier of (i) such date, on or after the closing of the Company’s first registered public offering of Common Stock, on which all shares of Registrable Securities held or
entitled to be held upon conversion by such Holder may immediately be sold under Rule 144 during any ninety (90) day period, and (ii) two (2) years after the closing of the Company’s Qualified Public Offering.  
 SECTION 3 

COVENANTS OF THE COMPANY 

The Company hereby covenants and agrees, as follows: 

3.1 Basic Financial Information and Inspection Rights.  

(a) Basic Financial Information. The Company will furnish the following reports to each Holder who owns at least 200,000 Shares
and/or Conversion Stock (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like) (the “Significant Holders”): 

(i) As soon as practicable after the end of each fiscal year of the Company, and in any event within ninety (90) days after the end of
each fiscal year of the Company, a consolidated balance sheet of the Company and its subsidiaries, if any, as at the end of such fiscal year, and consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such
year, prepared in accordance with U.S. generally accepted accounting principles consistently applied, and audited by Eide Baily or a nationally recognized accounting firm selected by the Company’s board of directors. 

(ii) As soon as practicable after the end of the first, second and third quarterly accounting periods in each fiscal year of the Company, and
in any event within forty-five (45) days after the end of the first, second, and third quarterly accounting periods in each fiscal year of the Company, an unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of
the end of each such quarterly period, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such period, prepared in accordance with U.S. generally accepted accounting principles
consistently applied, subject to changes resulting from normal year-end audit adjustments. 
 (iii)
As soon as practicable after the end of each monthly accounting periods in each fiscal year of the Company, and in any event within thirty (30) days after the end of each monthly accounting period in each fiscal year of the Company, an
unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of the end of each such quarterly period, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such
period, prepared in accordance with U.S. generally accepted accounting principles consistently applied, subject to changes resulting from normal year-end audit adjustments. 

(iv) As soon as practicable before the beginning of each fiscal year of the Company, and in any event no later than thirty (30) days
before the beginning of each fiscal year of the Company, an annual business plan and budget for such upcoming fiscal year, prepared in accordance with U.S. generally accepted accounting principles consistently applied, certified by the Chief
Financial Officer of the Company. 

  
 11 

 (b) Equity Capitalization. Upon request and not more than four (4) times
per year, the Company will deliver to each Significant Holder a statement showing the number of shares of each class and series of capital stock of the Company and securities of the Company convertible into or exercisable for shares of capital stock
outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the number of issued stock options and stock options not yet issued but
reserved for issuance, if any, all in sufficient detail as to permit the Significant Holders to calculate their respective percentage equity ownership in the Company. 

Notwithstanding the foregoing, no Significant Holder shall have any of the rights set forth in this Section 3.1 during any period of time
in which such Significant Holder is reasonably determined by the Company’s board of directors to be a competitor of the Company, provided, however, in no case shall (a) either Piper Sandler Merchant Banking Fund II, L.P. or MVM V LP be
determined to be a competitor and (b) a Significant Holder disclose or provide access to any of the information provided by the Company pursuant to this Section 3 to any affiliate of such Significant Holder if such affiliate holds a
Competitive Interest. For purposes of this Agreement, a “Competitive Interest” with respect to a party shall mean the party holds more than 50% of all of the voting stock of, or a partner, member, director, stockholder or
employee of it or an affiliate of it serves as a director, manager or board observer of, or has contractual rights to appoint a member of the board of directors (or other governing body) of a company that is competitive with the Company in the foot
and ankle orthopedic industry. 
 3.2 Confidentiality. Anything in this Agreement to the contrary notwithstanding, no Holder by
reason of this Agreement shall have access to any trade secrets or classified information of the Company. The Company shall not be required to comply with any information rights of Section 3 in respect of any Holder whom the Board reasonably
determines to be a competitor of the Company. Each Holder acknowledges that the information received by them pursuant to this Agreement may be confidential and for its use only, and it will not use such confidential information in violation of the
Exchange Act or reproduce, disclose or disseminate such information to any other person (other than its employees or agents having a need to know the contents of such information, and its attorneys), except in connection with the exercise of rights
under this Agreement, unless the Company has made such information available to the public generally or such Holder is required to disclose such information by a governmental authority. Notwithstanding the foregoing, a Holder that is a
professionally managed pooled investment fund may disclose summary business and financial information to its partners, stockholders and/or members; provided, however, if any such partner, stockholder or member holds a Competitive Interest, then the
summary business and financial information provided to such partner, stockholder or member shall not include any information other than information derived from the annual financial statements provided by the Company pursuant to
Section 3.1(a)(i) or the quarterly financial statements provided by the Company pursuant to Section 3.1(a)(ii). 
 3.3 Vesting
of Stock Options. The Company hereby covenants that, unless approved by the Company’s board of directors, including the disinterested members of the board of directors in the event stock options are being granted to a director of the
Company, all stock options granted pursuant to the Company’s Omnibus Stock Option and Award Plan to new employees and consultants following the date of this Agreement shall be subject to the following vesting schedule: 12/48 of the shares shall
vest upon the one (1) year anniversary of the vesting commencement date, and an additional 1/48 shall vest upon each subsequent one (1) month anniversary thereafter until all such shares have vested upon the four (4) year anniversary
of the vesting commencement date, provided on all such dates, the optionee remains an employee or consultant of the Company.  

3.4 Termination of Covenants. The covenants set forth in this Section 3 shall terminate and be of no further force and effect
after the closing of the Company’s Qualified Public Offering.  

  
 12 

 SECTION 4 

RIGHT OF FIRST REFUSAL 

4.1 Right of First Refusal to Significant Holders. The Company hereby grants to each Significant Holder and each Founder the right of
first refusal to purchase its pro rata share of New Securities (as defined in this Section 4.1(a)) which the Company may, from time to time, propose to sell and issue after the date of this Agreement. A Significant Holder’s or
Founder’s pro rata share, for purposes of this right of first refusal, is equal to the ratio of (a) the number of shares of Common Stock owned by such Significant Holder or Founder immediately prior to the issuance of New Securities
(assuming full conversion of the Shares and full conversion or exercise of all outstanding convertible securities, rights, options and warrants held by said Significant Holder or Founder) to (b) the total number of shares of Common Stock
outstanding immediately prior to the issuance of New Securities (assuming full conversion of the Shares and full conversion or exercise of all outstanding convertible securities, rights, options and warrants held by all of the Significant Holders
and Founders). 
 (a) “New Securities” shall mean any capital stock (including Common Stock and/or Preferred Stock)
of the Company whether now authorized or not, and rights, convertible securities, options or warrants to purchase such capital stock, and securities of any type whatsoever that are, or may become, exercisable or convertible into capital stock;
provided that the term “New Securities” does not include: 
 (i) the Shares and the Conversion Stock; 

(ii) up to 297,384 (as adjusted for any stock dividends, combinations, stock splits, recapitalizations and the like) (the “Remaining
Option Pool Limit”) shares of Common Stock and options, warrants or other rights to purchase Common Stock issued or issuable to employees, sales agents, officers or directors of, or consultants or advisors to the Company or any subsidiary
pursuant to stock grants, restricted stock purchase agreements, option plans, purchase plans, incentive programs or similar arrangements approved by the board of directors of the Company; provided, however, the Remaining Option Pool Limit shall
increase automatically for each stock option that is outstanding as of the date hereof and that expires or terminates unexercised after the date hereof, which increase shall equal the number of unexercised shares of Common Stock under such stock
option as of the date of its expiration or termination; 
 (iii) securities issued pursuant to the conversion or exercise of any
outstanding convertible or exercisable securities as of this date of this Agreement; 
 (iv) securities issued or issuable as a dividend or
distribution on Preferred Stock of the Company or pursuant to any event for which adjustment is made pursuant to Section 4(e), 4(f) or 4(g) of the Articles; 

(v) securities offered pursuant to a bona fide, firmly underwritten public offering pursuant to a registration statement filed under the
Securities Act pursuant to which all outstanding shares of Preferred Stock are automatically converted into Common Stock pursuant to a Qualified Public Offering; 

(vi) securities issued or issuable pursuant to the acquisition of another entity by the Company by merger, purchase of substantially all of
the assets or other reorganization or to a joint venture agreement, provided, that such issuances are approved by the board of directors of the Company; 

  
 13 

 (vii) securities issued or issuable to banks, equipment lessors or other financial
institutions pursuant to a commercial leasing or debt financing transaction approved by the board of directors of the Company; 
 (viii)
securities issued or issuable in connection with sponsored research, collaboration, technology license, development, OEM, marketing or other similar agreements or strategic partnerships approved by the board of directors of the Company; 

(ix) securities issued to suppliers or third party service providers in connection with the provision of goods or services pursuant to
transactions approved by the board of directors of the Company; 
 (x) securities of the Company which are otherwise excluded by the
affirmative vote or consent of the holders of (i) a majority of the shares of Series A Preferred Stock then outstanding (voting exclusively and as a separate class) and (ii) a majority of the shares of Series B Preferred Stock then
outstanding (voting exclusively and as a separate class); 
 (xi) shares of Common Stock issued or issuable in connection with any
settlement of any action, suit, proceedings or litigation approved by the Company’s board of directors; and 
 (xii) any right, option
or warrant to acquire any security convertible into the securities excluded from the definition of New Securities pursuant to subsections (i) through (xi) above. 

(b) In the event the Company proposes to undertake an issuance of New Securities, it shall give each Significant Holder and Founder written
notice of its intention, describing the type of New Securities, and their price and the general terms upon which the Company proposes to issue the same. Each Significant Holder and Founder shall have ten (10) days after any such notice is
mailed or delivered to agree to purchase such Significant Holder’s or Founder’s pro rata share of such New Securities and to indicate whether such Significant Holder or Founder desires to exercise its over-allotment option for the
price and upon the terms specified in the notice by giving written notice to the Company, in substantially the form attached as Schedule 1, and stating therein the quantity of New Securities to be purchased. 

(c) In the event the Significant Holders and Founders fail to exercise fully the right of first refusal and over-allotment rights, if any
within said ten (10) day period (the “Election Period”), the Company shall have ninety (90) days thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities
covered thereby shall be closed, if at all, within ninety (90) days from the date of said agreement) to sell that portion of the New Securities with respect to which the Significant Holders’ and Founders’ right of first refusal option
set forth in this Section 4.1 was not exercised, at a price and upon terms no more favorable to the purchasers thereof than specified in the Company’s notice to Significant Holders and Founders delivered pursuant to Section 4.1(b). In
the event the Company has not sold within such ninety (90) day period following the Election Period, or such ninety (90) day period following the date of said agreement, the Company shall not thereafter issue or sell any New Securities,
without first again offering such securities to the Significant Holders and Founders in the manner provided in this Section 4.1. 
 (d)
The right of first refusal granted under this Agreement shall expire upon, and shall not be applicable to, the Company’s Qualified Public Offering. 

  
 14 

 SECTION 5 

MISCELLANEOUS 
 5.1
Amendment. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument referencing this Agreement and signed by (i) the Company,
(ii) the Founders holding a majority of the Common Stock held by all Founders, (iii) the Holders holding a majority of the Series A Preferred Stock, and (iv) the Holders holding a majority of the Series B Preferred Stock. Any such
amendment, waiver, discharge or termination effected in accordance with this paragraph shall be binding upon each Holder and each future holder of all such securities of Holder. Each Holder of Series A Preferred Stock acknowledges that by the
operation of this paragraph, the holders of a majority of the Series A Preferred Stock will have the right and power to diminish or eliminate all rights of such Holder under this Agreement. Each Holder of Series B Preferred Stock acknowledges that
by the operation of this paragraph, the holders of a majority of the Series B Preferred Stock will have the right and power to diminish or eliminate all rights of such Holder under this Agreement. In the event that Holders holding a majority of the
Series B Preferred Stock waive the right of first refusal granted under this Agreement with respect to the Series B Preferred Stock and such Holders participate in such offering, each Significant Holder of Series B Preferred Stock will be entitled
to purchase its pro rata share of the offered securities purchased by such Holders in such offering. 
 5.2 Notices. All notices and
other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail (if to an Investor or Holder) or otherwise delivered by hand,
messenger or courier service addressed: 
 (a) if to an Investor, to the Investor’s address, facsimile number or electronic mail address
as shown in the Company’s records, as may be updated in accordance with the provisions hereof; 
 (b) if to any Holder or Founder, to
such address, facsimile number or electronic mail address as shown in the Company’s records, or, until any such Holder or Founder so furnishes an address, facsimile number or electronic mail address to the Company, then to the address of the
last holder of such shares for which the Company has contact information in its records; or 
 (c) if to the Company, to the attention of
the Chief Executive Officer or Chief Financial Officer of the Company at 14445 Grasslands Drive, Englewood, CO 80112, or at such other current address as the Company shall have furnished to the Investors or Holders, with a copy (which shall not
constitute notice) to Moore & Van Allen PLLC, 100 N. Tryon Street, Suite 4700, Charlotte, NC 28202, Attn: Marcus Lee. 
 Each such
notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier
service, freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has
been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, upon
confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. 

  
 15 

 Subject to the limitations set forth in the Colorado Business Corporation Act, each
Investor, Founder and Holder consents to the delivery of any notice to stockholders given by the Company under the Colorado Business Corporation Act or the Articles or bylaws by (i) facsimile telecommunication to the facsimile number set forth
on Exhibit A or Exhibit B, as applicable (or to any other facsimile number for the Investor, Founder or Holder in the Company’s records), (ii) electronic mail to the electronic mail address set forth on Exhibit A or Exhibit B, as applicable (or
to any other electronic mail address for the Investor, Founder or Holder in the Company’s records), (iii) posting on an electronic network together with separate notice to the Investor, Founder or Holder of such specific posting or
(iv) any other form of electronic transmission directed to the Investor, Founder or Holder. This consent may be revoked by an Investor, Founder or Holder by written notice to the Company. 

 5.3 Governing Law. This Agreement shall be governed in all respects by the internal laws of the State of New York as applied to
agreements entered into among New York residents to be performed entirely within New York, without regard to principles of conflicts of law. 

5.4 Successors and Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned,
transferred, delegated or sublicensed by any Investor without the prior written consent of the Company. Any attempt by an Investor without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under
this Agreement shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the
parties hereto. 
 5.5 Entire Agreement. This Agreement and the exhibits hereto constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof. No party hereto shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as
specifically set forth herein. 
 5.6 Delays or Omissions. Except as expressly provided herein, no delay or omission to exercise any
right, power or remedy accruing to any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any such right, power or remedy of such non-defaulting party, nor
shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions
or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement, shall be
cumulative and not alternative. 
 5.7 Severability. If any provision of this Agreement becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or
unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement
shall be enforceable in accordance with its terms. 
 5.8 Titles and Subtitles. The titles and subtitles used in this Agreement are
used for convenience only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and
exhibits attached hereto. 

  
 16 

 5.9 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be enforceable against the parties that execute such counterparts, and all of which together shall constitute one instrument. 

5.10 Telecopy Execution and Delivery. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more
parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and
effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof. 

5.11 Jurisdiction; Venue: Each of the parties hereto hereby submits and consents irrevocably to the exclusive jurisdiction of
the courts of the State of New York and the United States District Court for the Southern District of New York for the interpretation and enforcement of the provisions of this Agreement. Each of the parties hereto also agrees that the jurisdiction
over the person of such parties and the subject matter of such dispute shall be effected by the mailing of process or other papers in connection with any such action in the manner provided for in section 5 or in such other manner as may be lawful,
and that service in such manner shall constitute valid and sufficient service of process. 
 5.12 Further Assurances. Each party
hereto agrees to execute and deliver, by the proper exercise of its corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things as may be necessary
to more fully effectuate this Agreement. 
 5.13 Termination Upon Change of Control. Notwithstanding anything to the contrary herein,
this Agreement (excluding any then-existing obligations) shall terminate upon (a) the acquisition of the Company by another entity by means of any transaction or series of related transactions to which the Company is party (including, without
limitation, any stock acquisition, reorganization, merger or consolidation but excluding any sale of stock for capital raising purposes) other than a transaction or series of transactions in which the holders of the voting securities of the Company
outstanding immediately prior to such transaction continue to retain (either by such voting securities remaining outstanding or by such voting securities being converted into voting securities of the surviving entity), as a result of shares in the
Company held by such holders prior to such transaction, at least fifty percent (50%) of the total voting power represented by the voting securities of the Corporation or such surviving entity outstanding immediately after such transaction or series
of transactions; or (b) a sale, lease or other conveyance of all substantially all of the assets of the Company. 
 5.14
Conflict. In the event of any conflict between the terms of this Agreement and Articles or its bylaws, the terms of the Articles or its bylaws, as the case may be, will control. 

5.15 Attorneys’ Fees. In the event that any suit or action is instituted to enforce any provision in this Agreement, the
prevailing party in such dispute shall be entitled to recover from the losing party such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

5.16 Aggregation of Stock. All securities held or acquired by affiliated entities (including affiliated venture capital funds) or
persons shall be aggregated together for purposes of determining the availability of any rights under this Agreement. 

  
 17 

 5.17 Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS AGREEMENT. 

(signature page follows) 

  
 18 

 The parties are signing this Amended and Restated Investor Rights Agreement as of the date
stated in the introductory clause. 
  

			
	 PARAGON 28, INC.
 A Colorado
corporation

		
	By:	 	/s/ Albert DaCosta

 
			
	Name:	 	Albert DaCosta
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Amended and Restated Investor Rights Agreement] 

 The parties are signing this Amended and Restated Investor Rights Agreement as of the date
stated in the introductory clause. 
  

			
	 INVESTOR

	
	 BIRD B AG

		
	By:	 	/s/ Beat Pfistner

 
			
	Name:	 	Beat Pfistner
	Title:	 	Managing Director

  
 [Signature Page to
Amended and Restated Investor Rights Agreement] 

 The parties are signing this Amended and Restated Investor Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR
	
	PIPER SANDLER MERCHANT BANKING FUND II, L.P.
		
	By:	 	/s/ Thomas Schnettler

 
			
	Name:	 	Thomas P. Schnettler
	Title:	 	Co-CEO of PSC Capital Management II LLC, General Partner for Piper Sandler Merchant Banking Fund II, L.P.

  
 [Signature Page to
Amended and Restated Investor Rights Agreement] 

 The parties are signing this Amended and Restated Investor Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR
	
	MVM V LP, an English limited partnership
		
	By:	 	MVM Partners LLP

 
			
	Title:	 	Manager

  

			
		
	By:	 	/s/ Neil Akhurst

 
			
	Name:	 	Neil Akhurst

 
			
	Title:	 	Authorized Representative

  

			
		
	By:	 	/s/ Thomas Casdagli

 
			
	Name:	 	Thomas Casdagli

 
			
	Title:	 	Authorized Representative

  

			
	MVM GP (No.5) LP, a Scottish limited partnership
		
	By:	 	MVM Partners LLP

 
			
	Title:	 	Manager

  

			
		
	By:	 	/s/ Neil Akhurst

 
			
	Name:	 	Neil Akhurst

 
			
	Title:	 	Authorized Representative

  

			
		
	By:	 	/s/ Thomas Casdagli

 
			
	Name:	 	Thomas Casdagli

 
			
	Title:	 	Authorized Representative

  
 [Signature Page to
Amended and Restated Investor Rights Agreement] 

 The parties are signing this Amended and Restated Investor Rights Agreement as of the date
stated in the introductory clause. 
  

			
	FOUNDER
	
	ALBERT DACOSTA
		
	By:	 	/s/ Albert DaCosta

 [Signature Page to Amended and Restated Investor Rights Agreement] 

 The parties are signing this Amended and Restated Investor Rights Agreement as of the date
stated in the introductory clause. 
  

			
	FOUNDER
	
	LEE ROSENTHAL
		
	By:	 	/s/ Lee Rosenthal

 [Signature Page to Amended and Restated Investor Rights Agreement] 

 EXHIBIT A 

INVESTORS 
 Bird B AG 

Bahnhofstrasse 7 
 CH-6300
Zug 
 Switzerland 
 Attn: Beat Pfistner 

Tel. *** 
 E-Mail *** 

MVM GP (No.5) LP 
 c/o MVM Partners LLP 

30 St. George Street 
 London W1S 2FH 

United Kingdom 
 Attn: Neil Akhurst 

*** 
 E-Mail *** 

MVM V LP 
 c/o MVM Partners LLP 

30 St. George Street 
 London W1S 2FH 

United Kingdom 
 Attn: Neil Akhurst 

*** 
 E-Mail *** 

Piper Sandler Merchant Banking Fund II, L.P. 
 800 Nicollet Mall

 Suite 1000 
 Minneapolis, MN 55402. 

Attn: Thomas P. Schnettler 

E-Mail *** 

 EXHIBIT B 

FOUNDERS 
 Albert DaCosta 

14445 Grasslands Drive 
 Englewood, CO 80112 

Fax: *** 
 e-mail: ***

 Lee Rosenthal 
 14445 Grasslands Drive 

Englewood, CO 80112 
 Fax: *** 

e-mail: *** 

 SCHEDULE 1  

NOTICE AND WAIVER/ELECTION OF 

RIGHT OF FIRST REFUSAL 

I do hereby waive or exercise, as indicated below, my rights of first refusal under the Amended and Restated Investor Rights Agreement
dated as of July [_], 2020 (the “Agreement”): 
  

	1.	 Waiver of [___] days’ notice period in which to exercise right of first refusal: (please check only
one) 

  

	 	(  )	 WAIVE in full, on behalf of all Holders, the [___]-day notice
period provided to exercise my right of first refusal granted under the Agreement. 

  

	 	(  )	 DO NOT WAIVE the notice period described above. 

 

	2.	 Issuance and Sale of New Securities: (please check only one) 

 

	 	(  )	 WAIVE in full the right of first refusal granted under the Agreement with respect to the issuance of the
New Securities. 

  

	 	(  )	 ELECT TO PARTICIPATE in $__________ (please provide amount) in New Securities proposed to be
issued by [insert company name], a [insert company jurisdiction] corporation, representing LESS than my pro rata portion of the aggregate of $[_______] in New Securities being offered in the financing. 

 

	 	(  )	 ELECT TO PARTICIPATE in $__________ in New Securities proposed to be issued by [insert company
name], a [insert company jurisdiction] corporation, representing my FULL pro rata portion of the aggregate of $[_______] in New Securities being offered in the financing. 

 

	 	(  )	 ELECT TO PARTICIPATE in my full pro rata portion of the aggregate of $[_______] in New Securities
being made available in the financing AND, to the extent available, the greater of (x) an additional $__________ (please provide amount) or (y) my pro rata portion of any remaining investment amount available in the event
other Significant Holders do not exercise their full rights of first refusal with respect to the $[_______] in New Securities being offered in the financing. 

 

							
	Date:	 	                                     
       	 		 	
				
	  
	 	  
	 		 	   

		 		 		 	 (Print investor name)

				
	  
	 	  
	 		 	   

		 		 		 	 (Signature)

				
	  
	 	  
	 		 	   

		 		 		 	 (Print name of signatory, if signing for an entity)

				
	  
	 	  
	 		 	   

		 		 		 	 (Print title of signatory, if signing for an entity)

 This is neither a commitment to purchase nor a commitment to issue the New Securities described above.
Such issuance can only be made by way of definitive documentation related to such issuance. The company will supply you with such definitive documentation upon request or if you indicate that you would like to exercise your first offer rights in
whole or in part.EX-4.2

 Exhibit 4.2 

Execution Version 
 This FIFTH
SUPPLEMENTAL INDENTURE (this “Fifth Supplemental Indenture”), dated as of September 23, 2021, among FLOWSERVE CORPORATION, a New York corporation (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, as trustee
(the “Trustee”). 
 RECITALS 

WHEREAS, the Company and the Trustee have heretofore executed and delivered an indenture, dated as of September 11, 2012 (the
“Indenture”), providing for the issuance by the Company from time to time of its debt securities to be issued in one or more series; 

WHEREAS, Sections 2.01 and 9.01 of the Indenture provide, among other things, that the Company and the Trustee may, without the consent of
Holders, enter into indentures supplemental to the Indenture to provide for specific terms applicable to any series of notes; 
 WHEREAS,
the Company intends by this Fifth Supplemental Indenture to create and provide for the issuance of a new series of Securities to be designated as the “2.800% Senior Notes due 2032” (the “Notes”); 

WHEREAS, pursuant to Section 9.01(10) of the Indenture, the Trustee and the Company are authorized to execute and deliver this Fifth
Supplemental Indenture to amend or supplement the Indenture, without the consent of any Holder of Notes; and 
 WHEREAS, all things
necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, issued upon the terms and subject to the conditions set forth hereinafter and in the Indenture and delivered as provided in the Indenture
against payment therefor, valid, binding and legal obligations of the Company according to their terms, and all actions required to be taken by the Company under the Indenture to make this Fifth Supplemental Indenture a valid, binding and legal
agreement of the Company, have been done. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration,
the sufficiency and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions. 

(a) All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Indenture. 

 (b) The following are definitions used in this Fifth Supplemental Indenture, and to the
extent that a term is defined both herein and in the Indenture, the definition in this Fifth Supplemental Indenture shall govern with respect to the Notes. 

“Attributable Debt” with regard to a Sale and Leaseback Transaction with respect to any Principal Property means, at the time
of determination, the present value of the total net amount of rent required to be paid under the lease during the remaining term thereof (including any period for which the lease has been extended), discounted at the rate of interest set forth or
implicit in the terms of the lease (or, if not practicable to determine the rate, the weighted average interest rate per annum borne by the Notes then outstanding under the Indenture) compounded semi-annually. In the case of any lease that is
terminable by the lessee upon the payment of a penalty, the net amount of rent will be the lesser of (x) the net amount determined assuming termination upon the first date the lease may be terminated (in which case the net amount will also
include the amount of the penalty, but will not include any rent that would be required to be paid under the lease subsequent to the first date upon which it may be so terminated) or (y) the net amount determined assuming no such termination.

 “Capital Lease” means a lease with respect to which the lessee is required concurrently to recognize the acquisition of
an asset and the incurrence of a liability in accordance with generally accepted accounting principles in effect in the United States as of the date of the Indenture. 

“Change of Control” means the occurrence of any one of the following: 

(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any “person” or “group” (as those terms are used in
Section 13(d)(3) of the Exchange Act) other than to the Company and/or one or more of its Subsidiaries; 
 (2) the
consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of
the Company, measured by voting power rather than number of shares; 
 (3) the Company consolidates with, or merges with or
into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or the Voting Stock of such other Person is converted
into or exchanged for cash, securities or other property, other than any such transaction where the shares of Voting Stock of the Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, at least
a majority of the Voting Stock of the surviving Person immediately after giving effect to such transaction; or 

  
 2 

 (4) the approval by the holders of the Voting Stock of the Company of any
plan for the liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, a transaction described in clause (2) above will not be
deemed to involve a Change of Control if (1) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company (which shall include a parent company) and (2)(A) the direct or indirect holders of the Voting Stock of such
holding company immediately following that transaction are substantially the same as, and hold in substantially the same proportions as, the holders of the Company’s Voting Stock immediately prior to that transaction or (B) (i) immediately
following that transaction, the holders of the Company’s Voting Stock immediately prior to that transaction are the beneficial owners, directly or indirectly, of more than 50% of the Voting Stock of such holding company and
(ii) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the then outstanding Voting Stock, measured
by voting power rather than number of shares, of such holding company. 
 “Change of Control Triggering Event” means the
occurrence of both a Change of Control and a Rating Decline with respect to the Notes. 
 “Comparable Treasury Issue” means
the U.S. Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming for these purposes that the Notes matured on the Par Call Date) that would
be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed (assuming for these purposes that
the Notes matured on the Par Call Date). 
 “Comparable Treasury Price” means, with respect to any Redemption Date
(1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four Reference
Treasury Dealer Quotations, the average of all of these quotations. 
 “Consolidated Tangible Assets” means, as of any
date, total assets (excluding treasury stock, unamortized debt discount and expense, goodwill, trademarks, trade names, patents, deferred charges and other intangible assets) of the Company and its Subsidiaries on a consolidated basis, as determined
in accordance with GAAP. 
 “Debt” means with respect to a Person all obligations of such Person for borrowed money and all
such obligations of any other Person for borrowed money guaranteed by such Person. 

  
 3 

 “Existing Notes” means the Company’s 3.500% Senior Notes due
September 15, 2022, the Company’s 4.000% Senior Notes due November 15, 2023 and the Company’s 3.500% Senior Notes due October 1, 2030. 

“Fitch” means Fitch Ratings Ltd. and its successors. 

“Funded Debt” means, on the date of determination, any Debt maturing by its terms more than 12 months from such date
(notwithstanding that any portion of such Debt is included in current liabilities), including any Debt renewable or extendible at the option of the borrower to a date later than 12 months from such date of determination. 

“GAAP” means generally accepted accounting principles as in effect from time to time in the United States. 

“Investment Grade Rating” means a rating of BBB- or better by Fitch, a rating of Baa3
or better by Moody’s or a rating of BBB- or better by S&P, and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Company. 

“Liens” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other similar
encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of such
Person. 
 “Material Subsidiary” means any Subsidiary of the Company which owns a Principal Property. 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Par Call Date” means October 15, 2031. 

“Person” means an individual, limited liability company, partnership, corporation, trust, unincorporated organization,
association, joint venture or other entity or a government or agency or political subdivision thereof. 
 “Principal
Property” means any manufacturing plant, warehouse, office building or parcel of real property, including fixtures but excluding leases and other contract rights which might otherwise be deemed real property, owned by the Company or any of
its Subsidiaries, whether owned on the date of the Indenture or thereafter acquired, that has a gross book value (determined in accordance with GAAP) in excess of 1.0% of the Consolidated Tangible Assets of the Company and its consolidated
subsidiaries. Any plant, warehouse, office building or parcel of real property or portion thereof will not be a Principal Property if the Company’s board of directors in good faith determines it is not of material importance to the business
conducted by the Company and its Subsidiaries taken as a whole. 

  
 4 

 “Quotation Agent” means one of the Reference Treasury Dealers appointed by
the Company as Quotation Agent. 
 “Rating Agency” means each of Fitch, Moody’s and S&P, or if at least two of
such agencies shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies (as defined in Section 3(a)(62) of the Exchange Act), as the case may be, selected by the Company which shall
be substituted for Fitch, Moody’s or S&P, or two of them, as the case may be. 
 “Rating Decline” shall be deemed
to have occurred in relation to the Notes if, on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public
notice of the occurrence of the Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies and one of the other Rating
Agencies has either downgraded, or publicly announced that it is considering a possible downgrading of, the Notes), at least two of the Rating Agencies decreases its rating of the Notes by one or more gradations (including gradations within
categories as well as between rating categories) to a rating that is below its rating of the Notes on the day immediately prior to the earlier of (i) the date of the first public announcement of the possibility of a proposed transaction that
would result in a Change of Control or (ii) the date that the possibility of such transaction is disclosed to any of the Rating Agencies. Notwithstanding the foregoing, if the Notes have an Investment Grade Rating by at least two of the Rating
Agencies on the day immediately prior to the earlier of (i) the date of the first public announcement of the possibility of a proposed transaction that would result in a Change of Control or (ii) the date that the possibility of such
transaction is disclosed to any of the Ratings Agencies (each such Ratings Agency referred to as a “Specified Ratings Agency”), then “Rating Decline” means a decrease in the ratings of the Notes by one or more gradations
(including gradations within categories as well as between rating categories) by at least two of the Specified Rating Agencies such that the rating of the Notes by at least two of the Specified Rating Agencies falls below an Investment Grade Rating
no later than 60 days following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Notes is under publicly announced consideration for
a possible downgrade by any of the Specified Rating Agencies and one of the other Specified Rating Agencies has either downgraded, or publicly announced that it is considering a possible downgrading of, the Notes). 

“Reference Treasury Dealer” means (1) BofA Securities, Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC
and their respective successors, unless any of them ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer
and (2) any other Primary Treasury Dealer selected by the Company. 
 “Reference Treasury Dealer Quotations” means,
with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

  
 5 

 “Remaining Scheduled Payments” means, with respect to each Note to be
redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date for such redemption (assuming for these purposes that the Notes matured on the Par Call Date); provided,
however, that, if such Redemption Date is not an Interest Payment Date (as defined in Section 2.04(c) of this Fifth Supplemental Indenture) with respect to such Note, the amount of the next succeeding scheduled interest payment thereon
will be reduced by the amount of interest accrued thereon to such Redemption Date. 
 “S&P” means S&P Global
Ratings, a division of S&P Global, Inc., and its successors. 
 “Sale and Leaseback Transaction” means any arrangement
with any Person relating to property now owned or hereafter acquired whereby the Company or any Subsidiary of the Company transfers such property to another Person and the Company or the Subsidiary leases or rents it from such Person. 

“Subsidiary” means any corporation, partnership or other legal entity (a) the accounts of which are consolidated with
the Company’s in accordance with GAAP and (b) of which, in the case of a corporation, more than 50% of the outstanding Voting Stock is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company
and one or more other Subsidiaries or, in the case of any partnership or other legal entity, more than 50% of the ordinary equity capital interests is, at the time, directly or indirectly owned or controlled by the Company or by one or more of the
Subsidiaries or by the Company and one or more of the Subsidiaries. 
 “Treasury Rate” means, for any Redemption Date, the
rate per annum equal to the semi-annual equivalent yield to maturity or interpolated (on a day count basis), computed as of the second Business Day immediately preceding that Redemption Date, of the Comparable Treasury Issue, assuming a price for
the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date. The Company will calculate, or cause to be calculated, the Treasury Rate and will deliver such
calculation in an Officers’ Certificate to the Trustee in reasonable detail on or prior to such Redemption Date. The Trustee shall not be responsible for any such calculation. 

“Voting Stock” of any specified Person as of any date means the capital stock of such Person that is at the time entitled to
vote generally in the election of the board of directors of such Person. 

  
 6 

 Section 1.02. Other Definitions. 

 

			
	 Term
	  	 Defined in Section

	“Change of Control Offer”	  	4.01(a)
		
	“Change of Control Payment”	  	4.01(a)
		
	“Change of Control Payment Date”	  	4.01(b)
		
	“Interest Payment Date”	  	2.04(c)
		
	“Maturity Date”	  	2.04(b)
		
	“Regular Record Date”	  	2.04(c)

 Section 1.03. Incorporation by Reference of Trust Indenture Act. 

This Fifth Supplemental Indenture is subject to the mandatory provisions of the TIA, which are incorporated by reference in and made a part of
this Fifth Supplemental Indenture. The following TIA terms have the following meanings: 
 “indenture securities” means the Notes.

 “indenture security holder” means a Holder. 

“indenture to be qualified” means this Fifth Supplemental Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any other obligor on the indenture securities. 

All other TIA terms used in this Fifth Supplemental Indenture that are defined by the TIA, defined by TIA reference to another statute or
defined by SEC rules promulgated under the TIA have the meanings assigned to them by such definitions. 
 ARTICLE II 

APPLICATION OF SUPPLEMENTAL INDENTURE 

AND CREATION, FORMS, TERMS AND CONDITIONS OF NOTES 

Section 2.01. Application of this Fifth Supplemental Indenture. Notwithstanding any other provision of this Fifth Supplemental
Indenture, the provisions of this Fifth Supplemental Indenture, including the covenants set forth herein, are expressly and solely for the benefit of the Holders of the Notes. The Notes constitute a separate series of Securities as provided in
Section 2.01 of the Indenture. 

  
 7 

 Section 2.02. Creation of the Notes. In accordance with Section 2.01 of the
Indenture, the Company hereby creates the Notes as a separate series of its Securities issued pursuant to the Indenture. The Notes shall be issued initially in an aggregate principal amount of $500,000,000. 

Section 2.03. Form of the Notes. The Notes shall each be issued in the form of a Global Security, duly executed
by the Company and authenticated by the Trustee, which shall be deposited with the Trustee as custodian for DTC and registered in the name of “Cede & Co.,” as the nominee of DTC. The Notes shall be substantially in the form of
Exhibit A attached hereto. So long as DTC, or its nominee, is the registered owner of a Global Security, DTC or its nominee, as the case may be, shall be considered the sole owner or Holder of the Notes represented by such
Global Security for all purposes under the Indenture and under such Notes. Ownership of beneficial interests in such Global Security shall be shown on, and transfers thereof will be effective only through, records maintained by DTC or its nominee
(with respect to beneficial interests of participants) or by participants or Persons that hold interests through participants (with respect to beneficial interests of beneficial owners). 

Section 2.04. Terms and Conditions of the Notes. 

The Notes shall be governed by all the terms and conditions of the Indenture, as supplemented by this Fifth Supplemental Indenture. In
particular, the following provisions shall be terms of the Notes: 
 (a) Title and Conditions of the Notes. The title
of the Notes shall be as specified in the Recitals; and the aggregate principal amount of the Notes shall be unlimited. 

(b) Stated Maturity. The Notes shall mature, and the principal of the Notes shall be due and payable in
U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on January 15, 2032 (the “Maturity Date”). 

(c) Payment of Principal and Interest. The Notes shall bear interest at 2.800% per annum, from and including
September 23, 2021, or from the most recent Interest Payment Date (as defined hereafter) on which interest has been paid or provided for until the principal thereof becomes due and payable, and on any overdue principal. Interest shall be
calculated on the basis of a 360-day year comprised of twelve 30-day months. Interest on the Notes shall be payable semi-annually in arrears in U.S. Dollars on
January 15 and July 15 of each year, commencing on January 15, 2022 (each such date, an “Interest Payment Date” for the purposes of the Notes under this Fifth Supplemental Indenture). Payments of interest shall be
made to the Person in whose name a Note (or predecessor Note) is registered (which shall initially be the Depositary) at the close of business on January 1 or July 1 (whether or not that date is a Business Day), as the case may be,
immediately preceding such Interest Payment Date (each such date, a “Regular Record Date” for the purposes of the Notes under this Fifth Supplemental Indenture). 

  
 8 

 (d) Registration and Form. The Notes shall be issuable as registered
securities as provided in Section 2.03 of this Article II. The form of the Notes shall be as set forth in Exhibit A attached hereto. The Notes shall be issued and may be transferred only in minimum denomination of
$2,000 and integral multiples of $1,000 in excess thereof. All payments of principal, Redemption Price, any purchase price relating to a Change of Control Offer and accrued unpaid interest in respect of the Notes shall be made by the Company as set
forth in the Notes. 
 (e) Legal Defeasance and Covenant Defeasance. The provisions for legal defeasance in
Section 8.02 of the Indenture, and the provisions for covenant defeasance in Section 8.03 of the Indenture, shall be applicable to the Notes. If the Company shall effect a defeasance of the Notes pursuant to Section 8.02 or
Section 8.03 of the Indenture, the Company shall cease to have any obligation to comply with the covenants and agreements set forth in Articles IV and V of this Fifth Supplemental Indenture. 

(f) Further Issuance. Notwithstanding anything to the contrary contained herein or in the Indenture, the Company may,
from time to time, without the consent of or notice to the Holders, create and issue further securities having the same interest rate, maturity and other terms (except for the issue date, the public offering price and the first Interest Payment
Date) as, ranking equally and ratably with, the Notes. Additional Notes issued in this manner shall be consolidated with and shall form a single series with the previously outstanding Notes. 

(g) Redemption. The Notes are subject to redemption by the Company in whole or in part in the manner described herein.

 (h) [Reserved.] 

(i) Ranking. The Notes will be the Company’s unsecured and unsubordinated obligations and will rank equally with
all of its current and future unsecured and unsubordinated indebtedness and senior to all of its current and future subordinated debt. 

(j) Sinking Fund. The Notes are not entitled to any sinking fund. 

(k) Other Terms and Conditions. The Notes shall have such other terms and conditions as provided in the form thereof
attached as Exhibit A hereto. 

  
 9 

 ARTICLE III 

REDEMPTION 

Section 3.01. Optional Redemption. At any time prior to the Par Call Date, the Notes are subject to redemption, in whole or in
part, from time to time, at the Company’s option at a Redemption Price equal to the greater of: 
  

	 	(i)	 100% of the principal amount of the Notes to be redeemed, and 

 

	 	(ii)	 the sum of the present values of the Remaining Scheduled Payments of the Notes to be redeemed (assuming for
these purposes that the Notes matured on the Par Call Date), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 25 basis points. 

 At any time on or after the Par Call
Date, the Company may redeem the Notes, in whole or in part from time to time, at its option, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed. 

In each case, the Company will also pay the accrued and unpaid interest on the principal amount being redeemed to the Redemption Date. 

Section 3.02. Notice of Redemption. Solely with respect to the Notes, the first paragraph of Section 5.04 of the Indenture is
replaced in its entirety with the following: 
 “Section 5.04 Notice of Redemption. Notice of redemption
shall be mailed in the manner provided for in Section 12.02 or sent electronically pursuant to applicable DTC procedures (with a copy to the Trustee), not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder of
Securities to be redeemed, except that redemption notices may be sent more than 60 days prior to a Redemption Date if such notice is issued in connection with a defeasance of the Securities or a satisfaction and discharge of this Indenture. Notice
of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent (such as the consummation of refinancings or acquisitions, whether of the Company or by the Company). The Trustee shall send the notice of
redemption in the Company’s name and at the Company’s expense; provided, however, that the Company shall deliver to the Trustee, at least five days (or such shorter time as the Trustee may agree) prior to the date such notice of redemption
is to be sent, an Officers’ Certificate requesting that the Trustee give such notice at the Company’s expense and setting forth the information to be stated in such notice as provided in the following items.” 

Section 3.03. Open Market Repurchases. Notwithstanding any provision hereunder or under the Indenture to the contrary, the Company
and its Affiliates may purchase Notes from investors who are willing to sell from time to time, either in the open market at prevailing prices or in private transactions at negotiated prices. Notes that the Company or any of its Affiliates purchase
may, at the Company’s discretion, be held, resold or canceled. 

  
 10 

 ARTICLE IV 

CHANGE OF CONTROL 

Section 4.01. Change of Control. 

(a) Upon the occurrence of a Change of Control Triggering Event, unless the Company has given written notice with respect to a redemption of
the Notes as described under Section 3.01, each Holder of Notes will have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the offer described below (the “Change of Control
Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”). 

(b) Within 30 days following the date upon which the Change of Control Triggering Event occurred, or at the Company’s option, prior to
any Change of Control but after the public announcement of the transaction that constitutes or may constitute the Change of Control, the Company will mail or send electronically pursuant to applicable DTC procedures a notice to each Holder of Notes,
with a copy to the Trustee, which notice will govern the terms of the Change of Control Offer. Such notice will state, among other things, the purchase date, which must be no earlier than 10 days nor later than 60 days from the date such notice is
mailed or sent, other than as may be required by law (the “Change of Control Payment Date”). The notice, if sent prior to the date of consummation of the Change of Control, will state that the Change of Control Offer is conditioned
on the Change of Control being consummated on or prior to the Change of Control Payment Date. Holders of Notes electing to have Notes purchased pursuant to a Change of Control Offer will be required to surrender their Notes, with the form entitled
“Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice, or transfer their Notes to the Paying Agent by book-entry transfer pursuant to the applicable procedures
of the Paying Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date. 
 (c) On each
Change of Control Payment Date, the Company will, to the extent lawful, (i) accept for payment all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control Offer, (ii) deposit with the Paying Agent an
amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control Offer and (iii) deliver or cause to be delivered to the Trustee the Notes properly
accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. 

  
 11 

 (d) The Company will not be required to make a Change of Control Offer upon the occurrence
of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly
tendered and not withdrawn under its offer. 
 (e) The Company will comply with the requirements of
Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a
result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company will comply with the applicable securities
laws and regulations and will not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of such conflicts. 

ARTICLE V 
 COVENANTS

 The covenants set forth in this Article V shall be applicable to the Company in addition to the covenants in Article III of
the Indenture, which shall in all respects be applicable in respect of the Notes. 
 Section 5.01. Limitation on Liens. 

The Company will not, and will not permit any Material Subsidiary to, create, assume or permit to exist, any Lien, other than Permitted Liens,
on any Principal Property, now owned or hereafter acquired by the Company or any Subsidiary of the Company, to secure Debt, without effectively providing concurrently that the Notes are secured equally and ratably with such Debt, for so long as such
Debt shall be so secured. 
 “Permitted Liens” means: 

(1) Liens existing on the date of the Indenture, or any Lien in favor of the Trustee for the benefit of Holders of the Notes;

 (2) Liens in favor of the Company or Liens of Material Subsidiaries in favor of one of more Subsidiaries of the Company;

 (3) Liens on any property existing at the time the Company or a Material Subsidiary acquired or leased such property,
including property acquired by the Company or a Material Subsidiary through a merger or similar transaction; 
 (4) Liens on
any Principal Property to secure all or part of the cost of acquisition, construction, development or improvement of such Principal Property, or to secure Debt incurred to provide funds for any such purposes, provided, that the commitment of the
creditor to extend the credit secured by any such Lien shall have been obtained not later than 12 months after the later of (A) the completion of the acquisition, construction, development or improvement of such Principal Property and
(B) the placing in operation of such Principal Property or of such Principal Property as so constructed, developed or improved; 

  
 12 

 (5) Liens on property of any Person existing at the time such Person becomes
a Material Subsidiary; 
 (6) Liens imposed by law for taxes, assessments or charges of any governmental authority for claims
which are not overdue for a period of more than 60 days, or to the extent that such Lien is being contested in good faith by appropriate actions and adequate reserves in accordance with GAAP are being maintained therefor; 

(7) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law or
created in the ordinary course of business which are not delinquent or remain payable without penalty or which are being contested in good faith by appropriate actions; 

(8) Liens securing (i) the non-delinquent performance of bids, trade contracts
(other than for borrowed money), leases or statutory obligations, (ii) surety bonds (excluding appeal bonds and other bonds posted in connection with court proceedings or judgments) and (iii) other
non-delinquent obligations of a like nature (including those to secure health, safety and environmental obligations) in each case incurred in the ordinary course of business; 

(9) Liens created by or resulting from any litigation or other proceeding that is being contested in good faith by appropriate
proceedings, including Liens arising out of judgments or awards against the Company or its Subsidiaries with respect to which the Company or its Subsidiaries are in good faith prosecuting an appeal or proceedings for review or for which the time to
make an appeal has not yet expired, and Liens relating to final unappealable judgment liens which are satisfied within 60 days of the date of judgment or Liens incurred by the Company or any of its Subsidiaries for the purpose of obtaining a stay or
discharge in the course of any litigation or proceeding to which the Company or any of its Subsidiaries is a party; 
 (10)
easements, rights-of-way, zoning or any other restrictions, encroachments, protrusions and other similar encumbrances on real property which in the aggregate do not
materially detract from the value of such property or materially interfere with the ordinary conduct of the Company’s businesses or the Subsidiaries’ businesses, taken as a whole; 

(11) Liens securing obligations in respect of Capital Leases on assets subject to such leases, provided that such leases are
not otherwise prohibited; 
 (12) any Lien renewing, extending or replacing any Lien referred to above, to the extent that
(a) the principal amount of the indebtedness secured by such Lien is not increased and (b) no assets encumbered by any such Lien other than the assets permitted to be encumbered immediately prior to such renewal, extension, refinance or
refund are encumbered thereby; 

  
 13 

 (13) any other Lien on any of the Company’s or its Subsidiaries’
assets or properties that secure indebtedness, liabilities and obligations of the Company or its Subsidiaries in an aggregate amount at the time of the creation of such Lien that, together with the amount of such indebtedness, liabilities and
obligations secured by other Liens pursuant to this clause at such time, does not exceed an amount equal to 15% of the Company’s Consolidated Tangible Assets (determined as of the most recently ended fiscal quarter for which financial
statements are available); or 
 (14) Liens arising under the Indenture in favor of the Trustee, in its capacity as such, for
its own benefit and similar Liens in favor of other trustees, agents and representatives arising under instruments governing indebtedness permitted to be incurred under the Indenture; provided, however, that such Liens are solely for the benefit of
the trustees, agents or representatives in their capacities as such and not for the benefit of the holders of such indebtedness. 

Section 5.02. Limitation on Sale and Leaseback Transactions. 

The Company will not, and will not permit any Material Subsidiary to, enter into any Sale and Leaseback Transaction covering any Principal
Property owned by the Company or any Material Subsidiary. However, a Sale and Leaseback Transaction will not be prohibited if: 

(1) the transaction is permitted pursuant to the exception described in clause (13) under Section 5.01; 

(2) the proceeds of the Sale and Leaseback Transaction are at least equal to the fair value (as determined by the
Company’s Board of Directors in good faith) of the Principal Property leased pursuant to such transaction and an amount equal to the greater of (i) the net proceeds of the sale or transfer and (ii) the Attributable Debt of the
Principal Property sold (as determined by the Company) is applied within 180 days of the Sale and Leaseback Transaction to either (x) the purchase or acquisition of, or, in the case of real property, the commencement of construction on or
improvement of, property or assets, or (y) the voluntary retirement or repayment (other than at maturity or pursuant to a mandatory sinking fund or mandatory redemption provision) of Funded Debt of the Company (other than indebtedness
subordinated to the Notes) or a Material Subsidiary, for money borrowed, maturing more than 12 months after the voluntary retirement; 

(3) the lease is for a period not exceeding three years and by the end of which it is intended that the use of such Principal
Property by the lessee will be discontinued; or 
 (4) the lease is with the Company or another Material Subsidiary. 

  
 14 

 Section 5.03. Future Guarantors. 

The Company shall cause any Subsidiary of the Company that guarantees, directly or indirectly, any of the Existing Notes to at the same time,
execute and deliver to the Trustee a supplement to the Indenture pursuant to which such Subsidiary will guarantee payment of the Notes and all other obligations of the Company on the same terms and conditions as those set forth in the Indenture.
Thereafter, such Subsidiary shall be a Guarantor for all purposes of the Indenture until such Securities Guarantee is released in accordance with the provisions of the Indenture; provided that any Guarantor will be automatically and unconditionally
released from all obligations under its Securities Guarantee, and such Securities Guarantee shall thereupon terminate and be discharged and of no further force and effect at such time as the relevant Guarantor no longer guarantees any of the
Existing Notes. 
 ARTICLE VI 

EVENTS OF DEFAULT 

Section 6.01. The events of default in Article VI of the Indenture shall be applicable to the Notes. In addition, the following shall be
Events of Default with respect to the Notes: 
 (a) an event of default (i) under the terms of any indenture or
instrument for borrowed money under which the Company or any of its subsidiaries has outstanding an aggregate principal amount of at least $100,000,000 or (ii) under the terms of the Company’s primary revolving bank facility, in each case,
which event of default results in an acceleration of the payment of all or a portion of such indebtedness for money borrowed (which acceleration is not rescinded or annulled within 30 days after notice of such acceleration); and 

(b) the entry against the Company, any Material Subsidiary or any Significant Subsidiary of one or more final judgments or
orders for the payment of money in an aggregate amount (as to all such judgments or orders) in excess of $100,000,000 (to the extent not covered by independent third-party insurance as to which the insurer has been notified of the claim and does not
dispute coverage) and (A) enforcement proceedings are commenced by any creditor upon such judgment or order or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal
or otherwise, is not in effect. 

  
 15 

 ARTICLE VII 

MISCELLANEOUS 

Section 7.01. Ratification of Indenture. 

This Fifth Supplemental Indenture is executed and shall be constructed as an indenture supplement to the Indenture, and as supplemented and
modified hereby, the Indenture is in all respects ratified and confirmed, and the Indenture and this Fifth Supplemental Indenture shall be read, taken and constructed as one and the same instrument. 

Section 7.02. Trust Indenture Act Controls. 

If any provision of this Fifth Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be
included in this Fifth Supplemental Indenture by the TIA, the required or deemed provision shall control. 
 Section 7.03.
Notices. 
 All notices and other communications shall be given as provided in the Indenture. However, with respect to notices or
communications to be made or sent to the Trustee, they shall be addressed to: 
 U.S. Bank National Association 

13737 Noel Rd Suite 800 
 Dallas,
TX 75240 
 Attn: Corporate Trust Administration 

The Trustee shall have the right to accept and act upon any notice, instruction, or other communication, including any funds transfer
instruction, (each, a “Notice”) received pursuant to this Indenture by electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) and shall not have
any duty to confirm that the person sending such Notice is, in fact, a person authorized to do so. Each other party to this Fifth Supplemental Indenture assumes all risks arising out of the use of electronic signatures and electronic methods to send
Notices to the Trustee, including without limitation the risk of the Trustee acting on an unauthorized Notice and the risk of interception or misuse by third parties. Notwithstanding the foregoing, The Trustee may in any instance and in its sole
discretion require that a Notice in the form of an original document bearing a manual signature be delivered to the Trustee in lieu of, or in addition to, any such electronic Notice. 

Section 7.04. Governing Law. 

THIS FIFTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THERETO. EACH OF THE COMPANY AND THE TRUSTEE 

  
 16 

 
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS FIFTH SUPPLEMENTAL
INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 7.05. Successors. 

All agreements of the Company in this Fifth Supplemental Indenture and the Notes shall bind their successors. All agreements of the Trustee in
this Fifth Supplemental Indenture shall bind its successors. 
 Section 7.06. Multiple Originals. 

The parties may sign any number of copies of this Fifth Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. One signed copy is enough to prove this Fifth Supplemental Indenture. The exchange of copies of this Fifth Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Fifth Supplemental Indenture as to the parties hereto and may be used in lieu of the original Fifth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF
shall be deemed to be their original signatures for all purposes. 
 Section 7.07. Headings. 

The headings of the Articles and Sections of this Fifth Supplemental Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 Section 7.08.
Trustee Not Responsible for Recitals 
 The recitals contained herein shall be taken as statements of the Company and the Trustee
does not assume any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture, except that the Trustee represents that it is duly authorized to execute and
deliver this Fifth Supplemental Indenture and perform its obligations hereunder. 

  
 17 

 IN WITNESS WHEREOF, the parties have caused this Fifth Supplemental Indenture to be duly
executed as of the date first written above. 
  

			
	COMPANY:
	
	FLOWSERVE CORPORATION
		
	By:	 	/s/ John E. Roueche III
		 	Name:   John E. Roueche III
		 	Title:     Vice President, Treasurer and Investor Relations

 Signature page to the Fifth Supplemental Indenture 

 
			
	TRUSTEE:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Michael K. Herberger
		 	Name:   Michael K. Herberger
		 	 Title:     Vice President

 Signature page to the Fifth Supplemental Indenture 

 EXHIBIT A 

FORM OF NOTE 
 THIS NOTE IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS IS REQUESTED BY THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

CUSIP NO. 34355J AB4 
 ISIN NO. US34355JAB44 

FLOWSERVE CORPORATION 
 2.800%
SENIOR NOTE DUE 2032 
  

			
	 $500,000,000
	  	No.: R-1

 FLOWSERVE CORPORATION, a New York corporation (herein called the “Company”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $500,000,000 or such other principal amount as shall be set forth on Schedule I hereto on January 15, 2032 and to pay interest thereon at the rate of
2.800% per annum from and including September 23, 2021, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, on January 15 and July 15 of each year, commencing on January 15, 2022
(each, an “Interest Payment Date”), until the principal hereof is paid or made available for payment. 
 The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, except as provided in the Indenture hereinafter referred to, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of
business on the regular record date for such interest, which will be the January 1 or July 1 (whether or not that date is a Business Day), as the case may be (each, a “Regular Record Date”), immediately preceding each Interest
Payment Date. Any such 

  
 Exhibit A - Page1 

 
interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and either may be paid to the Person in whose name this Note (or
one or more predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to the Holders not less than ten days prior to such
Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. Payment of the principal of and interest on this Note (including, without limitation, any Redemption Price or purchase price
relating to a Change of Control Offer) will be made at the office or agency of the Company maintained for that purpose pursuant to the Indenture (initially the principal corporate trust office of the Trustee in New York, NY (the “Corporate
Trust Office”)), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the
Company (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire transfer to an account maintained by the Person entitled thereto as specified in the
Securities Register. Payments of principal and interest at maturity will be made against presentation of this Note at the Corporate Trust Office (or such other office as may be established pursuant to the Indenture), by check or wire transfer. 

Reference is hereby made to the further provisions of this Note set forth on the reverse side hereof, which further provisions shall for all
purposes have the same effect as though fully set forth at this place. 
 Unless the Certificate of Authentication hereon has been executed
by the Trustee or an authenticating agent under the Indenture referred to on the reverse hereof by the manual signature of one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory
for any purpose. 
 [Signature Pages Follow] 

  
 Exhibit A - Page 2 

 IN WITNESS WHEREOF, the Company has caused this Note to be to be duly executed as of the
date set forth below. 
 Date: 

 

			
	 FLOWSERVE
CORPORATION

 
			
		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 Exhibit A - Page 3 

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory

  
 Exhibit A - Page 4 

 (Reverse of Note) 

FLOWSERVE CORPORATION 
 2.800%
SENIOR NOTE DUE 2032 
 1. This Note is one of a duly authorized issue of securities of the Company designated as its 2.800% Senior Notes
due 2032 (the “Notes”) unlimited in aggregate principal amount issued and to be issued under an indenture, dated as of September 11, 2012, between the Company and U.S. Bank National Association, as trustee (herein called the
“Trustee,” which term includes any successor Trustee under the Indenture), and the fifth supplemental indenture, dated as of September 23, 2021 (the indenture, as so supplemented and as it may be further supplemented or amended from
time to time, is herein referred to as the “Indenture”), between the Company and the Trustee. Reference is hereby made to the Indenture for a statement of the respective rights thereunder of the Company, the Trustee and the Holders of the
Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. The indebtedness of the Company evidenced by the Notes, including the principal thereof and interest thereon (including post-default interest), will
constitute unsecured and unsubordinated indebtedness of the Company and will rank equally in right of payment with all of the Company’s current and future unsecured and unsubordinated indebtedness. 

2. At any time prior to October 15, 2031 (the “Par Call Date”), the Notes are subject to redemption, in whole or in part, from
time to time, at the Company’s option at a Redemption Price equal to the greater of: 
  

	 	(i)	 100% of the principal amount of the Notes to be redeemed, and 

 

	 	(ii)	 the sum of the present values of the Remaining Scheduled Payments of the Notes to be redeemed (assuming for
these purposes that the Notes matured on the Par Call Date), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 25 basis points. 

 At any time on or
after the Par Call Date, the Company may redeem the Notes, in whole or in part from time to time, at its option, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed. 

In each case, the Company will also pay the accrued and unpaid interest on the principal amount being redeemed to the Redemption Date. 

Any notice to Holders of Notes of a redemption pursuant to this paragraph 2 hereof will include, among other things set forth in the
Indenture, the Redemption Date, the Redemption Price (or the methodology for determining the Redemption Price), the amount of accrued and unpaid interest to the Redemption Date, and the name and address of the Paying Agent. In connection with any
redemption prior to the Par Call Date, the Company will calculate, or cause to be calculated, the Treasury Rate and will deliver such calculation in an Officers’ Certificate to the Trustee in reasonable detail on or prior to such Redemption
Date. The Trustee shall not be responsible for any such calculation. 

  
 Exhibit A - Page 5 

 3. Upon the occurrence of a Change of Control Triggering Event, unless the Company has given
written notice with respect to a redemption of the Notes pursuant to paragraph 2 of this Note, each Holder of Notes will have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the Change of Control
Offer, at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase. 

4. If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture. 
 5. The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate
principal amount of Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of Notes at the time outstanding, on behalf of the Holders of all Notes, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

6. No reference herein to the Indenture and no provisions of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

7. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the
Securities Register of the Company, upon surrender of this Note for registration of transfer at the Corporate Trust Office, duly endorsed by, or accompanied by a written instruction of transfer in form satisfactory to the Company, and duly executed
by the Holder hereof or such Holder’s attorney, duly authorized in writing, on which instruction the Company can rely, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued
to the designated transferee or transferees. 
 8. The Notes are issuable only in fully registered form, without coupons, in minimum
denominations of $2,000 or any amount in excess thereof which is an integral multiple of $1,000. As provided in the Indenture, and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of
Notes in authorized denominations, as requested by the Holder surrendering the same. 

  
 Exhibit A - Page 6 

 9. No service charge shall be made to the Holder for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. 

10. Prior to the due presentment of this Note for registration of transfer or exchange, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the
contrary. 
 11. Interest on the Notes shall be computed on the basis of a 360-day year consisting
of twelve 30-day months. 
 12. The Trustee, in its individual or any other capacity, may make loans
to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 

13. No past, present or future director, manager, officer, employee, incorporator, member, partner, stockholder or other owner of Capital
Stock of the Company shall have any liability for any obligations of the Company under the Notes, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a
Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver and release may not be effective to waive or release liabilities under the federal securities laws. 

14. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

15. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUT (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

16. Each Holder of this Note covenants and agrees by such Holder’s acceptance thereof to comply with and be bound by the foregoing
provisions. 
 17. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
CONFLICTS OF LAWS PRINCIPLES THERETO. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
NOTE. 
 18. All capitalized terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the
Indenture. 

  
 Exhibit A - Page 7 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF
ASSIGNEE 
  

	
	 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL
ZIP CODE OF ASSIGNEE

  

	
	 
	 
	 

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said
Security on the books of the Company, with full power of substitution in the premises. 
  

			
		
	 Dated:
	 	 

			
		
	 Signature:
	 	 

  

			
	NOTICE:	  	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 Signature Guarantee: 

SIGNATURE GUARANTEE 
 Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 Exhibit A-Page 8 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.01 of the Fifth Supplemental Indenture,
check the box: 
  
 ☐ 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.01 of the Fifth Supplemental
Indenture, state the amount in principal amount: $_______________ 
  

							
		 		 		 	
				
	 Dated:
	 	   
	 	 Your Signature:
	 	   

		 		 		 	(Sign exactly as your name appears on the other side of this Note.)

  

			
	 Signature Guarantee:
	 	 
		 	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 Exhibit A-Page 9 

 Schedule I 

SCHEDULE OF TRANSFERS AND EXCHANGES 

The following increases or decreases in principal amount of this Global Security have been made: 

 

									
	 Date of
Exchange
	  	 Amount of
Decrease in
Principal
Amount of
this
Global Security
	  	 Amount of
Increase in
Principal Amount
of this
Global
Security
	  	 Principal Amount
of this Global
Security
following
such Decrease or
Increase
	  	 Signature of
Authorized
Signatory of
trustee
or
Custodian

  
 Exhibit A - Schedule I

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