SEC Form 4 · accession 0000030625-17-000088
FLOWSERVE CORP · FLS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Robert Scott Rowe
Officer — President & CEO
Period of report
May 4, 2017
Accepted (ET)
May 8, 2017 · 5:18 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000030625
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | holding | — | — | — | 21,720 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1 | — | May 4, 2017 | A | 56,310 | A | — | — | Common Stock | 56,310 | 56,310 | D |
| Performance RightsF2 | — | May 4, 2017 | A | 56,310 | A | — | — | Common Stock | 56,310 | 56,310 | D |
| Stock OptionF3 | $48.63 | May 4, 2017 | A | 114,943 | A | — | May 4, 2027 | Common Stock | 114,943 | 114,943 | D |
Explanation of responses
- F1Each restricted stock unit represents the right to receive, at settlement, one share of common stock and are granted to the reporting person pursuant to the issuer's long-term incentive compensation plan for employees. The shares vest ratably on April 1, 2018, April 1, 2019 and April 1, 2020.
- F2Each 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, 2017 and ending on December 31, 2019 which are: 1) the issuer's relative total share holder return ("TSR") in comparison to the TSR averages of a predetermined peer group over the performance cycle; and 2) the issuer's return on invested capital measured against the issuer's performance relative to its weighted average cost of capital and relative to a predetermined peer group over the performance cycle. The performance rights may be settled, at the issuer's discretion, in cash or shares of common stock.
- F3The options vest on April 1, 2020.