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FLOWSERVE CORP — Director's Dealing 2022
May 17, 2022
30825_dirs_2022-05-16_95eb93e9-25db-4ac0-96d1-d5200ca5d1e6.zip
Director's Dealing
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SEC Form 4 — Statement of Changes in Beneficial Ownership
Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2022-05-15
Reporting Person: Wilson Kirk (President, FCD)
Non-Derivative Transactions
| Date | Security | Code | Shares | Price | A/D | Holdings After | Ownership |
|---|---|---|---|---|---|---|---|
| 2022-05-15 | Common Stock | M | 278 | — | Acquired | 48076 | Direct |
| 2022-05-15 | Common Stock | F | 278 | $29.85 | Disposed | 47798 | Direct |
Derivative Transactions
| Date | Security | Exercise Price | Code | Shares | A/D | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| 2022-05-15 | Performance Rights | $ | M | 278 | Disposed | Common Stock (278.0) | Direct |
Footnotes
F1: Pursuant to the applicable award agreements, restricted stock units granted to Mr. Wilson continue to vest over the original vesting period without regard to his continued service once he has attained a minimum age of 55 and has completed 10 years of continuous service with the Company. As a result of Mr. Wilson's having met these age and service requirements, these restricted stock units were forfeited back to the Company to satisfy certain tax requirements attributable to outstanding awards as a result of this provision.
F2: 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 target ROIC 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 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.