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FLOWSERVE CORP·4

Feb 17, 4:36 PM ET

Duhon Lamar L. 4

Research Summary

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Updated

Flowserve (FLS) President Lamar Duhon Receives Awards; 10,346 Shares Withheld

What Happened

  • Lamar L. Duhon, President (FPD) of Flowserve Corp (FLS), received equity awards and converted performance-based derivatives into common shares. The filing shows awards acquired (A) totaling 45,156 units (26,146 + 9,505 + 9,505) on Feb 12–13, 2026 (all at $0.00). He exercised/converted 24,775 derivative units (M) and 10,346 shares were surrendered/withheld to satisfy tax withholding obligations (F) at $87.02 per share, totaling $900,309. These were award/derivative transactions (not open-market purchases or sales).

Key Details

  • Transaction dates: Grants recorded 2026-02-12 and 2026-02-13; conversion/withholding on 2026-02-13. Filing date: 2026-02-17 (Form 4 accession 0001628280-26-008626).
  • Specifics: 26,146 shares granted @ $0.00; two grants of 9,505 derivative units @ $0.00; conversion/exercise of 24,775 derivative units @ $0.00; 10,346 shares withheld at $87.02 to cover taxes = $900,309 (code F = tax withholding).
  • Shares owned after transaction: Not specified in the provided transaction summary.
  • Footnotes (high level):
    • F1 & F3: Performance rights are contingent awards (each convertible to 1 share at vesting) with vesting 0%–200% based on multi-year performance metrics (ROIC, EPS growth or FCF depending on cycle) and a ±15% TSR modifier versus an S&P 500 Industrial Index peer group; may be settled in cash or stock.
    • F2: Restricted stock units (RSUs) vest ratably over three years (anniversary of March 1, 2026) and include accrued dividends at settlement.
  • Filing timeliness: Filing dated Feb 17, 2026; the Form 4 includes these transaction dates but does not indicate a late filing flag in the submitted form.

Context

  • These transactions are awards and derivative conversions—not open-market buys or sales. The conversion plus a share withholding to cover taxes is a common, administrative outcome of equity award settlements (a cashless-type withholding), not an outright sale for investment reasons.
  • Performance rights carry contingent payouts based on future metrics and may pay out between 0% and 200% of target; they can also be settled in cash, so the ultimate share outcome depends on future performance measurements.