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