0000030625-21-000011.txt : 20210218 0000030625-21-000011.hdr.sgml : 20210218 20210218174256 ACCESSION NUMBER: 0000030625-21-000011 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20210216 FILED AS OF DATE: 20210218 DATE AS OF CHANGE: 20210218 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Chowbey Sanjay CENTRAL INDEX KEY: 0001782435 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-13179 FILM NUMBER: 21650880 MAIL ADDRESS: STREET 1: 5215 N. O'CONNOR BLVD SUITE 2300 CITY: IRVING STATE: TX ZIP: 75039 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: FLOWSERVE CORP CENTRAL INDEX KEY: 0000030625 STANDARD INDUSTRIAL CLASSIFICATION: PUMPS & PUMPING EQUIPMENT [3561] IRS NUMBER: 310267900 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 5215 N. O'CONNOR BLVD. STREET 2: SUITE 2300 CITY: IRVING STATE: TX ZIP: 75039 BUSINESS PHONE: 9724436500 MAIL ADDRESS: STREET 1: 5215 N. O'CONNOR BLVD. STREET 2: SUITE 2300 CITY: IRVING STATE: TX ZIP: 75039 FORMER COMPANY: FORMER CONFORMED NAME: DURCO INTERNATIONAL INC DATE OF NAME CHANGE: 19970508 FORMER COMPANY: FORMER CONFORMED NAME: DURIRON CO INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: THE DURIRON CO INC DATE OF NAME CHANGE: 19900509 4 1 wf-form4_161368814940000.xml FORM 4 X0306 4 2021-02-16 0 0000030625 FLOWSERVE CORP FLS 0001782435 Chowbey Sanjay 5215 NORTH O'CONNOR BLVD SUITE 2300 IRVING TX 75039 0 1 0 0 President, AMSS Restricted Stock Units 2021-02-16 4 A 0 6640 0 A Common Stock 6640.0 13900 D Restricted Stock Units 2021-02-16 4 A 0 5310 0 A Common Stock 5310.0 19210 D Performance Rights 2021-02-16 4 A 0 6640 0 A Common Stock 6640.0 11900 D Each restricted stock unit represents the right to receive, at settlement, one share of common stock (plus dividends accrued on the underlying shares) and are granted to the reporting person pursuant to the issuer's long-term incentive compensation plan for employees. The shares vest ratably over a three-year period on each annual anniversary of the grant. Each restricted stock unit represents the right to receive, at settlement, one share of common stock (plus dividends accrued on the underlying shares). The restricted stock units vest over a three-year period, with one-third vesting on the second anniversary of the grant and the remaining two-thirds vesting on the third anniversary of the grant. Each performance right represents a contingent right to receive one share of the issuer's common stock at vesting. The performance rights vest at a rate between 0% and 200% based on performance against two factors over a three-year performance cycle beginning on January 1, 2021 and ending on December 31, 2023: 1) the issuer's three year average free cash flow ("FCF") as a percentage of net income; and 2) the issuer's return on invested capital ("ROIC") measured against the issuer's targeted ROIC improvement under its operating plan. Additionally, a relative total shareholder return ("TSR") modifier will be applied that may result in a positive or negative 15% adjustment to the otherwise earned performance rights. The performance rights may be settled, at the issuer's discretion, in cash or shares of common stock. /s/ Akshar C. Patel, attorney-in-fact 2021-02-18