0000030625-22-000022.txt : 20220217
0000030625-22-000022.hdr.sgml : 20220217
20220217170233
ACCESSION NUMBER: 0000030625-22-000022
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20220215
FILED AS OF DATE: 20220217
DATE AS OF CHANGE: 20220217
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Rowe Robert Scott
CENTRAL INDEX KEY: 0001608962
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-13179
FILM NUMBER: 22649124
MAIL ADDRESS:
STREET 1: 1333 WEST LOOP SOUTH, SUITE 1700
CITY: HOUSTON
STATE: TX
ZIP: 77027
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 700
CITY: IRVING
STATE: TX
ZIP: 75039
BUSINESS PHONE: 9724436500
MAIL ADDRESS:
STREET 1: 5215 N. O'CONNOR BLVD.
STREET 2: SUITE 700
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_164513532667564.xml
FORM 4
X0306
4
2022-02-15
0
0000030625
FLOWSERVE CORP
FLS
0001608962
Rowe Robert Scott
5215 N. O'CONNOR BLVD.
SUITE 700
IRVING
TX
75039
1
1
0
0
President & CEO
Common Stock
2022-02-15
4
M
0
23414
A
219501
D
Common Stock
2022-02-15
4
F
0
10638
32.62
D
208863
D
Common Stock
2022-02-16
4
M
0
24876
0
A
233739
D
Common Stock
2022-02-16
4
F
0
9764
33.36
D
223975
D
Restricted Stock Units
2022-02-15
4
A
0
87893
0
A
Common Stock
87893.0
329277
D
Performance Rights
2022-02-15
4
A
0
87893
0
A
Common Stock
87893.0
287023
D
Performance Rights
2022-02-15
4
M
0
65680
0
D
Common Stock
65680.0
221343
D
Restricted Stock Units
2022-02-16
4
M
0
24333
0
D
Common Stock
24333.0
304944
D
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 33.3% (plus dividends accrued on the underlying shares) based on two factors during the three-year performance cycle beginning on January 1, 2019 and ending on December 31, 2021, which are: 1) the issuer's relative total shareholder return ("TSR") in comparison to the TSR averages of a predetermined compensation peer group over the performance cycle; and 2) the issuer's return on invested capital ("ROIC") measured against the issuer's targeted ROIC improvement under its operating plan. The performance rights may be settled, at the issuer's discretion, in cash or shares of common stock.
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 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% and are based on two factors during a three-year performance cycle beginning on January 1, 2022 and ending on December 31, 2024 which are: 1) the issuer's return on invested capital ("ROIC") measured against the issuer's targeted ROIC improvement under its operating plan for each calendar year during the performance period; and 2) the issuer's free cash flow ("FCF") as a percentage of net income over the entire performance period. The performance rights are also subject to 15% payout modifier (positive or negative) based on the issuer's relative total shareholder return ("TSR") in comparison to the TSR averages of companies that comprise the S&P 500 Industrial Index for the entire performance period. The performance rights may be settled, at the issuer's discretion, in cash or shares of common stock.
/s/ Shakeeb U. Mir, attorney-in-fact
2022-02-17