Elizabeth Burger - Feb 9, 2024 Form 4 Insider Report for FLOWSERVE CORP (FLS)

Signature
/s/ Shakeeb U. Mir, attorney-in-fact
Stock symbol
FLS
Transactions as of
Feb 9, 2024
Transactions value $
-$83,996
Form type
4
Date filed
2/13/2024, 04:11 PM
Previous filing
Feb 22, 2023
Next filing
Feb 20, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction FLS Common Stock Options Exercise $0 +4.89K +13.93% $0.00 40K Feb 9, 2024 Direct F1
transaction FLS Common Stock Tax liability -$84K -2.02K -5.06% $41.50 38K Feb 9, 2024 Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction FLS Performance Rights Options Exercise $0 -9.29K -30.16% $0.00 21.5K Feb 9, 2024 Common Stock 9.29K Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
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 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.