0000030625-24-000010.txt : 20240213 0000030625-24-000010.hdr.sgml : 20240213 20240213160932 ACCESSION NUMBER: 0000030625-24-000010 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20240209 FILED AS OF DATE: 20240213 DATE AS OF CHANGE: 20240213 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Schwetz Amy B CENTRAL INDEX KEY: 0001647437 ORGANIZATION NAME: FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-13179 FILM NUMBER: 24625893 MAIL ADDRESS: STREET 1: 701 MARKET STREET CITY: ST. LOUIS STATE: MO ZIP: 63101 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: FLOWSERVE CORP CENTRAL INDEX KEY: 0000030625 STANDARD INDUSTRIAL CLASSIFICATION: PUMPS & PUMPING EQUIPMENT [3561] ORGANIZATION NAME: 06 Technology 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 wk-form4_1707858548.xml FORM 4 X0508 4 2024-02-09 0 0000030625 FLOWSERVE CORP FLS 0001647437 Schwetz Amy B 5215 N. O'CONNOR BLVD. SUITE 700 IRVING TX 75039 0 1 0 0 Chief Financial Officer 0 Common Stock 2024-02-09 4 M 0 10824 0 A 51546 D Common Stock 2024-02-09 4 F 0 4286 41.50 D 47260 D Restricted Stock Units 2024-02-09 4 A 0 24746 0 A Common Stock 24746 87214 D Performance Rights 2024-02-09 4 A 0 24746 0 A Common Stock 24746 96488 D Performance Rights 2024-02-09 4 M 0 20750 0 D Common Stock 20750 75738 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 49% (plus dividends accrued on the underlying shares) based on two factors during the three-year performance cycle beginning on January 1, 2021 and ending on December 31, 2023, which are: 1) the issuer's free cash flow ("FCF") as a percent of adjusted net income for the performance period in comparison to the issuer's targeted free cash flow as a percent of adjusted net income for the performance period, and 2) the issuer's return on invested capital ("ROIC") for each calendar year in the performance period measured against the issuer's targeted ROIC for each calendar year under its operating plan. The performance rights were also subject to a 15% payout modifier (positive or negative) based on the issuer's total shareholder return ("TSR") in comparison to the TSR of peer companies for the entire performance period. 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, 2024 and ending on December 31, 2026 which are based equally on: 1) the issuer's ROIC for each calendar year in the performance period measured against the issuer's target ROIC for each calendar year in the performance period; and 2) the issuer's FCF as a percentage of adjusted net income for each calendar year in the performance period measured against the issuer's target FCF as a percentage of adjusted net income for each calendar year in the performance period. The performance rights are also subject to 15% payout modifier (positive or negative) based on the issuer's relative TSR in comparison to the TSR of companies that comprise the S&P 500 Industrials Index for the entire performance period. /s/ Shakeeb U. Mir, attorney-in-fact 2024-02-13