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