0000030625-24-000013.txt : 20240213
0000030625-24-000013.hdr.sgml : 20240213
20240213161109
ACCESSION NUMBER: 0000030625-24-000013
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: Wilson Kirk
CENTRAL INDEX KEY: 0001654776
ORGANIZATION NAME:
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-13179
FILM NUMBER: 24625963
MAIL ADDRESS:
STREET 1: 5215 NORTH O'CONNOR BLVD #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]
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_1707858634.xml
FORM 4
X0508
4
2024-02-09
0
0000030625
FLOWSERVE CORP
FLS
0001654776
Wilson Kirk
5215 N. O'CONNOR BLVD
SUITE 700
IRVING
TX
75039
0
1
0
0
President, FCD
0
Common Stock
2024-02-09
4
M
0
4190
0
A
59438
D
Common Stock
2024-02-09
4
F
0
1714
41.50
D
57724
D
Restricted Stock Units
2024-02-09
4
A
0
8351
0
A
Common Stock
8351
31563
D
Performance Rights
2024-02-09
4
M
0
7960
0
D
Common Stock
7960
29824
D
Performance Rights
2024-02-09
4
A
0
8351
0
A
Common Stock
8351
38175
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.
Shakeeb Mir, attorney-in-fact
2024-02-13