Motivated by a recent experiment [K. C. Wright et al., Phys. Rev. Lett. 110, 025302 (2013)], we investigate deterministic discontinuous jumps between quantized circulation states in a toroidally trapped Bose-Einstein condensate. These phase slips are induced by vortex excitations created by a rotating weak link. We analyze the influence of a localized condensate density depletion and atomic superflows, governed by the rotating barrier, on the energetic and dynamical stability of the vortices in the ring-shaped condensate. We simulate in a three-dimensional dissipative mean-field model the dynamics of the condensate using parameters similar to the experimental conditions. Moreover, we consider the dynamics of the stirred condensate far beyond the experimentally explored region and reveal surprising manifestations of complex vortex dynamics.