FLOWSERVE CORP — Director's Dealing 2010

Mar 26, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2010-03-24

Reporting Person: Pajonas Thomas L (SVP & Pres. Flow Control Div.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-24	Common Stock ($1.25 par value per share)	M	12934	—	Acquired	33452	Direct
2010-03-24	Common Stock ($1.25 par value per share)	F	4715	$108.88	Disposed	28737	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-24	Restricted Stock Units	$0.00	M	6250	Disposed	2010-03-24	Common Stock (6250)	Direct

Footnotes

F1: Each performance right represented a contingent right to receive one share of the issuer's common stock at vesting. The performance rights vested at a rate of 200% (plus dividends accrued on the underlying shares) based on the issuer's average return on net assets ("RONA") during a three-year performance cycle beginning on January 1, 2007 and ending on December 31, 2009 in comparison to the average RONA of a predetermined peer group over the same performance cycle.