UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 23, 2019
FLOWSERVE CORPORATION
(Exact Name of Registrant as Specified in its Charter)
New York | 1-13179 | 31-0267900 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
5215 N. O’Connor Blvd., Suite 2300, Irving, Texas | 75039 | |
(Address of Principal Executive Offices) | (Zip Code) |
(972)443-6500
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, $1.25 Par Value | FLS | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule12b-2 of the Securities Exchange Act of 1934 (17 CFR§240.12b-2). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) Approval of Flowserve Corporation 2020 Long-Term Incentive Plan
The Board of Directors (the “Board”) of Flowserve Corporation, a New York corporation (the “Company”) previously approved, subject to stockholder approval, the Flowserve Corporation 2020 Long-Term Incentive Plan (the “LTIP”). As described below under Item 5.07, the Company’s shareholders approved the LTIP at the 2019 Annual Meeting of Shareholders held on May 23, 2019 (the “Meeting”). The LTIP will become effective on January 1, 2020.
The foregoing description of the LTIP is qualified in its entirety by reference to the text of the LTIP, which is set forth in Appendix A to the Company’s definitive proxy statement filed on Schedule 14A with the Securities and Exchange Commission on April 11, 2019.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
As a result of the retirement of Leif E. Darner as a director of the Company, as of the Meeting, the Board voted to amend the Company’sBy-Laws effective May 23, 2019. Article III, Section 2 of theBy-Laws, which sets forth the number of directors of the Company, was amended by the Board to decrease the number of directors of the Company from eleven to ten.
The foregoing description of the amendment contained in theBy-Laws is qualified in its entirety by reference to the full text of, and should be read in conjunction with, theBy-Laws, a copy of which is filed with this Current Report on Form8-K as Exhibit 3.1 and incorporated herein by reference.
Item 5.07 Submission of Matters to a Vote of Security Holders.
On May 23, 2019, the Company held the Meeting. The number of shares present at the Meeting was 121,113,508 representing 92.38% of the 131,101,071 shares issued and outstanding that were entitled to vote on March 29, 2019, the record date for the Meeting.
Six items of business were submitted to shareholders at the Meeting. The voting results for each proposal are set forth below:
1.Election of Directors. The director nominees listed below were duly elected at the Meeting for annual terms expiring in 2020 pursuant to the following votes:
Nominee | Votes For | Votes Abstained | Broker Non-Votes | |||||||||
R. Scott Rowe | 114,734,020 | 898,433 | 5,481,055 | |||||||||
Ruby R. Chandy | 114,767,323 | 865,130 | 5,481,055 | |||||||||
Gayla J. Delly | 114,621,385 | 1,011,068 | 5,481,055 | |||||||||
Roger L. Fix | 113,674,100 | 1,958,353 | 5,481,055 | |||||||||
John R. Friedery | 113,718,554 | 1,913,899 | 5,481,055 | |||||||||
John L. Garrison | 114,948,048 | 684,405 | 5,481,055 | |||||||||
Joe E. Harlan | 114,242,898 | 1,389,555 | 5,481,055 | |||||||||
Michael C. McMurray | 115,285,512 | 346,941 | 5,481,055 | |||||||||
Rick J. Mills | 113,947,823 | 1,684,630 | 5,481,055 | |||||||||
David E. Roberts | 114,149,612 | 1,482,841 | �� | 5,481,055 |
The foregoing totals of votes for and abstained do not include brokernon-votes.
2.Advisory Vote on Executive Compensation. The proposal for approval, on an advisory basis, of the compensation of the Company’s named executive officers was approved pursuant to the following votes:
Votes FOR: | 93,466,132 | |||
Votes AGAINST: | 21,999,701 | |||
Votes ABSTAINED: | 166,620 | |||
BrokerNon-Votes: | 5,481,055 |
3.Ratification of Independent Registered Public Accounting Firm.PricewaterhouseCoopers LLP was ratified to serve as the Company’s independent registered public accounting firm for 2019 pursuant to the following votes:
Votes FOR: | 119,822,438 | |||
Votes AGAINST: | 1,247,953 | |||
Votes ABSTAINED: | 43,177 | |||
BrokerNon-Votes: | 5,481,055 |
4.Approval of the Flowserve Corporation 2020 Long-Term Incentive Plan.The Flowserve Corporation 2020 Long-Term Incentive Plan was approved pursuant to the following votes:
Votes FOR: | 84,506,476 | |||
Votes AGAINST: | 31,030,254 | |||
Votes ABSTAINED: | 95,723 | |||
BrokerNon-Votes: | 5,481,055 |
5.Shareholder Proposal –Request to Adopt Targets For Reducing Greenhouse Gas Emissions.The shareholder proposal requesting that the Company adopt time-bound, quantitative and company-wide goals for reducing greenhouse gas was rejected pursuant to the following votes:
Votes FOR: | 29,575,732 | |||
Votes AGAINST: | 77,845,647 | |||
Votes ABSTAINED: | 8,211,074 | |||
BrokerNon-Votes: | 5,481,055 |
6.Shareholder Proposal –Request to Permit Written Consent by Shareholders.The shareholder proposal requesting that the Board of Directors take action to permit written consent by shareholders consistent with applicable law was approved pursuant to the following votes:
Votes FOR: | 58,184,495 | |||
Votes AGAINST: | 56,814,329 | |||
Votes ABSTAINED: | 633,629 | |||
BrokerNon-Votes: | 5,481,055 |
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Description | |
3.1 | Flowserve CorporationBy-Laws, as amended and restated effective May 23, 2019. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FLOWSERVE CORPORATION | ||||||
Dated: May 24, 2019 | By: | /S/ R. SCOTT ROWE | ||||
R. Scott Rowe | ||||||
President and Chief Executive Officer |