AMENDMENT TO THE DURIRON COMPANY, INC. FIRST MASTER BENEFIT TRUST AGREEMENT PREAMBLEFirst Master Benefit Trust Agreement • February 13th, 2006 • Flowserve Corp • Pumps & pumping equipment
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
