Document:

exv10w63

 

EXHIBIT
10.63

AMENDMENT TO

THE DURIRON COMPANY, INC.

INCENTIVE COMPENSATION PLAN FOR KEY EMPLOYEES

AMENDED AND RESTATED EFFECTIVE JANUARY 1, 1992

1. Preamble. The Duriron Company, Inc., predecessor to Flowserve Corporation
(“Flowserve”), amended and restated its Incentive Compensation Plan (the “Plan”) effective January
1, 2002. Section VIII B of the Plan as so amended and restated permitted deferral of Incentive
Awards. Section IX of the Plan prescribes a procedure and schedule for payment of deferred cash
awards. Since such amendment and restatement, section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”), has been enacted and has become effective with respect to the Plan. The
Plan will be amended in 2006 for overall compliance with section 409A of the Code. In the interim,
Question and Answer 20 of Internal Revenue Service Notice 2005-1 permits distribution of certain
amounts without respect to the otherwise applicable limitations of section 409A. By this
amendment, Flowserve intends to accomplish amendment of the Plan to provide for such distributions.
Section XI of the Plan permits the Board of Directors of Flowserve to amend the Plan.

2. Amendment. Pursuant to Section XI of the Plan, the Plan is hereby amended by adding the
following Section IX E to the Plan, to follow Section IX D and to precede Section X:

“E. 2005 DISTRIBUTION. Notwithstanding anything to the contrary in this Plan, the
entire amount credited to the unsecured Deferred Compensation accounts of former
employee Participant William Jordan and current employee Participant Ronald F.
Shuff will be distributed in full to such Participants, respectively, prior to
December 31, 2005. Such distributions will be includible in the reportable
taxable income of such Participants for the taxable year 2005. This distribution
is in accordance with Question and Answer 20 of Internal Revenue Service Notice
2005-1, and shall terminate the participation of such former employee Participant
in the Plan and shall terminate the prior deferrals under the Plan of Participant
Ronald F. Shuff. Such distributions shall be made through payment of single cash
lump sums.”

3. Effect of Amendment. Except as amended by this Amendment to The Duriron Company, Inc.
Incentive Compensation Plan for Key Employees as Amended and Restated Effective January 1, 1992,
the Plan, as amended and restated January 1, 1992, and as it may have been amended thereafter,
shall remain in full force and effect.

	 	 	 	 	 	 	 
	 	 	FLOWSERVE CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	Pension and Investment Committee	 
	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Blinn, Member
	 

	 	 	 	 	 	 
	Executed December 14, 2005
	 	 	 	 	 	 

1exv10w64

 

EXHIBIT
10.64

AMENDMENT

TO

THE DURIRON COMPANY, INC.

LONG-TERM INCENTIVE PLAN AS RESTATED NOVEMBER 1, 1993

1. Preamble. Commencing with 1993, The Duriron Company, Inc., predecessor to Flowserve
Corporation (“Flowserve”), established a Long-Term Incentive Plan as restated November 1, 1993 (the
“Plan”). The Plan was thereafter amended, in particular by an Amendment No. 1 effective July 21,
1995, which permitted participants to defer the receipt of cash Awards of Performance Units in the
form of deferred cash or in the form of shares (the former shares now consisting of Flowserve
shares). Shares and cash so deferred were credited to an account under the Plan. Payment is to be
made under Section X B of the Plan upon the occurrence of specified events. Since such amendment,
section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), has been enacted and
has become effective with respect to the Plan. The Plan will be amended in 2006 for overall
compliance with section 409A of the Code. In the interim, Question and Answer 20 of Internal
Revenue Service Notice 2005-1 permits distribution of certain amounts without respect to the
otherwise applicable limitations of section 409A. By this amendment, Flowserve intends to
accomplish amendment of the Plan to provide for such distributions. Section VIII of the Plan
permits the Board of Directors of Flowserve to amend the Plan.

2. Amendment. Pursuant to Section VIII of the Plan, the Plan is hereby amended by adding
the following Section X F(v) to the Plan, to follow Section X F(iv):

     “(v) 2005 Distribution. Notwithstanding anything to the contrary in
this Plan, the entire amount credited to the unsecured Deferred Cash Performance
Unit Awards account and all Deferred Shares of former employee Participant William
Jordan, and the entire amount credited to the unsecured Deferred Cash Performance
Unit Awards account of current employee Participant Ronald F. Shuff, will be
distributed in full in lump sums to William Jordan and Ronald F. Shuff,
respectively, prior to December 31, 2005. Such distributions will be includible
in the reportable taxable income of such Participants for taxable year 2005.
These distributions are in accordance with Question and Answer 20 of Internal
Revenue Service Notice 2005-1, and shall terminate the participation of such
former employee Participant William Jordan in the Plan, and shall terminate such
prior cash deferrals of Participant Ronald F. Shuff under the Plan. Such
distributions shall be made in kind and in cash, as applicable.”

3. Effect of Amendment. Except as amended by this Amendment to The Duriron Company, Inc.,
Long-Term Incentive Plan as Restated November 1, 1993, the Plan, as heretofore amended, shall
remain in full force and effect.

	 	 	 	 	 	 	 
	 	 	FLOWSERVE CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	Pension and Investment Committee	 
	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Blinn, Member
	 

	 	 	 	 	 	 
	Executed December 14, 2005exv10w65

 

EXHIBIT
10.65

AMENDMENT

TO

THE DURIRON COMPANY, INC.

1996 — 1998 LONG-TERM INCENTIVE PLAN

1. Preamble. The Duriron Company, Inc., predecessor to Flowserve Corporation
(“Flowserve”), established a 1996 — 1998 Long-Term Incentive Plan (the “Plan”). Subsection F of
the Plan permitted participants to defer the receipt of incentive awards in the form of deferred
cash or in the form of deferred shares (the former shares now consisting of Flowserve shares).
Shares and cash so deferred were credited to an account under the Plan. Payment is to be made
under Section F of the Plan upon the occurrence of retirement. Since adoption of the Plan, section
409A of the Internal Revenue Code of 1986, as amended (the “Code”), has been enacted and has become
effective with respect to the Plan. The Plan will be amended in 2006 for overall compliance with
section 409A of the Code. In the interim, Question and Answer 20 of Internal Revenue Service
Notice 2005-1 permits distribution of certain amounts without respect to the otherwise applicable
limitations of section 409A. By this amendment, Flowserve intends to accomplish amendment of the
Plan to provide for such distributions.

2. Amendment. The Plan is hereby amended by adding the following Section H to the Plan, to
follow Section G:

     “(H) 2005 Distribution. Notwithstanding anything to the contrary in
this Plan, the entire amount credited as Deferred Cash Awards and all Deferred
Shares under the Plan of former employee Participant William Jordan, and the
entire amount of Deferred Cash Awards credited to current employee Participant
Ronald F. Shuff, will be distributed in full in lump sums to William Jordan and
Ronald F. Shuff, respectively, prior to December 31, 2005. Such distribution will
be includible in the reportable taxable income of such Participants for taxable
year 2005. These distributions are in accordance with Question and Answer 20 of
Internal Revenue Service Notice 2005-1, and shall terminate the participation of
such former employee Participant William Jordan in the Plan, and shall terminate
the prior cash deferrals of Participant Ronald F. Shuff under the Plan. Such
distribution shall be made in kind or in cash, as applicable.”

3. Effect of Amendment. Except as amended by this Amendment to The Duriron Company, Inc.,
1996 — 1998 Long-Term Incentive Plan, the Plan shall remain in full force and effect.

	 	 	 	 	 	 	 
	 	 	FLOWSERVE CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	Pension and Investment Committee
	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Blinn, Member
	 

	 	 	 	 	 	 
	Executed December 14, 2005
	 	 	 	 	 	 

1exv10w66

 

EXHIBIT
10.66

AMENDMENT TO

THE DURIRON COMPANY, INC.

FIRST MASTER BENEFIT TRUST AGREEMENT

PREAMBLE

          On October 1, 1987, THE DURIRON COMPANY, predecessor of FLOWSERVE CORPORATION (“Flowserve”),
established the FIRST MASTER BENEFIT TRUST (the “Trust”) pursuant to a Trust Agreement between The
Duriron Company, Inc. and Bank One, Dayton, as Trustee. The Trust was established to hold assets
to pay deferred obligations of the grantor for incentive and deferral compensation amounts. Since
the Trust was established, section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), has been enacted and has become effective with respect to the benefit plans funded under
the Trust. The Trust Agreement will be amended in 2006 for overall compliance with section 409A of
the Code. In the interim, Questions and Answer 20 of Internal Revenue Service Notice 2005-1
permits distribution of certain amounts without respect to the otherwise applicable limitations of
section 409A. By this amendment, Flowserve intends to accomplish amendment of the Trust Agreement
to provide for such distributions. Section 13.2 of the Trust Agreement permits Flowserve to amend
the Trust Agreement, with the consent of participants having at least a cumulative sixty-five
percent (65%) interest in the assets of each respective Plans subject to any such amendment. The
Trust Agreement is hereby amended as follows:

          1. Section 4.1 of the Trust Agreement is hereby amended by adding the following sentence, at
the end thereof:

     “Section 4.6 of the Trust Agreement shall be deemed to constitute the last
effective Payment Schedules for Ronald F. Shuff, Diane Harris, William Jordan and
Robert Frazer, respectively.”

          2. Section 4.2 of the Trust Agreement is hereby amended by adding the following sentence, at
the end thereof:

     “Section 4.6 of the Trust Agreement shall be deemed to constitute the last
effective Modified Payment Schedules for Ronald F. Shuff, William Jordan, Robert
Frazer and Diane Harris, respectively”.

          3. A new Section 4.6 is hereby added to the Trust Agreement, to follow Section 4.5 and to
precede Article V, and shall read as follows:

          “4.6 2005 Distributions. Notwithstanding anything to the contrary in this Trust
Agreement, all deferred shares and all cash or other assets accounts held for William Jordan and
Robert Frazer under any Plan funded through this Trust shall be distributed by the Trustee at the
direction of the Company’s General Counsel prior to December 31, 2005. Such distribution will be
includible in the reportable taxable incomes of William Jordan and Robert Frazer, respectively for
the taxable year 2005. This distribution is in accordance with Question and Answer 20 of Internal
Revenue Service Notice 2005-1, and shall terminate the participation of such individuals in the
Trust Fund. Such distribution shall be made in cash or in kind, as

1

 

applicable. The cash and
other asset account amounts (other than any shares of Flowserve Corporation stock or dividends
thereon) held for the benefit of Ronald F. Shuff under the following employee benefit plans:

	 	 	 	The Duriron Company, Inc. Long-Term Incentive Plan as Restated November 1, 1993
	 
	 	 	 	The Duriron Company, Inc. Deferred Compensation Plan for Directors
	 
	 	 	 	The Duriron Company, Inc. Long-Term Incentive Plan
	 
	 	 	 	The Duriron Company, Inc. Incentive Plan for Key Employees Amended and Restated
Effective January 1, 1992
	 
	 	 	 	The Duriron Company Inc. 1996-1008 Long-Term Incentive Plan
	 
	 	 	 	Flowserve Corporation Deferred Compensation Plan

shall be distributed prior to January 1, 2006, to Ronald F. Shuff. Such amounts shall constitute
payment of all Flowserve non-stock deferrals and accruals thereon and will be included in the
taxable income of Ronald F. Shuff for taxable year 2005. This distribution is in accordance with
Question and Answer 20 of Internal Revenue Service Notice 2005-1. Such payment shall be made in
cash. The cash and other assets accounts (other than any shares of Flowserve Corporation stock or
dividends thereon) held for the benefit of Diane Harris under the following benefit plans:

	 	 	 	The Duriron Company, Inc. Retirement Compensation Plan for Directors
	 
	 	 	 	The Duriron Company, Inc. Amended and Restated Director Deferral Plan
	 
	 	 	 	Flowserve Corporation Amended and Restated Director Cash Deferral Plan

shall be distributed to Diane Harris prior to January 1, 2006. Such amounts shall constitute
payment of all Flowserve non-stock deferrals and accruals thereon and shall be included in the
income of Diane Harris for taxable year 2005. This distribution is in accordance with Question and
Answer 20 of Internal Revenue Service Notice 2005-1. Such payment shall be made in cash.

          4. Exempt as amended hereby, the Duriron Company, Inc. First Master Benefit Trust Agreement,
as heretofore amended, shall remain in full force and effect.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Flowserve Corporation	 	 	 	Bank One, Dayton
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	Pension and Investment Committee	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark A. Blinn, Member	 	 	 	 	 	Its:	 	 
	 

	 	 	 	 
	 	 	 	 	 	 	 	 

Dated: December 14, 2005

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]