FLOWSERVE CORP — Director's Dealing 2023

Feb 21, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2023-02-16

Reporting Person: Gillespie Keith E. (SVP, Chief Sales Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-02-16	Common Stock	M	1092	—	Acquired	74822	Direct
2023-02-16	Common Stock	F	266	$36.07	Disposed	74556	Direct
2023-02-16	Common Stock	M	2787	—	Acquired	77343	Direct
2023-02-16	Common Stock	F	678	$36.07	Disposed	76665	Direct
2023-02-16	Common Stock	M	2787	—	Acquired	79452	Direct
2023-02-16	Common Stock	F	679	$36.07	Disposed	78773	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-02-16	Restricted Stock Units	$	M	2728	Disposed		Common Stock (2728.0)	Direct
2023-02-16	Restricted Stock Units	$	M	2728	Disposed		Common Stock (2728.0)	Direct
2023-02-16	Performance Rights	$	M	6310	Disposed		Common Stock (6310.0)	Direct

Footnotes

F1: 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 16% (plus dividends accrued on the underlying shares) based on two factors during the three-year performance cycle beginning on January 1, 2020 and ending on December 31, 2022, which are: 1) the issuer's total shareholder return ("TSR") in comparison to the TSR percentile ranking for companies that comprise the compensation peer group over the performance cycle; and 2) the issuer's return on invested capital ("ROIC") measured against the issuer's targeted ROIC under its operating plan. The performance rights may be settled, at the issuer's discretion, in cash or shares of common stock.

F2: 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.