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Mr. Mark
A. Blinn
Senior Vice President and Chief Financial Officer
Flowserve Corporation
On behalf of
the Board of Directors of Flowserve Corporation
(“Flowserve”), I am pleased to confirm that you will be
appointed as the President and Chief Executive Officer of Flowserve
effective October 1, 2009.
Effective upon
your appointment as President and Chief Executive Officer, your
current employment agreement with Flowserve dated May 7, 2007,
as amended as of November 19, 2008 and February 23, 2009,
shall be terminated and cease to be of any further force or effect,
and your employment with Flowserve thereafter will be on an at-will
basis. Of course, your existing equity incentive compensation
grants will remain outstanding in accordance with their terms and,
to the extent you are eligible, you will participate (or continue
to participate, as the case may be) in the various compensation and
benefit programs maintained by Flowserve in accordance with their
terms and conditions as in effect from time to time.
The existing
restrictive covenant agreements between you and Flowserve
execu
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